Forecast for January 18th, 2016
Probably, the correction is transforming into the form of the horizontal triangle with the wave [c] completed inside it. In the nearest future, the pair may fall down a little in the wave [d] of the above-mentioned triangle pattern.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. It looks like the wave [c] has taken the form of the zigzag with the impulse (c) of [c] inside it. After completing the local correction, the market may move downwards in the wave (c) of [d].
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.
More detailed structure is shown on the H1 chart. After finishing the wave (iv), Pound has formed the bearish impulse i. Later, the market is expected to fall inside the current bearish tendency.
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 this week, the price may resume falling in the wave [c] of C and reach a new local low.
As we can see at the H1 chart, the price is forming the diagonal triangle in the wave (v). Earlier, the pair finished the extension in the third wave and the correction in the fourth one.
AUD USD, “Australian Dollar vs US Dollar”Probably, Australian Dollar continues forming the extension in the wave [iii]. On the minor wave level, the market may continue falling in the wave (iii) and reach a new local low.
At the H1 chart, the price may form the extension in the wave iii. Earlier, the pair finished the wave (ii) and the bearish impulse in the wave i. In the nearest future, the market may continue its descending movement.
RoboForex Analytical Department
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