Forecast for August 25th, 2016
The main scenario remains the same and implies that the EUR/USD pair is forming the horizontal triangle in the wave (B). On a shorter timeframe, the price has probably completed the bullish impulse in the wave [c] and may start a new decline.
EUR USD, “Euro vs US Dollar”
Probably, after finishing the diagonal triangle in the wave (v) of [c], the pair formed the descending impulse in the wave (i). Consequently, after finishing the local correction, the market may resume falling in the third wave.
GBP USD, “Great Britain Pound vs US Dollar”It’s highly likely that after finishing the double three in the wave [ii], the GBP/USD pair formed the descending impulse in the wave (i). At the moment, the local correction is about to complete in the form of the double zigzag. As a result, in the nearest future the market may resume moving downwards in the wave i.
More detailed structure is shown on the H1 chart. It looks like yesterday the pair finished the wave y in the form of the ascending zigzag. Consequently, on Thursday the market may start a new decline in the wave i.
USD JPY, “US Dollar vs Japanese Yen”The USD/JPY pair continues forming the diagonal triangle in the wave v of (iii). It’s highly likely that in the nearest future the market may resume falling and soon break the local low. Later, the price is expected to start a new local correction, i.e. the wave (iv).
As we can see at the H1 chart, yesterday the pair completed the wave (E) in the horizontal triangle . Consequently, during the day the price may resume falling in the fifth wave.
AUD USD, “Australian Dollar vs US Dollar”The main scenario remains bearish because earlier the AUD/USD pair formed the descending wedge in the wave (i). In the nearest future, the local correction may yet continue, but later the market is expected to start falling in the third wave.
As we can see at the H1 chart, yesterday the pair finished the wedge in the wave b, which means that in the nearest future the market may break the high of the wave a. To confirm a new descending movement, the price has to form the descending impulse in the wave i.
RoboForex Analytical Department
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