Forecast for January 20th, 2016
Eurodollar continues forming the horizontal triangle in wave 4. It looks like right now the price is forming the wave [d] of this pattern. During the next several days, the pair may continue moving sideways.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. It looks like the price is about to finish the wave (b) of [d]. In the nearest future, the market may move downwards and form the bearish impulse in the wave (c) of [d].
GBP USD, “Great Britain Pound vs US Dollar”Pound is still falling in the wave [iii]. Earlier, the pair formed the wedge in the wave [i] and the correction in the wave [ii]. It’s highly likely that during the next several days the market will continue falling.
As we can see at the H1 chart, after finishing the wave (iv), Pound has resumed its descending movement. Probably, on Wednesday the market may complete the local correction and resume moving downwards in the wave v of (v).
USD JPY, “US Dollar vs Japanese Yen”Yen is still falling in the wave [c] of C. It’s highly likely that during the next several days the pair will continue falling and reach a new low. Later, the price may start an ascending correction.
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. During the day, the market may continue moving downwards.
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar continues forming the extension in the wave [iii]. It’s highly likely that 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 is falling 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 decline.
RoboForex Analytical Department
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