Forecast for January 29th, 2016
Probably, Eurodollar has finished the horizontal triangle in the wave 4; the pair has rebounded from the pattern’s upper border and is starting a new decline in the wave [i]. If later the price does form a descending impulse, the market may resume its decline.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the price has formed the diagonal triangle in the wave (c) of [e]. On Friday, the pair is expected to fall in the wave (i), which may be followed by a new local correction.
GBP USD, “Great Britain Pound vs US Dollar”It looks like the correction is becoming a bit more complicated than we expected. It’s highly likely that right now Pound is completing the wave [iv]. Consequently, quite soon the market may resume moving downwards in the wave [v] of 3.
More detailed structure is shown on the H1 chart. Possibly, the price is about to finish the diagonal triangle in the wave (c) of [iv]. On the minor wave level, the market is completing the wave v. If the market rebounds from the pattern’s upper border, it may start moving downwards in the wave (i).
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].
At the H1 chart, yesterday the pair formed the wedge in the wave i. Later, after completing the local correction, Yen started a fast growth in the wave iii. On Friday, the market may continue growing and reach new highs.
AUD USD, “Australian Dollar vs US Dollar”It looks like the price is about to finish the fourth wave in the diagonal triangle 5. In the nearest future, the pair is expected to resume its decline in the bearish wave [v] of 5.
At the H1 chart, the pair is about to finish the diagonal triangle in the wave (c) of [iv], and the wave [iv] is taking the form of the zigzag. In the nearest future, the market is expected to start falling in the wave (i).
RoboForex Analytical Department
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