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Wave Analysis 23.08.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

Forecast for August 23rd, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair continues forming the impulse in the wave [c] of E. It looks like the price is going to break the local high in the nearest future. After forming a new descending impulse, the market may resume falling.

More detailed structure is shown on the H1 chart. Yesterday, the pair completed the descending zigzag, which may be the wave (iv). Later, the market formed the bullish impulse in the wave i to start the wave (v) of [c], which may continue during the day.

GBP USD, “Great Britain Pound vs US Dollar”

In case of the GBP/USD pair, the main scenario remains bearish and implies that the price is starting a new decline in the wave (iii). However, due to the correction, which is taking more time than it was expected, the market has to confirm this new decline by forming a descending impulse.

As we can see at the H1 chart, the wave (ii) is taking the form of the double zigzag. In the nearest future, the market may complete the wave y and start falling in the wave i. By finishing the latter wave, the price will confirm a new bearish wave, i.e. the wave (iii).

USD JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair is still forming the diagonal triangle in the wave v of (iii). Later, after rebounding from the downside border of the pattern, the market may start a new ascending correction, i.e. the wave (iv).

More detailed structure is shown on the H1 chart. It looks like earlier the pair finished the wave [4] in the diagonal triangle. Consequently, during the day the market may continue falling in the wave [5] of v.

AUD USD, “Australian Dollar vs US Dollar”

After finishing the descending wedge in the wave (i), the AUD/USD pair started another correction. Earlier, the price completed the diagonal triangle in the wave [c] of 4. As a result, in the nearest future the market may start falling in the third wave.

More detailed structure of the wedge in the wave (i) is shown on the H1 chart. It looks like the pair is about to complete the impulse c in the ascending zigzag (ii). In the nearest future, the market may form a new descending impulse, thus finishing the current correction.

RoboForex Analytical Department

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