Forecast for October 10th, 2016
It looks like the EUR/USD pair is still forming the double zigzag in the wave E. After finishing the wave [x], the price rebounded from the triangle’s downside border and may start moving upwards in the wave [y] of E.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. It looks like after completing the wave (c) of [x], the pair formed the ascending impulse in the wave i. As a result, in the nearest future, the market may resume growing in the wave iii of (a).
Probably, the GBP/USD pair is forming the descending extension in the wave [iii]. Later, after finishing the fourth wave, the market may continue its decline in the wave (v) of [iii].
GBP USD, “Great Britain Pound vs US Dollar”
It’s highly likely that the pair is forming the horizontal triangle in the wave (iv). If the price rebounds from the pattern’s upside border, the market will start a new descending movement.
Possibly, the USD/JPY may continue forming the triangle. It looks like last week the price completed the wave (c). Taking into account that the price is trading under the Moving Average again, later the market may form the wave (d).
USD JPY, “US Dollar vs Japanese Yen”
Probably, the wave (c) took the form of the double zigzag and then the pair formed a new descending impulse, which may start a new decline in the wave a. Consequently, in the nearest future the market may continue moving downwards.
In case of the AUD/USD pair, the flat may continue as well. It’s highly likely that the price may make the final ascending movement in the wave [e] of 4 during this week. If later the market rebounds from the triangle’s upside border, it will resume moving downwards.
AUD USD, “Australian Dollar vs US Dollar”
At the H1 chart, the pair completed the zigzag (b) with the diagonal triangle c inside it. Consequently, in the nearest future, the market may start forming the ascending impulse in the wave (c) of [e].
RoboForex Analytical Department
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