Wave Analysis 05.10.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

05.10.2016

Forecast for October 5th, 2016

EUR USD, “Euro vs US Dollar”

It looks like the EUR/USD pair is still forming the triangle in the wave E. On a shorter timeframe, the price may continue forming the wave [e]. To complete this wave, the market has to rebound from the above-mentioned pattern’s upside border.



As we can see at the H1 chart, the wave [e] is talking the form of the zigzag. On Wednesday, the pair may complete the wave (b) and start growing in the wave (c) of [e] to reach the triangle’s upside border.




GBP USD, “Great Britain Pound vs US Dollar”

In case of the GBP/USD pair, the price continues forming the descending impulse (i). On a shorter timeframe, the market is about to finish the fifth wave, which may be followed by a new local correction, i.e. the wave (ii).



At the H1 chart, the pair is forming the fourth wave in the wave v. Consequently, in the nearest future the market may continue falling the wave [5] of v and break the low of the wave [3].




USD JPY, “US Dollar vs Japanese Yen”

Despite the broken upside border of the pattern, the main scenario remains the same and implies that the USD/JPY pair is forming the triangle. However, if the price rebounds from the Moving Average, the market may start a new decline in the wave [v] of C.



As we can see at the H1 chart, the wave (e) is taking the form of the double zigzag. On Wednesday, the price may reach a new high. To resume its decline, the pair has to form the descending impulse in the wave i.




AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair is still the triangle in the wave 4. Probably, the wave [e] is taking the form of the zigzag. After finishing the wave (b), the market may resume growing in the wave (c) of [e] of 4.



More detailed structure is shown on the H1 chart. It looks like the pair is completing the zigzag in the wave (b). After finishing the descending impulse in the wave c of (b), the market may start a short-term growth in the wave (c) of [e].



 
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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