Forecast for September 21st, 2016
Probably, the EUR/USD pair completed the wave (B) in the form of the horizontal triangle and then the descending impulse in the wave [i], which means that the price may extend the wave [iii]. Consequently, after finishing the local correction, the market may resume moving downwards.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the pair formed tow descending impulses, waves [i] and (i). There is a risk that these waves might be parts of the zigzag and the correction on a longer timeframe may yet continue, this is why we should wait for the market to form the descending impulse in the wave (iii) and confirm the bearish scenario.
GBP USD, “Great Britain Pound vs US Dollar”In case of the GBP/USD pair, the main scenario remains bearish. It looks like the price is forming the extension in the wave (iii). Consequently, after finishing the local correction, the market may resume falling and break the previous low.
More detailed structure is shown on the H1 chart. It’s highly likely that the pair started the fourth wave in the wave (iii). In the future, the market may continue falling in the wave v of (iii).
USD JPY, “US Dollar vs Japanese Yen”The USD/JPY pair continues forming the diagonal triangle in the wave [v] of C. It looks like earlier the price completed the wave (ii) and started falling in the wave (iii). In the nearest future, the market may continue moving downwards.
As we can see at the H1 chart, after completing the zigzag in the wave x and then the descending wedge in the wave [A], the pair formed the flat in the wave [B]. In the nearest future, the market may resume falling.
AUD USD, “Australian Dollar vs US Dollar”After finishing the wedge in the wave (i) along with the correctional wave (ii), the AUD/USD pair is trying to resume its decline. Consequently, if the price forms a new descending impulse after finishing the local correction, the market may start another decline in the wave (iii).
More detailed structure is shown on the H1 chart. After finishing the descending impulse in the wave i, the pair formed the bullish impulse in the wave [A]. In the nearest future, the market may complete the wave [C] of ii and form the impulse in the wave , thus confirming a new decline of the price.
RoboForex Analytical Department
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