Forecast for January 8th, 2016
It looks like Eurodollar has finished the wave [b]. Later, the market may start forming the bullish impulse in the wave [c] of 4 and break the maximum of the wave [a]. On Friday, the price may resume moving upwards.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. Probably, the wave (c) of [b] has taken the form of the diagonal triangle. On Friday, the market may continue forming the bullish impulse in the wave (i).
GBP USD, “Great Britain Pound vs US Dollar”In case of Pound, the downtrend continues. It looks like the pair is still forming the impulse in the [iii]. After finishing the local correction, the market may resume falling and break its local low.
As we can see at the H1 chart, right now the price is being corrected in the wave iv of the wave (iii). On Thursday, this ascending correction may continue, but later the market is expected to resume its decline in the wave v of (iii).
USD JPY, “US Dollar vs Japanese Yen”It looks like Yen is forming the bearish zigzag C inside the larger triangle. During the next several days, the price may continue falling in the wave [c] of C.
After finishing the flat in the wave [b], Yen has started falling in the descending wave [c]. On the minor wave level, the price is about to finish the wave (iv). In the future, the market may resume moving downwards in the wave (v) of [c].
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar is still moving downwards in the bearish wave [iii]. Earlier, the pair finished the wedge in the wave [i] and the correctional wave [ii]. In the nearest future, the market may continue falling in the third wave.
At the H1 chart, the price is about to finish the wave (iv) of the descending impulse in the wave [iii]. It’s highly likely, that in the nearest future the market may start falling in the wave (v), and, as a result, break its local low.
RoboForex Analytical Department
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