Wave Analysis 25.10.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
25.10.2016
Forecast for October 25th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still forming the bearish impulse in the wave [iii]. Earlier, the price finished the triangle in the wave E of (B), the descending wave [i], and the correction in the wave [ii]. Consequently, in the nearest future the market may continue its decline.
As we can see at the H1 chart, It’s highly likely that the pair is starting a new descending movement in the wave iii of (iii). As a result, in the nearest future the market may continue moving downwards and reach new lows.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair completed the wave (iv) of the extension in the wave [iii]. Consequently, in the nearest future the market may continue falling in the wave (v) of [iii].
As we can see at the H1 chart, the pair completed the wave i in the form of the wedge and then started falling. It looks like in the nearest future the market may continue moving downwards in the wave iii of (v).
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY may is still being corrected. Possibly, the price is forming the wave [iv] in the form of the double zigzag. As a result, in the nearest future the market may continue forming the wave c of (y).
More detailed structure is shown on the H1 chart. The pair completed the impulse in the wave a, the correction in the wave b, and then started a short-term growth. During the day, the market may grow in the wave [3] of c.
AUD USD, “Australian Dollar vs US Dollar”
Last week, the AUD/USD pair rebounded from the upside border of the horizontal triangle and started forming the descending impulse in the wave [i]. To confirm a new decline, the market has to complete this wave.
As we can see at the H1 chart, the pair completed the zigzag in the wave (ii) and may start forming the descending impulse in the wave (iii). Consequently, in the nearest future the market may break the low of the wave (i).
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.