Wave Analysis 04.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

04.11.2016

Forecast for November 4th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is still being corrected. It’s highly likely that the price is finishing the bullish impulse (c) in the zigzag[ii]. To confirm that the correction completed, the market has to form a new descending impulse.



More detailed structure is shown on the H1 chart. It looks like the pair is finishing the fourth wave in the wave (c). Consequently, in the nearest future the market may resume growing in the wave v of (c).




GBP USD, “Great Britain Pound vs US Dollar”

Probably, the GBP/USD pair is forming the zigzag(y) in the double three[iv]. As a result, in the nearest future the market may continue forming the bullish impulse in the wave c of (y).



As we can see at the H1 chart, the pair is extending the third wave of the wave c of (y). In the nearest future, a new local correction may take place, which may be followed by a new growth in the wave [5] of c.




USD JPY, “US Dollar vs Japanese Yen”

Possibly, the USD/JPY pair completed the wave [iv] in the form of the double three. On a shorter timeframe, the price finished the diagonal trianglec of (y). The situation being what it is, in the nearest future the market may continue forming the wave i.
After the pair successfully completes this wave, it will resume moving downwards.



At the H1 chart, the pair completed the fourth wave in the descending impulse i. Consequently, in the nearest future the market may fall in the wave [5] of i and break the local low.




AUD USD, “Australian Dollar vs US Dollar”

It looks like the horizontal triangle in the wave [e] of 4 may be a bit bigger than expected. It’s highly likely that during the next week the price may continue consolidating. As a result, if the pair rebounds from the pattern’s upside border, the market may start falling in the wave [i].



As we can see at the H1 chart, yesterday the pair completed the double zigzag in the wave (c). Consequently, on Friday the price may start a short-term decline in the wave (d) of the horizontal triangle.



 
RoboForex Analytical Department

Attention!

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.

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