Forecast for November 20th, 2015
It looks like Eurodollar is still forming the extension in the wave [i]. On the minor wave level, the price may continue moving downwards in the wave (iii). It’s highly likely that the market may reach a new local low very soon.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on H1 chart. It looks like the price has finished the descending wedge in wave i. In the nearest future, the pair resume its decline in the wave iii of (iii).
GBP USD, “Great Britain Pound vs US Dollar”In case of Pound, the price is about to finish the wave [ii]. Possibly, the correction may compete during the day. To start a new descending movement in the wave [iii], the pair has to form the first wave inside it.
At the H1 chart, we can see that the price has formed the diagonal triangle in the wave (c). Consequently, in the nearest future the pair may resume its descending movement in the wave (i) of [iii].
USD JPY, “US Dollar vs Japanese Yen”In case of Yen, the pair may continue growing in the wave (v) of the extension in the wave [iii]. Later, the pair is expected to start the correctional wave [iv] of 5.
Probably, the wave (v) if taking the form of the diagonal triangle. On the minor wave level, Yen is about to finish the wave ii. Possibly, on Friday the price may start growing in the wave iii of (v).
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar is about to finish the wave [ii] in the form of the zigzag. Earlier, the pair formed the descending wedge in the wave [i]. It’s highly likely that in the nearest future the market may start falling in the wave [iii].
At the H1 chart, the price may have completed the wave (c) with the truncated fifth wave inside it. If the market forms a bearish impulse during the day, the pair may resume its descending movement.
RoboForex Analytical Department
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