Forecast for August 19th, 2016
The EUR/USD pair continues forming the ascending impulse in the wave [c] of E. It looks like earlier the price completed the horizontal triangle in the wave [b]. Consequently, in the nearest future the market may continue moving upwards.
EUR USD, “Euro vs US Dollar”
More detailed structure of the price movement is shown on the H1 chart. It’s highly likely that the pair is about to finish the fourth wave in the current impulse. As a result, on Friday the market may break the high of the wave (iii).
GBP USD, “Great Britain Pound vs US Dollar”In case of the GBP/USD pair, the price is still forming the wave (ii). Earlier, the market finished the descending impulse in the wave (i) and resumed falling. After completing the correction, the pair may start a new decline in the third wave.
As we can see at the H1 chart, the pair is about to complete the wave c of (ii). To confirm a new decline in the wave (iii), the price has to form the first wave inside it.
USD JPY, “US Dollar vs Japanese Yen”In case of the USD/JPY pair, the main scenario is still bearish. It looks like the price is finishing the diagonal triangle in the wave v of (iii). If the market rebounds from the downside border of this pattern, the market may start a new correction.
More detailed structure is shown on the H1 chart. It’s highly likely that in the nearest future the market may continue falling in the wave  of v. As a result, in the nearest future the market may break the low of the wave iii.
AUD USD, “Australian Dollar vs US Dollar”In case of the AUD/USD pair, the chart structure is still rather complicated. Possibly, the price has already finished the diagonal triangle in the wave [c] of 4. On a shorter timeframe, the market is completing the wedge in the wave (i) and may soon start a new local correction.
As we can see at the H1 chart, the pair is finishing the fifth wave of the wedge. If later the price rebounds from the downside border of this pattern, the market may start a new local correction in the wave (ii).
RoboForex Analytical Department
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