Wave Analysis 06.01.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

06.01.2017

Forecast for January 6th, 2017

EUR USD, “Euro vs US Dollar”

After finishing the fifth wave in the wedge1 at the beginning of January and, thus, completing the pattern itself, the EUR/USD pair started a new ascending correction. It’s highly likely that in the nearest future the market may continue forming the wave 2.



As we can see at the H1 chart, yesterday the pair completed the bullish impulse in the wave [a]. As a result, on Friday the market may form the wave [b], which may later be followed by another growth in the wave [c] of 2.




GBP USD, “Great Britain Pound vs US Dollar”

The GBP/USD pair is being corrected as well; it completed the descending impulse in the wave (i). Earlier, the price finished the wave [iv] in the form of the double three. It’s highly likely that in the nearest future the market may continue forming the wave (ii).



More detailed structure is shown on the H1 chart. Yesterday the pair completed the ascending impulse in the wave a and started a new correction. Consequently, on Friday the price may start a short-term decline in the wave b of (ii).




USD JPY, “US Dollar vs Japanese Yen”

Probably, the USD/JPY pair completed the ascending wave 1 and then finished the descending impulse in the wave [a]. Later, another local correction may take place, but after that the market is expected to resume falling in the wave [c] of 2.



More detailed structure of the descending impulse [a] is shown on the H1 chart. Earlier, the pair formed the bullish impulse in the wave [v] of 1. It’s highly likely that during the next several days the market may form the wave [b] in the form of the zigzag.




AUD USD, “Australian Dollar vs US Dollar”

In case of the AUD/USD pair, the current ascending movement may be considered as the wave (ii). Earlier, the price completed two descending impulses, which may be first waves on different timeframes. As a result, after finishing the correction, the market may resume moving downwards in the wave (iii) of [iii].



As we can see at the H1 chart, the pair formed another bullish impulse, which may be considered as the wave [A]. Consequently, after finishing the local correction, the market is expected to form one more ascending impulse in the wave [C] of y.



 
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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