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Wave Analysis 20.10.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

Forecast for October 20th, 2016

EUR USD, “Euro vs US Dollar”

After finishing the triangle in the wave E of (B), the EUR/USD pair started a new decline. It looks like the price formed the descending impulse in the wave [i] and the correction in the wave [ii]. During the next several days, the market may continue forming the wave [iii].

As we can see at the H1 chart, the pair finished the wedge in the wave (i). As a result, in the nearest future the local correction may take place, i.e the wave (ii), which may later be followed by a new decline.

GBP USD, “Great Britain Pound vs US Dollar”

The GBP/USD pair is still consolidating. It’s highly likely that the instrument completed the fourth wave of the extension in the wave [iii] and may soon start falling in the fifth one. Consequently, in the nearest future the market may break the low of the wave (iii).

More detailed structure is shown on the H1 chart. Probably, the pair completed the wave (iv) in the form of the ascending zigzag and right now is forming the descending impulse in the wave i of (v). As a result, to confirm a new descending movement, the market has to finish the wave i.

USD JPY, “US Dollar vs Japanese Yen”

It’s highly likely that during the next several weeks the USD/JPY may continue forming the triangle in the wave [iv]. On a shorter timeframe, after fixing below the Moving Average, the price is expected to form the descending wave (d).

As we can see at the H1 chart, the pair is probably forming the descending wedge in the wave a. Earlier, the price completed the double zigzag in the wave (c). After finishing the local correction, the market may start a short-term decline in the wave [5] of a.

AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair rebounded from the upside border of the horizontal triangle and finished the wave 4. Consequently, during the next several days the market may fall in the wave [i].

As we can see at the H1 chart, yesterday the pair completed the ascending impulse in the wave (c) of [e] and started falling in the wave (i). In the future, the market is expected to complete this impulse and start a new local ascending correction.

RoboForex Analytical Department

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