Forecast for August 17th, 2016
The horizontal triangle in the wave [b] implies that the EUR/USD pair may continue its growth in the wave [c] of E in the nearest future. Consequently, the market may break yesterday’s high quite soon.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the pair is forming the extension in the wave (iii). On a shorter timeframe, the market is about to complete the triangle in wave iv. After the price rebounds from this pattern’s downside border, the pair may start growing in the wave v of (iii).
GBP USD, “Great Britain Pound vs US Dollar”Probably, the GBP/USD pair has started forming the correctional wave (ii). Earlier, after finishing the wave [ii] in the form of the double three, the price completed the descending impulse in the wave (i). Consequently, in the nearest future the market may start a new decline in the wave (iii) of [iii].
More detailed structure is shown on the H1 chart. It looks like yesterday the pair completed the ascending impulse in the wave a. As a result, in the future the market may finish the local correction and start moving upwards in the wave c of (ii).
USD JPY, “US Dollar vs Japanese Yen”In case of the USD/JPY pair, the main scenario is still bearish. It’s highly likely that in the nearest future the market may continue falling in the impulse [v] of C. on a shorter timeframe, the price may complete the wave (iii) and start a new correction.
As we can see at the H1 chart, the market has stopped forming the descending impulse in the wave , which means that it may forming the diagonal triangle in the wave v of (v). On a shorter timeframe, the pair may start falling in the wave  of v quite soon.
AUD USD, “Australian Dollar vs US Dollar”Probably, the AUD/USD pair has finally completed the diagonal triangle in the wave [c] of 4. To confirm a new decline, the market has to form the descending impulse in the wave (i).
It looks like yesterday the pair finished the wave ii. In the nearest future, the market may start falling in the third wave. Consequently, on Wednesday the market may break the low of the wave i.
RoboForex Analytical Department
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