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Wave Analysis 22.10.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)

Forecast for October 22nd, 2015

EUR USD, “Euro vs US Dollar”

The price is finishing the local correction inside the large descending impulse. After that, Eurodollar is expected to start a significant decline in the wave iii of (iii) of [iii].

Most likely, the pair has completed the wave ii of (iii) of [iii], which may be followed by a significant descending movement in the wave iii of (iii) of [iii]. An alternative scenario (colored in gray) implies that the wave ii of (iii) of [iii] may take the form of the double zigzag and break the previous local high.

GBP USD, “Great Britain Pound vs US Dollar”

The situation hasn’t changed over the last couple of days. Most likely, Pound has completed the wave ii of (iii) of [iii], which in the nearest future may be followed by a new significant decline.

Pound is moving below the critical level. The wave (1) of [1] of iii has taken the form of the leading diagonal triangle with the local correction after it. Probably, in the nearest future the market may continue moving downwards.

USD JPY, “US Dollar vs Japanese Yen”

The current growth is taking too much time, but the main scenario remains the same. So, after completing the correction ii of (iii) of [v], Yen is expected to continue moving downwards in the wave iii of (iii) of [v].

Probably, Yen has completed the wave ii of (iii) of [v] and in the nearest future may continue falling in the wave iii of (iii) of [v] and reach a new local low.

USD CAD, “US Dollar vs Canadian Dollar”

The correction (ii) of [a] of 4 is taking a more complicated form, the one of the expanded flat, to be exact. So, in the nearest future we can expect a short-term growth in the wave (ii) of [a] of 4. After that, the market may continue falling.

The pair is forming the wave [3] of с of (ii) inside the expanded flat, which may be followed by the horizontal correction [4] of с of (ii) and a new local high. The market is expected to move upwards for a while and then complete this correctional pattern.

RoboForex Analytical Department

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