Forecast for October 7th, 2016
Probably, the EUR/USD pair finally finished the horizontal triangle in the wave E of (B). Consequently, during the next several weeks the market may continue moving downwards. To confirm this scenario, the price has to break the pattern’s downside border.
EUR USD, “Euro vs US Dollar”
It looks like after completing the wave [e], the pair formed the descending impulse in the wave (i). As a result, after finishing the local correction, the price may continue falling and break the low.
GBP USD, “Great Britain Pound vs US Dollar”It looks like the GBP/USD pair formed the fast wave (iii). Consequently, in the nearest future the market may be corrected in the wave (iv), which may later be followed by a new decline in the wave (v) of [iii].
More detailed structure is shown on the H1 chart. It’s highly likely that the pair finished the impulse in the wave (iii). As a result, in the future the market may form the wave (iv) in the form of any correctional pattern.
USD JPY, “US Dollar vs Japanese Yen”Possibly, the horizontal triangle in the wave [iv] may be bigger than expected. If this assumption is correct, soon the USD/JPY pair may start falling in the wave (d) of [iv].
It’s highly likely that the wave (c) is taking the form of the double zigzag. In the nearest future, the market may move downwards in the wave a, which may take the form of the impulse or the wedge.
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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