Forecast for January 5th, 2016
Eurodollar is still being corrected. Yesterday, the market broke its local low. It’s highly likely that the price is about to finish the wave [b] in the wave 4. Later, the pair may resume its growth in the wave [c] of 4.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the wave [b] is taking the form of the zigzag. On the minor wave level, after finishing the wave (b), the market has started to fall in the wave (c) of [b]. It looks like in the nearest future the market is going to continue forming the descending impulse.
GBP USD, “Great Britain Pound vs US Dollar”The market continues falling at the H4 chart. After finishing the wave 2, Pound has formed the bearish wedge in the wave [i]. It looks like in the nearest future the pair may continue forming the wave [iii] of 3.
More detailed structure is shown on the H1 chart. Probably, the price has finished the wave (ii) in the form of the double three. Right now, the pair is falling in the wave iii of the descending impulse (iii). In the nearest future, the market may reach new lows.
USD JPY, “US Dollar vs Japanese Yen”It looks like Yen is forming the bearish zigzag C inside the larger triangle. During this week, the price may continue falling in the wave [c] of C.
It looks like after finishing the flat in the wave [b], Yen has started falling in the diagonal triangle. The formation of this pattern is confirmed by the zigzag on the H4 timeframe.
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar has formed the wedge in the wave [i] and the correctional wave [ii] as well. In the future, the market may continue falling in the wave [iii] and reach new lows.
At the H1 chart, the price has finished the descending impulse in the wave (i). In the nearest future, the market may start a local ascending correction. After completing the wave (ii), the market may start another descending movement.
RoboForex Analytical Department
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