Forecast for October 24th, 2016
It looks like the EUR/USD pair is forming the bearish impulse in the wave [iii]. Earlier, the price finished the triangle in the wave E of (B), the descending wave [i], and the correction in the wave [ii]. Consequently, in the nearest future the market may continue its decline.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, at the end of the last week the pair finished the descending impulse in the wave (i). As a result, after finishing the local correction, the market may continue moving downwards in the wave (iii) of [iii].
Probably, the GBP/USD pair completed the wave (iv) of the extension in the wave [iii]. Consequently, in the nearest future the market may continue 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 completed the wave i in the form of the wedge. During the day, the pair may form a short-term correction and break its local high. Later, the market is expected to start forming the wave iii of (v).
It’s highly likely that the USD/JPY may yet continue consolidating. Possibly, the price is forming the triangle in the wave [iv]. If this assumption is correct, in the nearest future the market may fall in the wave (d).
USD JPY, “US Dollar vs Japanese Yen”
More detailed structure is shown on the H1 chart. Probably, the pair is forming the descending wedge in the wave a. As a result, on Monday the market may fall in the wave  of a.
Last week, the AUD/USD pair rebounded from the upside border of the horizontal triangle and started forming the descending impulse in the wave [i]. To confirm a new decline, the market has to complete this wave.
AUD USD, “Australian Dollar vs US Dollar”
As we can see at the H1 chart, the pair completed two descending impulses, which means that it may form the extension in the wave (iii. Consequently, in the nearest future the market may start falling in the wave iii of (iii) and break its local low.
RoboForex Analytical Department
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