Forecast for January 22nd, 2016
Eurodollar continues forming the horizontal triangle in wave 4. It looks like on the minor wave level the price has finished the wave [d] of this pattern. Consequently, during the next several days the pair may grow a little bit in the wave [e] of 4.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. Probably, yesterday the price completed the zigzag in the wave [d]. On the minor wave level, the pair finished the ascending impulse in the wave (a). After completing the local correction, the market may start growing in the wave (c) of [e].
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]. In the nearest future, the market may continue falling.
As we can see at the H1 chart, Pound is about to finish the wave (iv). During the day, the price may complete the local correction and resume moving downwards in the wave (v) of [iii].
USD JPY, “US Dollar vs Japanese Yen”Probably, Yen has completed the wave C in the form of the zigzag. In the nearest future, the market may form the bullish impulse either in the wave [i] or [a]. On Friday, the price may continue moving upwards.
As we can see at the H1 chart, the wave (v) has taken the form of the diagonal triangle. In the nearest future, the market may continue forming the wave (i), which may be followed by a local descending correction.
AUD USD, “Australian Dollar vs US Dollar”Probably, Australian Dollar has finished the wave [iii]. Earlier, the pair formed the wedge in the wave [i]. During the next several days, the correction in the wave [iv] may continue.
More detailed structure is shown on the H1 chart. After finishing the diagonal triangle in the wave (v), the price has started forming the bullish impulse in the wave (a). During the day, the local growth of the pair may continue.
RoboForex Analytical Department
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