Forecast for January 25th, 2016
Eurodollar continues forming the horizontal triangle in wave 4. It looks like at the end of the last week on the minor wave level the price finished the wave [d]. In the nearest future, the market may continue forming the wave [e] of 4 and test the pattern’s upside border.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. Probably, the price is about to complete the wave (b). On Monday, the pair may form the bullish impulse in the wave (c) and break the maximum of the wave (a) of [e].
GBP USD, “Great Britain Pound vs US Dollar”The wave [iii] continues. Earlier, the pair formed the wedge in the wave [i] and the correction in the wave [ii]. In the nearest future, the market may resume falling and break the minimum.
As we can see at the H1 chart, Pound has finished the wave (iv). During the day, the price may complete the local correction and resume moving downwards in the wave (v) of [iii]. An alternative scenario implies that the market may form the triangle in the fourth wave.
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 continue forming the bullish impulse in the wave [i] or [a].
After finishing the wave (v) in the form of the diagonal triangle, Yen has started moving upwards. It’s highly likely that right now the market is forming the extension in the wave (iii). On the minor wave level, the pair may continue growing in the wave iii.
AUD USD, “Australian Dollar vs US Dollar”It’s highly likely that Australian Dollar has finished the wave [iii]. Earlier, the pair formed the wedge in the wave [i]. During this week, the correction in the wave [iv] may continue; the form of this correction will be specified later.
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 pair may complete the latter wave and start a local descending correction.
RoboForex Analytical Department
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