Forecast for October 8th, 2015
The situation isn’t changing and the main forecast remains bearish – probably, in the nearest future the market may continue moving downwards in the wave (iii) of [iii] of 1.
EUR USD, “Euro vs US Dollar”
Most likely, the pair has finished another descending impulse and local correction inside the larger descending wave. Most likely, in the nearest future, the market may start a significant and long decline in the wave (iii) of [iii] of 1.
GBP USD, “Great Britain Pound vs US Dollar”The local correction ii of (iii) of [iii] continues and it may be followed by a further decline with extensions in the wave iii of (iii) of [iii].
Right now, there are no reasons to believe that the price has already completed the wave ii of (iii) of [iii], that’s why the market may yet reach a new local high. Nevertheless, most likely, in the nearest future the market may continue moving downwards.
USD JPY, “US Dollar vs Japanese Yen”In case of Yen, the situation is still complicated. The price continues moving sideways and the main forecast remains the same – after finishing the horizontal triangle [iv] of C of (2), the market is expected to continue falling in the wave [v] of C of (2).
After finishing the wave ii of (iii) of [v], Yen is expected to start a significant descending movement in the wave iii of (iii) of [v].
USD CAD, “US Dollar vs Canadian Dollar”Most likely, Canadian Dollar is completing the first descending impulse of the large sideways correction 4 of (3), the form of which isn’t quite clear yet. In the future, we can expect a local growth of the price.
Most likely, the pair has finished the first wave (i) of [a] of 4 of the large sideways correction 4 of (3), which may be followed by a local growth in the wave (ii) of [a] of 4 and a further decline.
RoboForex Analytical Department
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