Forecast for September 1st, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair continues forming the descending impulse in the wave [i]
. Earlier, the price completed the triangle
in the wave (B)
and started the current decline. The market may complete this impulse within the next several days and later start a new bullish correction.
More detailed structure is shown on the H1 chart. It looks like the pair finished the fourth wave in the wave (iii)
. Consequently, during the day the price may continue falling in the wave v of (iii)
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair is still being corrected. Probably, the price is forming the zigzag
in the wave (ii)
. Later, after finishing the impulse in the wave c
, the market may start falling in the descending wave i
As we can see at the H1 chart, the pair formed the flat
in the wave b
. right Now, the price is completing the wave  of c
. Consequently, in the nearest future the market may be corrected, but later it is expected to start forming the fifth wave.
USD JPY, “US Dollar vs Japanese Yen”
Despite the current bullish rally, the main scenario remains the same and implies that the USD/JPY pair is forming the diagonal triangl
e in the wave [v] of C
. However, in order to confirm a new descending movement in the wave (iii)
, the market has to form a new bearish impulse.
More detailed structure is shown on the H1 chart. Probably, the pair is about to complete the wave (5) of [C]
. Consequently, if, after finishing this wave, the price forms a new descending impulse, the market will resume moving downwards.
AUD USD, “Australian Dollar vs US Dollar”
In case of the AUD/USD pair, the main scenario remains bearish. Probably, earlier the price formed the descending impulse in the wave (i)
and the correction in the second wave. As a result, during this week the market may continue moving downwards in the wave (iii)
As we can see at the H1 chart, after finishing the wave (ii)
, the pair formed the bearish impulse in the wave i
. Right now, the market is finishing the local correction and may later continue forming the extension
in the wave iii of (iii)
RoboForex Analytical Department