Forecast for October 14th, 2016
After finishing the triangle in the wave E of (B), the EUR/USD pair started forming the descending impulse in the wave [i]. After completing the local correction, the market is expected to resume falling in the wave (v) of [i].
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. It looks like the fourth wave is taking the form of the zigzag. Consequently, after completing the wave b, the market may start a short-term growth in the wave c of (iv).
Probably, the GBP/USD pair formed the horizontal triangle in the wave (iv). As a result, in the nearest future the market may resume falling while forming the wave (v) of [iii] and break the low of the wave (iii).
GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the H1 chart, the pair completed the wave e of (iv) of the triangle. Considering that the price rebounded from the pattern’s upside border, later the market will start forming the wave (v) of [iii].
Probably, the USD/JPY may yet continue forming the triangle in the wave [iv] for a while. If the price is able to fix below the Moving Average, the market may soon start falling in the wave (d) of [iv].
USD JPY, “US Dollar vs Japanese Yen”
It’s highly likely that the wave (c) took the form of the double zigzag. As a result, in the nearest future the market may move downwards in the wave a of (d).
After rebounding from the downside border of the triangle, the AUDUSD pair may continue forming the wave [e] of 4. It looks like in the nearest future the market may form the ascending impulse in wave (c).
AUD USD, “Australian Dollar vs US Dollar”
As we can see at the H1 chart, the pair finished the diagonal triangle c of (b) and broke the pattern’s upside border. As a result, in the future the market may form a new bullish impulse and break the high of the wave (a).
RoboForex Analytical Department
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