Wave Analysis 08.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

08.11.2016

Forecast for November 8th, 2016

EUR USD, “Euro vs US Dollar”

At the H4 chart, the EUR/USD pair probably completed the zigzag in the wave [ii]. Consequently, in the nearest future the market may fall in the wave (i). After finishing this wave, the market may start forming the wave [iii].



Probably, after finishing the bullish impulse in the wave (c) of [ii], the pair formed the descending wedge in the wave i and the correction in the wave ii. As a result, in the nearest future the market may start falling in the wave iii of (i).




GBP USD, “Great Britain Pound vs US Dollar”

It’s highly likely that the GBP/USD pair formed the double three[iv] with the zigzag(y) inside it. As a result, in the nearest future the market may form the bearish impulse in the wave (i).



As we can see at the H1 chart, after finishing the wave c of (y), the pair completed the descending impulse in the wave i and then the wave ii as well. Later, the market may start falling in the wave iii of (i).




USD JPY, “US Dollar vs Japanese Yen”

In case of the USD/JPY pair, the situation is rather complicated. The wave [iv] from the current scenario, which was completed in the form of the double three, may transform into some other correctional pattern. As a result, to confirm the bearish scenario, the market has to form the descending impulse in the wave iii.



As we can see at the H1 chart, after finishing the diagonal triangle in the wave c of (y), the pair formed the bearish impulse in the wave i. On Tuesday, the price may complete the zigzag in the wave ii. To confirm this scenario, the market has to form the descending wave [1] of iii.




AUD USD, “Australian Dollar vs US Dollar”

It looks like the AUD/USD pair is still forming the horizontal triangle in the wave [e] of 4. Consequently, during the next several weeks the market may continue consolidating.



As we can see at the H1 chart, the wave (c) took the form of the double zigzag with the trianglex inside it. Later, the market may start a short-term decline in the wave (d), which may take the form of the zigzag.



 
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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