Forecast for October 13th, 2016
After breaking the triangle, the EUR/USD pair formed the wedge in the wave (i) and the descending impulse in the wave (iii). In the nearest future, the market may be corrected, but later it is expected to resume falling in the wave (v) of [i].
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the pair probably completed the descending impulse in the wave (iii). Consequently, later the market may form the wave (iv) to reach the channel’s upside border.
Probably, the GBP/USD pair continues forming the bearish extension in the wave [iii]. Right now, the price is finishing the fourth wave. As a result, in the nearest future the market may resume 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. It looks like the pair is forming the wave e of (iv) of the triangle. If the price rebounds from the pattern’s upside border, the market will start a new descending movement.
Possibly, the USD/JPY may yet continue forming the triangle in the fourth wave for a while. Probably, the price is finishing the wave (c) and may soon start falling in the wave (d).
USD JPY, “US Dollar vs Japanese Yen”
As we can see at the H1 chart, the wave (c) took the form of the double zigzag. It’s highly likely that the price formed the descending impulse in the wave a. As a result, on Thursday the market may continue moving downwards.
In case of the AUD/USD pair, the situation is rather interesting as the price rebounded from the downside border of the triangle, which means that it may form the bullish wave (c) of [e]. The main target is the pattern’s upside border.
AUD USD, “Australian Dollar vs US Dollar”
As we can see at the H1 chart, the pair finished the diagonal triangle c and, as a result, completed the zigzag in the wave (b). Consequently, in the nearest future the market may form a new bullish impulse in the wave (c) of [e].
RoboForex Analytical Department
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