Forecast for October 24th, 2016
EUR USD, “Euro vs US Dollar”
It looks like the EUR/USD pair is forming the bearish impulse in the wave
[iii]. Earlier, the price finished the
triangle in the wave
E of (B), the descending wave
[i], and the correction in the wave
[ii]. Consequently, in the nearest future the market may continue its decline.
As we can see at the H1 chart, at the end of the last week the pair finished the descending impulse in the wave
(i). As a result, after finishing the local correction, the market may continue moving downwards in the wave
(iii) of [iii].
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair completed the wave
(iv) of the
extension in the wave
[iii]. Consequently, in the nearest future the market may continue falling in the wave
(v) of [iii].
As we can see at the H1 chart, the pair completed the wave
i in the form of the
wedge. During the day, the pair may form a short-term correction and break its local high. Later, the market is expected to start forming the wave
iii of (v).
USD JPY, “US Dollar vs Japanese Yen”
It’s highly likely that the USD/JPY may yet continue consolidating. Possibly, the price is forming the
triangle in the wave
[iv]. If this assumption is correct, in the nearest future the market may fall in the wave
(d).
More detailed structure is shown on the H1 chart. Probably, the pair is forming the descending
wedge in the wave
a. As a result, on Monday the market may fall in the wave
[5] of a.
AUD USD, “Australian Dollar vs US Dollar”
Last week, the AUD/USD pair rebounded from the upside border of the
horizontal triangle and started forming the descending impulse in the wave
[i]. To confirm a new decline, the market has to complete this wave.
As we can see at the H1 chart, the pair completed two descending impulses, which means that it may form the extension in the wave
(iii. Consequently, in the nearest future the market may start falling in the wave
iii of (iii) and break its local low.
RoboForex Analytical Department