Forecast for October 6th, 2016
It looks like the EUR/USD pair is still forming the horizontal triangle in the wave E of (B). In the nearest future, the market may test the pattern’s upside border. If the price rebounds from the border, it may resume moving downwards.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the pair is probably forming the zigzag in the wave [e]. On a shorter timeframe, the pair may soon complete the wave (b) and start growing in the wave (c) of [e].
GBP USD, “Great Britain Pound vs US Dollar”In case of the GBP/USD pair, the price is about to finish the bearish impulse in the wave (i). On a shorter timeframe, the market is completing the fifth wave. As a result, in the nearest future the market may start a new ascending correction, i.e. the wave (ii).
More detailed structure is shown on the H1 chart. It looks like the pair is forming the fifth wave in the wave v of (i) and may complete it during the day. Consequently, in the nearest future the market may start a new correction.
USD JPY, “US Dollar vs Japanese Yen”The USD/JPY pair is still trading above the Moving Average and the upside border of the triangle. Consequently, the current bearish scenario must yet be confirmed. In order to do this, the market has to form the descending impulse in the wave [v] of C.
As we can see at the H1 chart, the wave (e) of [iv] is probably taking the form of the double zigzag. However, because of the current fast movement of the price, the pair has to form the descending impulse in the wave i to confirm this scenario.
AUD USD, “Australian Dollar vs US Dollar”It’s highly likely that the AUD/USD pair is still forming the triangle in the wave 4. As a result, during the next several days the price may continue forming the wave [e] and form the ascending impulse (c) inside it.
At the H1 chart, the pair is completing the zigzag in the wave (b). Consequently, after finishing the descending impulse in the wave c of (b), the market may start a short-term growth in the wave (c) of [e] to reach the upside border of the triangle.
RoboForex Analytical Department
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