Wave Analysis 02.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
02.11.2016
Forecast for November 2nd, 2016
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the ascending correction continues. It looks like the price is forming the double zigzag in the wave [ii]. Taking into account that the form of this correctional pattern isn’t very proportional, to confirm the wave [iii], the market has to form a new descending impulse inside it.
More detailed structure is shown on the H1 chart. It’s highly likely that the pair is about to finish the zigzag in the wave c of (y). If later the price forms a new bearish impulse, the market may resume its decline.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair is about to complete the wave ii of the diagonal triangle (v). It’s highly likely that in the nearest future the market may start falling in the wave iii.
As we can see at the H1 chart, the wave [C] of ii is taking the form of the diagonal triangle. To confirm a new decline in the wave iii, the market has to form a new descending impulse inside it.
USD JPY, “US Dollar vs Japanese Yen”
Probably, the USD/JPY pair completed the wave [iv] in the form of the double three. If later the price completes the descending impulse in the wave i, the market will continue moving downwards.
At the H1 chart, the pair formed the diagonal triangle in the wave c of (y), the bearish impulse in the wave [1], and the correction in the wave [2]. Consequently, in the future the market may start falling in the wave [3] of i.
AUD USD, “Australian Dollar vs US Dollar”
Probably, the AUD/USD pair is forming the horizontal triangle in the wave [e] of 4. If later the price rebounds from the pattern’s upside border, the market may continue falling and form the bearish impulse in the wave [i].
More detailed structure is shown on the H1 chart. It’s highly likely that right now the pair is forming the ascending zigzag in the wave (e). As a result, in the nearest future the market may continue consolidating.
RoboForex Analytical Department
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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.