Forecast for November 2nd, 2016
In case of the EUR/USD pair, the ascending correction continues. It looks like the price is forming the double zigzag in the wave [ii]. Taking into account that the form of this correctional pattern isn’t very proportional, to confirm the wave [iii], the market has to form a new descending impulse inside it.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. It’s highly likely that the pair is about to finish the zigzag in the wave c of (y). If later the price forms a new bearish impulse, the market may resume its decline.
Probably, the GBP/USD pair is about to complete the wave ii of the diagonal triangle (v). It’s highly likely that in the nearest future the market may start falling in the wave iii.
GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the H1 chart, the wave [C] of ii is taking the form of the diagonal triangle. To confirm a new decline in the wave iii, the market has to form a new descending impulse inside it.
Probably, the USD/JPY pair completed the wave [iv] in the form of the double three. If later the price completes the descending impulse in the wave i, the market will continue moving downwards.
USD JPY, “US Dollar vs Japanese Yen”
At the H1 chart, the pair formed the diagonal triangle in the wave c of (y), the bearish impulse in the wave , and the correction in the wave . Consequently, in the future the market may start falling in the wave  of i.
Probably, the AUD/USD pair is forming the horizontal triangle in the wave [e] of 4. If later the price rebounds from the pattern’s upside border, the market may continue falling and form the bearish impulse in the wave [i].
AUD USD, “Australian Dollar vs US Dollar”
More detailed structure is shown on the H1 chart. It’s highly likely that right now the pair is forming the ascending zigzag in the wave (e). As a result, in the nearest future the market may continue consolidating.
RoboForex Analytical Department
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