Forecast for January 28th, 2016
Eurodollar is still consolidating inside the horizontal triangle in the wave 4. It’s highly likely that in the nearest future the price may reach the pattern’s upside border. If the pair rebounds from it, the market nay resume its decline.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. Probably, the price is forming the horizontal triangle in the wave (c) of [e]. On the minor wave level, the pair may finish the wave v and rebound from the pattern’s upside border.
GBP USD, “Great Britain Pound vs US Dollar”The bearish impulse in the wave [iii] continues. On the minor wave level, the pair is about to start falling in the fifth wave. Consequently, the market may break the minimum of the wave (iii) until the end of the week.
It looks like the wave (iv) has taken the form of the zigzag with the flat b inside it. On the minor wave level, the market has formed the descending impulse in the wave i. After completing the local correction, the pair may resume moving downwards in the wave iii of (v).
USD JPY, “US Dollar vs Japanese Yen”Probably, Yen has completed the wave C in the form of the zigzag in the wave (4). 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 formed the ascending impulse in the wave (i), the zigzag in the wave (ii), and then the wave i. Later, the market may form the bullish impulse in the wave iii of (iii).
AUD USD, “Australian Dollar vs US Dollar”It’s highly likely that Australian Dollar is about to finish the wave [iv]. Earlier, the pair formed the descending impulse in the wave [iii]. During this week, the pair may complete the current correction and resume its decline in the wave [v] of 5.
The wave [iv] is taking the form of the double three with the wave (y) inside it. After Australian Dollar forms the bearish impulse or the wedge in the wave (i), the downtrend will resume.
RoboForex Analytical Department
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