Forecast for December 4th, 2015
Yesterday the price started a fast ascending movement. Probably, Eurodollar has completed the descending impulse, which may be either the third wave of the wave C of the zigzag. In the nearest future, after finishing this bullish impulse, the pair may start a new correction, which may be followed by another bullish impulse in the wave [c] (or the third wave, in case earlier it formed the descending zigzag A-B-C).
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. After finishing the diagonal triangle in the wave [v], the pair has rebounded from its lower border and started growing. In the nearest future, the market may form the correctional wave [b].
GBP USD, “Great Britain Pound vs US Dollar”In case of Pound, the situation is still quite complicated. The diagonal triangle formed by the price may turn out to be both the wedge in the wave [i] of 3 and the wave C in the zigzag, which may be followed by a correction on the major wave level. In the nearest future, after finishing the ascending impulse in the wave (a), the pair may be corrected and then start growing in the wave (c). Consequently, the scenario with the wedge in the wave [i] will be confirmed only after the market completes the zigzag (a)-(b)-(c) of [ii] and the bearish impulse in the wave (i) of [iii]. Until that, both scenarios are possible.
As we can see at the H1 chart, Pound has formed the zigzag in the wave (v). Right now, the market is forming the bullish impulse in the wave (a), which may be completed on Friday. Later, the price may start the correctional wave (b).
USD JPY, “US Dollar vs Japanese Yen”Because of the activity in European currency pairs, the situation with Yen is also quite complicated. Consequently, there is a risk that the price may have completed the zigzag in the wave 4, which means that the fourth wave itself may yet continue. If later the pair forms the long flat, it may form the wave [iv] and continue growing in the wave [v]. If the market falls much deeper and breaks the maximum of the wave [i] or [a], the correction on the major wave level may continue.
At the H1 chart, the price has formed the diagonal triangle in the wave (v). Right now, the pair is falling in the bearish impulse (a). on Friday, the market may finish it and start the correction in the wave (b).
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar is quite calm, that’s why our previous scenario remains the same. Probably, in the nearest future the pair may finish the wave [ii] in the form of the double zigzag. Later, after finishing the descending impulse in the wave (i) of [iii], the price may resume falling inside the downtrend.
Probably, the market is forming the diagonal triangle in the wave c of (y). If the pair rebounds from its upper border, the price may resume falling. However, the door swing both ways – if the price breaks the pattern and reaches the predicted target of the wave 4, the correction on the major wave level may continue.
RoboForex Analytical Department
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