Forecast for October 19th, 2016
It looks like after finishing the triangle in the wave E of (B), the EUR/USD pair started a new decline. It’s highly likely that the price formed the descending impulse in the wave [i] and the correction in the wave [ii]. Consequently, in the nearest future the market may start forming the wave [iii].
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. It looks like at the moment the pair is finishing the zigzag in the wave (ii). As a result, in the nearest future the market may resume falling and break its previous lows.
It’s highly likely that the instrument is finishing the fourth wave in the wave [iii]. Earlier, the GBP/USD pair completed the extension in the wave (iii) with the truncated fifth wave inside it. Consequently, in the nearest future the market may resume falling in the wave (v) of [iii].
GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the H1 chart, the pair is about to complete the wave (iv) in the form of the ascending zigzag. On a shorter timeframe, the market is finishing the wave c and may soon start falling in the wave (v) of [iii].
It’s highly likely that during the next several weeks the USD/JPY may continue forming the wave 4, for instance, in the form of the horizontal triangle. In this case, the market may form another zigzag in the wave (d). To confirm this scenario, the price has to fix below the Moving Average.
USD JPY, “US Dollar vs Japanese Yen”
As we can see at the H1 chart, the pair completed the double zigzag (c). If this assumption is correct, in the nearest future the market may start falling in the wave a of (d).
The AUD/USD pair got very close to the upside border of the horizontal triangle in the wave 4. It looks like at the moment the price is finishing the zigzag in the wave [e]. Consequently, after finishing the wave (c), the downtrend may resume.
AUD USD, “Australian Dollar vs US Dollar”
As we can see at the H1 chart, the pair completed the diagonal triangle in the wave c of (b) and then started forming the impulse in the wave (c). On Wednesday, the market may finish the wave v of (c) and start falling in the wave (i).
RoboForex Analytical Department
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