Forecast for January 15th, 2016
Eurodollar is still forming the wave 4. It’s highly likely that in the nearest future the pair may continue forming the impulse in the wave [c]. On Friday, the market may break the local maximum.
EUR USD, “Euro vs US Dollar”
It looks like at the H1 chart the pair has formed several first waves on different levels - (i) and i. Earlier, the price formed the diagonal triangle in the wave (c) of [b]. During the day, the market may resume moving upwards in the wave iii.
GBP USD, “Great Britain Pound vs US Dollar”Pound is still forming the bearish impulse in the wave [iii]. In the future, after completing the local correction, the market may continue falling and reach several new lows.
As we can see at the H1 chart, after finishing the wave (iii), Pound has started a new correction. In the nearest future, the market is expected to continue forming the wave (iv), which may be followed by a new descending movement.
USD JPY, “US Dollar vs Japanese Yen”Yen is still forming the descending zigzag in the wave C. Earlier, the pair completed the wave B. During the next several days, the price may resume falling in the wave [c] of C and reach a new local low.
At the H1 chart, we can see more detailed internal structure of the wave [c]. It looks like earlier the pair finished the fourth wave and right now is falling inside the fifth one. In the future, the market may continue its decline inside this bearish impulse.
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar continues forming the extension in the wave [iii]. On the minor wave level, the market may continue falling in the wave (iii). The price may reach a new local low quite soon.
More detailed structure is shown on the H1 chart. It looks like the price has finished the descending impulse i in the wave (iii) and the correction in the wave ii as well. Consequently, in the nearest future the market may start another descending movement in the wave iii of (iii).
RoboForex Analytical Department
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