Forecast for August 31st, 2016
The EUR/USD pair continues forming the descending impulse in the wave [i]. It looks like earlier the price completed the horizontal triangle in the wave (B), which means that in the future the market may continue falling much deeper.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the pair is probably forming the third wave of the descending impulse in the wave (iii). During the day, the price may continue falling and reach new lows.
GBP USD, “Great Britain Pound vs US Dollar”Probably, the GBP/USD pair is about to finish the local correction. Later, after finishing the wave ii, the market may continue falling in the third wave and break the low of the wave i.
More detailed structure is shown on the H1 chart. It looks like the pair formed the wedge in the wave i and then started the current correction. Possibly, the wave iii may be extended and, as a result, the market may continue falling much deeper.
USD JPY, “US Dollar vs Japanese Yen”The main scenario still implies that the USD/JPY pair is forming the diagonal triangle. However, taking into account how fast the current correction is, one should wait for the price to form the descending impulse in the wave (iii).
As we can see at the H1 chart, the pair is about to complete the zigzag. Consequently, in the nearest future the market may finish the impulse in the wave [C] and start moving downwards.
AUD USD, “Australian Dollar vs US Dollar”The AUD/USD pair is starting to fall in the third wave. Earlier, the price completed the wedge in the wave (i) and the correction in the second wave as well. As a result, during this week the market may continue moving downwards.
At the H1 chart, the pair formed the zigzag in the wave (ii) and then the descending impulse in the wave i. It’s highly likely that during the day the market may continue moving downwards in the third wave and, as a result, reach several new lows.
RoboForex Analytical Department
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