Forecast for October 28th, 2016
It looks like the EUR/USD pair completed the wave (ii) of the extension in the wave [iii]. Consequently, in the nearest future the market may resume its decline in the wave (iii) and soon 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) in the form of the flat with the diagonal triangle c inside it. As a result, after finishing the correctional wave ii, the market may resume moving downwards in the wave iii.
In case of the GBP/USD pair, the price is forming the diagonal triangle in the wave (v) of [iii]. Earlier, the instrument completed the fourth wave of the current extension. Consequently, during the next several weeks, the market may continue falling.
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 zigzag in the wave ii. In the nearest future, the market may form another zigzag in the wave iii and break the low of the wave ii.
In case of the USD/JPY pair, the current correction is becoming deeper. It’s highly likely that in the nearest future the market may continue forming the wave c of (y). To confirm a new bearish movement, the price has to complete this wave and form a new descending impulse.
USD JPY, “US Dollar vs Japanese Yen”
As we can see at the H1 chart, the pair is probably forming the ascending extension in the wave . On a shorter timeframe, the price is about to finish the wave (3). Consequently, in the nearest future the market may start a new local correction in the wave (4) of .
It’s highly likely that the AUD/USD pair completed the triangle in the wave 4. After rebounding from the pattern’s upside border, the price started falling. To confirm the start of the wave 5, the market has to form the descending impulse 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 in the wave ii, but later the price is expected to start falling in the wave iii of (iii).
RoboForex Analytical Department
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