Wave Analysis 13.01.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
Forecast for January 13th, 2017
EUR USD, “Euro vs US Dollar”
After finishing the wedge in the wave 1, the EUR/USD pair started a new correction. Probably, the wave 2 was also completed in the form of the zigzag, which means that the price may resume moving downwards in the third wave. To confirm this scenario, the market has to form the bearish impulse in the wave [i]
As we can see at the H1 chart, after completing the flat in the wave [b], the pair probably finished the wave [c] of 2 and then formed the descending impulse in the wave (i). As a result, in the nearest future the market may resume falling in the wave (iii) of [i].
GBP USD, “Great Britain Pound vs US Dollar”
Yesterday, the GBP/USD pair completed the second wave in the wave (v) of [v], which is taking the form of the diagonal triangle. Consequently, in the nearest future the market may resume falling in the wave iii of (v) and break the local low.
More detailed structure is shown on the H1 chart. It looks like the wave ii took the form of the zigzag and was followed by the descending impulse in the wave [A]. As a result, in the nearest future the market may complete the local correction and resume moving downwards in the [C] of iii.
USD JPY, “US Dollar vs Japanese Yen”
In case of the USD/JPY pair, the correction continues. Earlier, the price completed the ascending impulse in the wave 1. In the nearest future, the market may continue moving downwards in the wave [c] of 2 and, as a result, break yesterday’s low soon.
As we can see at the H1 chart, the pair completed the fourth wave in the wave [c], which is taking the form of the diagonal triangle. Consequently, in the nearest future the market may the market may fall in the wave (v) of [c] and break the low of the wave (iii).
AUD USD, “Australian Dollar vs US Dollar”
Possibly, the previous descending zigzag may the wave [i] of the diagonal triangle in the wave 5. Probably, the wave [ii] is taking the form of the double zigzag. To confirm a new decline, the market has to form the bearish impulse.
More detailed structure is shown on the H1 chart. In the nearest future, the ascending impulse in the wave c of (y) may yet continue, but later bears are expected to reverse the price to the downside.
RoboForex Analytical Department
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.