Forecast for August 22nd, 2016
Possibly, the EUR/USD pair has already completed the horizontal triangle (B) with the zigzag E inside it. Consequently, in the nearest future the market may resume falling and form a new descending impulse.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, after completing the wave (v) of [c], the pair started falling in the wave (i). On a shorter timeframe, the market is expected to finish the local correction and resume falling in the wave v of (i).
GBP USD, “Great Britain Pound vs US Dollar”Probably, the GBP/USD pair is starting a new decline in the wave (iii). Earlier, after finishing the wave [ii] in the form of the double three, the market formed the descending impulse in the wave (i). This week, the price may break the low of the wave (i).
More detailed structure is shown on the H1 chart. It’s highly likely that last week the pair completed the wave (ii) in the form of the zigzag and then the descending impulse in the wave i. After finishing the correction, the market may start falling in the wave iii of (iii).
USD JPY, “US Dollar vs Japanese Yen”In case of the USD/JPY pair, the main scenario remains the same and suggests that the price is forming the diagonal triangle in the wave v of (iii). As a result, in the nearest future the market may break the local low and reach the downside border of the pattern.
It looks like at the H1 chart the pair is about to finish the fourth wave in the diagonal triangle. To confirm a new decline in the wave  of v, the market has to form another descending impulse.
AUD USD, “Australian Dollar vs US Dollar”It’s highly likely that the AUD/USD pair has finally finished the diagonal triangle in the wave [c] of 4. On a shorter timeframe, the market has completed the wedge in the wave (i). Consequently, after completing the local correction, the price may start a new descending movement.
More detailed structure of the wedge is shown on the H1 chart. The pair has rebounded from the downside border of the pattern, which means that on Monday it may start a new correction in the wave (ii).
RoboForex Analytical Department
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