Forecast for November 3rd, 2015
After finishing the descending impulse in the wave [i] of 3, Eurodollar has started the correction. In the nearest future, the market may continue forming the wave [ii] and reach a new local high. Later, the price is expected to resume its decline in the wave [iii].
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the wave [ii] is taking the form of the zigzag. On the minor wave level, the market is consolidating in the wave (b). Later, the price may stop consolidating and start a local growth in the wave (c) of [ii].
GBP USD, “Great Britain Pound vs US Dollar”Pound is still being corrected. It looks like the wave 2 is taking the form of the double zigzag. During the next several days, the pair may continue forming the wave [y] and break October’s high.
At the H1 chart, Pound finished the ascending impulse in the wave (a) yesterday. After that, the marker formed the descending wave a of (b). It’s highly likely that in the nearest future the local correction may continue.
USD JPY, “US Dollar vs Japanese Yen”Probably, after completing the wave 4 in the form of the zigzag, Yen has started the ascending impulse in the fifth wave. Probably, right now the market is forming the extension in the wave [iii]. Later, the pair is expected to start a new growth in the wave (iii) of [iii].
At the H1 chart, Yen has formed the bullish impulse in the wave (i). During the day, the pair may continue forming the wave (ii), which is taking the form of the zigzag. In the future, the market may break the minimum of the wave a of (ii).
AUD USD, “Australian Dollar vs US Dollar”It looks like Australian Dollar is about to complete the wave (ii) inside the extension of wave [iii]. Later, the price may form the bearish impulse in the wave (iii) and start moving downwards.
More detailed structure of the descending impulse in the wave (i) is shown on H1 chart. Probably, the price is finishing the wave c inside the zigzag (ii). Consequently, in the nearest future the market may resume its descending movement.
RoboForex Analytical Department
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