Forecast for December 14th, 2016
EUR USD, “Euro vs US Dollar”
After completing the wave
2, the EUR/USD pair formed the descending impulse in the wave
[i]. Right now, the price is being corrected. It looks like in the nearest future the market may complete the wave
[ii] and start falling in the wave
[iii] of 3.
More detailed structure is shown on the M30 chart. Probably, the pair completed the wave the wave
(b) in the form of the
triangle. As a result, after finishing the wave
(c) of [ii], the market may resume falling and form the descending impulse in the wave
(i).
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the chart structure remains the same. It’s highly likely that the price completed the
double three in the wave
[iv] and then formed the descending wave
(i). Consequently, in the nearest future the market may start a new decline and break local lows.
As we can see at the H1 chart, the pair completed the wave
(i) in the form of the
wedge along with the wave
(ii) in the form of the
double zigzag. On a shorter timeframe, the price is finishing the wave
ii, which may be followed by a new decline in the wave
iii of (iii).
USD JPY, “US Dollar vs Japanese Yen”
Probably, the USD/JPY pair completed the ascending wave
c of (y). Consequently, in the nearest future the market may start a new descending correction. To confirm this scenario, the price has to form the bearish impulse in the wave
i or a.
As we can see at the H1 chart, after finishing the wave
[5] of c, the pair completed the descending impulse in the wave
[1]. On Wednesday, the local correction may take place, which may be followed by another bearish impulse in the wave
[3].
AUD USD, “Australian Dollar vs US Dollar”
At the H4 chart, after finishing the bearish impulse in the wave
(i), the AUD/USD pair is about to complete the wave
(ii). Probably, after finishing the ascending wave
c, the market may start falling in the wave
(iii).
As we can see at the H1 chart, the pair is probably forming the
diagonal triangle in the wave
c of (ii). In the nearest future, the market may test the pattern’s upside border. In case the price rebounds from it, the pair may start moving downwards in the wave
[1].
RoboForex Analytical Department