Wave Analysis 25.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
25.11.2016
Forecast for November 25th, 2016
EUR USD, “Euro vs US Dollar”
It looks like the EUR/USD pair is still forming the descending impulse in the wave 1. Earlier, the price finished the extension in the wave [iii] and started the forming the wave [iv]. As a result, in the nearest future the market may resume falling in the wave [v] of 1.
More detailed structure is shown on the H1 chart. Probably, the pair is about to complete the double zigzag in the wave [iv]. After finishing the wave (y) of [iv], the market may resume falling and break the local low.
GBP USD, “Great Britain Pound vs US Dollar”
It’s highly likely that the GBP/USD pair finished the wave [iv] in the form of the flat. Consequently, in the nearest future the market may start forming the bearish impulse in the wave (i) and break previous lows.
As we can see at the H1 chart, after finishing the descending impulse in the wave i, the pair formed the wave ii in the form of the flat. As a result, during the next several days, the market may start form the bearish extension in the wave iii.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is finishing the ascending impulse in the wave c, which is a part of the double zigzag[iv]. In the nearest future, the current rally may yet continue, but later bears are expected to try to reverse the market to the downside.
As we can see at the M30 chart, the pair probably completed the fourth wave in the wave c. If the price forms the zigzag inside this wave, later the market may resume growing and break the high while forming the wave [5] of c.
AUD USD, “Australian Dollar vs US Dollar”
Possibly, the AUD/USD pair is about to finish the fourth wave of the extended wave (i). As a result, in the nearest future the market may start moving downwards in the wave v of (i).
As we can see at the M30 chart, the pair finished the double zigzag in the wave iv. To confirm a new descending movement in the wave v of (i), the market has to form the first descending impulse inside it.
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.