Forecast for October 10th, 2016
EUR USD, “Euro vs US Dollar”
It looks like the EUR/USD pair is still forming the
double zigzag in the wave
E. After finishing the wave
[x], the price rebounded from the
triangle’s downside border and may start moving upwards in the wave
[y] of E.
More detailed structure is shown on the H1 chart. It looks like after completing the wave
(c) of [x], the pair formed the ascending impulse in the wave
i. As a result, in the nearest future, the market may resume growing in the wave
iii of (a).
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair is forming the descending extension in the wave
[iii]. Later, after finishing the fourth wave, the market may continue its decline in the wave
(v) of [iii].
It’s highly likely that the pair is forming the
horizontal triangle in the wave
(iv). If the price rebounds from the pattern’s upside border, the market will start a new descending movement.
USD JPY, “US Dollar vs Japanese Yen”
Possibly, the USD/JPY may continue forming the
triangle. It looks like last week the price completed the wave
(c). Taking into account that the price is trading under the Moving Average again, later the market may form the wave
(d).
Probably, the wave
(c) took the form of the
double zigzag and then the pair formed a new descending impulse, which may start a new decline in the wave
a. Consequently, in the nearest future the market may continue moving downwards.
AUD USD, “Australian Dollar vs US Dollar”
In case of the AUD/USD pair, the
flat may continue as well. It’s highly likely that the price may make the final ascending movement in the wave
[e] of 4 during this week. If later the market rebounds from the
triangle’s upside border, it will resume moving downwards.
At the H1 chart, the pair completed the
zigzag(b) with the
diagonal trianglec inside it. Consequently, in the nearest future, the market may start forming the ascending impulse in the wave
(c) of [e].
RoboForex Analytical Department