Forecast for January 4th, 2016
After New Year holidays, the market opened without any surprises. It’s highly likely that Eurodollar is forming the wave [b] in the wave 4. The pair may break its local low during this week.
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”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 third descending wave.
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). During the next several days, 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 triangle. In the nearest future, 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. The market may start falling in the wave [iii] as soon as the price forms the descending impulse (the first wave) inside it.
At the H1 chart, the price is about to finish the descending impulse in the wave (i), which may be followed by a local ascending correction. It’s highly likely that the market may start a pullback upwards in the nearest future.
RoboForex Analytical Department
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