Wave Analysis 29.10.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
29.10.2015
Forecast for October 29th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has almost completed the first descending wave (i) of [iii] of 1 inside the large descending impulse, which may be followed by the short-term correction (ii) of [iii] of 1, probably in the form of the ascending zigzag.
Most likely, to complete the wave v of (i) of [iii], the pair must reach a new local low. Probably, in the nearest future, the market may reach it and finish the wave (i) of [iii] of 1, which may be followed by the short-term correction (ii) of [iii] of 1.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is about to finish the wave (1) of [1] of iii, which may be followed by the short-term ascending correction (2) of [1] of iii and a further decline of the pair.
To complete the descending impulse, the pair must finish the wave 5 of (1) of [1], which may be followed by the short-term ascending zigzag(2) of [1] of iii.
USD JPY, “US Dollar vs Japanese Yen”
Probably, Yen has completed the wave ii of (i) of [iii], which may be followed by a fast and significant growth in the wave iii of (i) of [iii].
Just as we expected, Yen finished the local correction ii of (i) of [iii] in the form of the descending double zigzag. Probably, the pair has already completed the first impulse in the larger ascending movement. In the nearest future, the market is expected to continue moving upwards.
USD CAD, “US Dollar vs Canadian Dollar”
The price has finished the first impulse [1] of i of (iii) with quite complicated internal structure. Right now, the Canadian Dollar is being corrected in the wave [2] of i of (iii), which may be followed by a further growth of the pair.
As we noticed earlier, the pair has completed the impulse [1] of i of (iii) with quite complicated internal structure, in particular – the ending diagonal triangle5 of [1] of i. In the nearest future, the local correction [2] of i of (iii) is expected to continue.
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.