Forecast for August 11th, 2016
The EUR/USD pair is confirming the scenario, which implies that it is forming the diagonal triangle in the wave [v]. It looks like yesterday the price completed the wave (ii) and may soon start falling inside the third wave. It’s highly likely that on Thursday the market may resume its decline.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. Probably, the wave (ii) has taken the form of the zigzag. Consequently, in the nearest future the market may start forming the descending a of (iii) inside the diagonal triangle.
GBP USD, “Great Britain Pound vs US Dollar”In case of the GBP/USD pair, the main scenario remains bearish. It’s highly likely that after finishing the double three in wave [ii], the price started forming the bearish impulse in the third wave. As a result, in the nearest future the market may break the low of the wave [i].
As we can see at the H1 chart, on Wednesday the pair finished the wave ii and resumed its descending movement. The price has already broken the low of the wave i, which means that it may continue falling in the wave iii of (iii).
USD JPY, “US Dollar vs Japanese Yen”The USD/JPY pair is extending the wave (iii) in the descending impulse [c] of C. On a shorter timeframe, the price has finished the third wave. Consequently, in the nearest future the market may break the low of the wave iii.
As we can see at the H1 chart, after finishing the zigzag in the wave iv, the pair has formed the descending impulse which may be the first wave in the wave v of (iii). Consequently, after finishing the local correction, the market may continue falling.
AUD USD, “Australian Dollar vs US Dollar”The AUD/USD pair is about to finish the diagonal triangle in the wave [c] of 4. In the nearest future, the market may test the pattern’s upside border. If the price rebounds from it, the pair may resume its decline in the fifth wave.
As we can see at the H1 chart, the internal structure of the wave c of (v) implies that the pair may yet continue moving upwards. It looks like the market may complete the wave  of c on Thursday and then start a new descending movement.
RoboForex Analytical Department
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