Wave Analysis 10.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
10.11.2016
Forecast for November 10th, 2016
EUR USD, “Euro vs US Dollar”
Possibly, the EUR/USD pair completed the triangle in the wave (B). In this case, the current descending impulse may be the wave [i] inside the new bearish trend. It’s highly likely that in the nearest future the market may be corrected in the wave [ii].
As we can see at the M15 chart, the price is about to finish the current descending impulse. As a result, during the day the market may complete the wave (v) of [i] and start a new ascending correction, i.e. the wave [ii].
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair. The correctional wave [iv] may yet continue. During the next several days, the market may continue reach several new lows while forming the wave (x).
More detailed structure is shown on the H1 chart. It looks like the wave (x) is taking the form of the zigzag. Consequently, during the next several days the pair may continue falling in the wave c of (x).
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair skyrocketed and broke the local high, thus transforming the structure of the wave [iv], which is taking the form of the double zigzag. In the nearest future, the market may continue forming the wave c of (y).
More detailed structure is shown on the M15 chart. It looks like the pair is moving upwards in the third wave of the bullish impulse c of (y). It’s highly likely that in the nearest future the market may continue growing and forming the wave [3].
AUD USD, “Australian Dollar vs US Dollar”
In case of the AUD/USD pair, the price may continue forming the diagonal triangle in the wave [c] of 4. Consequently, after finishing the bearish wave (ii), the market may start a short-term growth in the wave (iii) of [c].
As we can see at the M30 chart, the pair completed the bullish zigzag in the wave (i) and right now is forming the bearish one in the wave (ii). As a result, after finishing the wave b, the market may move downwards in the wave c of (ii).
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.