Forecast for October 11th, 2016
It looks like the EUR/USD pair is still forming the wave [x]. Possibly, during the day the price may start forming the wave (a). To confirm this scenario, the market has to form a new bullish impulse inside it.
EUR USD, “Euro vs US Dollar”
Probably, the wave (c) of [x] is taking the form of the diagonal triangle. If the pair rebounds from this pattern’s downside border during the day, the market may start a new ascending correction, i.e the wave (a).
In case of the GBP/USD pair, the main scenario remains bearish. Earlier, the price formed the extension in the wave (iii) and the correction in the wave (iv). Consequently, in the nearest future the market may start falling while forming the wave (v) of [iii].
GBP USD, “Great Britain Pound vs US Dollar”
More detailed structure is shown on the H1 chart. Probably, the pair formed the triangle in the wave (iv). As a result, after finishing the wave i and the correction, the market may resume its descending movement in the wave iii.
It’s highly likely that the USD/JPY may yet continue forming the triangle in the wave [iv]. If the price breaks the Moving Average to the downside, the market may continue falling in the wave (d) of [iv].
USD JPY, “US Dollar vs Japanese Yen”
As we can see at the H1 chart, the wave (c) of the triangle took the form of the double zigzag. Consequently, in the nearest future the market may resume moving downwards in the wave a.
Possibly, the AUD/USD pair may yet continue forming the wave [e] of 4. In this case, in the nearest future the market may finish the wave (b) and start a short-term growth in the wave (c) of [e].
AUD USD, “Australian Dollar vs US Dollar”
Earlier, the pair completed the wedge in the wave a and the correction in the wave b. On Tuesday, the price may finish the wave c of (b) and start growing in the wave (c). To confirm this scenario, the market has to form a new bullish impulse in the later wave.
RoboForex Analytical Department
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