Forecast for October 11th, 2016
EUR USD, “Euro vs US Dollar”
It looks like the EUR/USD pair is still forming the wave
[x]. Possibly, during the day the price may start forming the wave
(a). To confirm this scenario, the market has to form a new bullish impulse inside it.
Probably, the wave
(c) of [x] is taking the form of the
diagonal triangle. If the pair rebounds from this pattern’s downside border during the day, the market may start a new ascending correction, i.e the wave
(a).
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the main scenario remains bearish. Earlier, the price formed the
extension in the wave
(iii) and the correction in the wave
(iv). Consequently, in the nearest future the market may start falling while forming the wave
(v) of [iii].
More detailed structure is shown on the H1 chart. Probably, the pair formed the
triangle in the wave
(iv). As a result, after finishing the wave
i and the correction, the market may resume its descending movement in the wave
iii.
USD JPY, “US Dollar vs Japanese Yen”
It’s highly likely that the USD/JPY may yet continue forming the
triangle in the wave
[iv]. If the price breaks the Moving Average to the downside, the market may continue falling in the wave
(d) of [iv].
As we can see at the H1 chart, the wave
(c) of the
triangle took the form of the
double zigzag. Consequently, in the nearest future the market may resume moving downwards in the wave
a.
AUD USD, “Australian Dollar vs US Dollar”
Possibly, the AUD/USD pair may yet continue forming the wave
[e] of 4. In this case, in the nearest future the market may finish the wave
(b) and start a short-term growth in the wave
(c) of [e].
Earlier, the pair completed the
wedge in the wave
a and the correction in the wave
b. On Tuesday, the price may finish the wave
c of (b) and start growing in the wave
(c). To confirm this scenario, the market has to form a new bullish impulse in the later wave.
RoboForex Analytical Department