Forecast for November 9th, 2016
EUR USD, “Euro vs US Dollar”
At the daily chart, the EUR/USD pair is probably still forming the
triangle in the wave
(B). It’s highly likely that during the next several weeks the price may continue forming the wave
E to reach the pattern’s upside border.
As we can see at the H4 chart, the main scenario became more complicated. It’s highly likely that the wave
E is taking the form of the
double zigzag. Consequently, after finishing the wave
[x], the market may start forming the bullish wave
[y] of E.
GBP USD, “Great Britain Pound vs US Dollar”
It looks like at the daily chart the GBP/USD pair is still forming the fourth wave in the descending wave
5 of (C). As a result, during the next several weeks the market may continue consolidating.
More detailed structure is shown on the H4 chart. Probably, the wave
[iv] is taking the form of the
double three with a possible complicated wave
(x) inside it.
USD JPY, “US Dollar vs Japanese Yen”
At the daily chart, the USD/JPY pair is possibly finishing the
triangle in the wave
[iv]. Consequently, in the future the market may continue moving sideways. If the price rebounds from the pattern’s upside border, it may start forming the descending impulse in the wave
[v] of C.
More detailed structure is shown on the H4 chart. It’s highly likely that the pair completed the
zigzag in the wave
(d). As a result, in the nearest future the market may form another
zigzag in the wave
(e) of [iv].
AUD USD, “Australian Dollar vs US Dollar”
The correctional pattern in the wave
4 transformed into the
zigzag with the
triangle[b] inside it. As a result, in the nearest future the market may continue forming the wave
[c] of 4. To confirm the wave
5, the price has to form the first descending impulse inside it.
As we can see at the H4 chart, the pair completed the
triangle in the wave
[b]. It’s highly likely that later the market may form the third wave of the
diagonal triangle in the wave
[c].
RoboForex Analytical Department