Forecast for October 27th, 2016
Probably, the EUR/USD pair finished the wave (ii) of the extension in the wave [iii]. Consequently, in the nearest future the market may resume its decline and break the low of the wave (i).
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the price completed the wave (ii). As a result, in the nearest future the market may continue moving downwards in the wave (iii) and finish the second wave inside it.
It looks like the GBP/USD pair is forming the diagonal triangle in the wave (v) of [iii]. Consequently, in the future, after completing the local correction, the market may resume falling and reach a new low.
GBP USD, “Great Britain Pound vs US Dollar”
More detailed structure is shown on the H1 chart. It’s highly likely that the pair completed the ascending wave [A] in the form of the wedge. As a result, after the slight correction, the market may form the impulse in the wave [C] of ii.
One of the possible scenarios suggests that the wave [iv] may take the form of the double three. Consequently, of the price finishes the wave (y) in the nearest future and forms a new descending impulse, the market may resume its decline.
USD JPY, “US Dollar vs Japanese Yen”
As we can see at the H1 chart, the pair is probably forming the diagonal triangle in the wave c of (y). If later the price rebounds from the pattern’s upside border, bears may form a new descending impulse and start a new decline.
In case of the AUD/USD pair, the chart structure is becoming more bearish. Earlier, the price rebounded from the upside border of the horizontal triangle 4 several times. As a result, in the nearest future the market may fall in the wave [i].
AUD USD, “Australian Dollar vs US Dollar”
As we can see at the H1 chart, the pair finished the flat in the wave (ii) and then completed the descending impulse in the wave i. In the nearest future, the market may be corrected, but later the price is expected to start falling in the wave iii of (iii).
RoboForex Analytical Department
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