Forecast for November 5>th, 2015
It looks like Eurodollar has completed the wave [ii], and right now is starting a new descending movement. Earlier, the pair formed the bearish impulse in the wave [i]. In the nearest future, the market may continue forming the wave (i) of [iii].
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the wave [ii] has taken the form of the zigzag. On the minor wave level, the market is falling in the wave iii of (i). Later, the price may complete the local correction and continue its decline in the wave v of (i).
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 is still forming the wave (b), probably in the form of the double zigzag. In the nearest future, the pair may continue forming the wave y of (b) and break local lows.
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 formed the bullish impulse in the wave (i). After that, the wave (ii) took the form of the double three. In the future, the market may start growing in the third wave of the extension in the wave (iii).
AUD USD, “Australian Dollar vs US Dollar”It looks like Australian Dollar is starting another descending movement in the wave (iii) inside the extension of wave [iii]. Later, the price may continue moving downwards and break the minimum of the wave (i).
More detailed structure of the descending impulse in the wave (i) is shown on H1 chart. Probably, the price has finished the wave (ii) in the form of the double zigzag. Consequently, in the nearest future the market may resume its descending movement.
RoboForex Analytical Department
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