Forecast for November 3rd, 2016
Probably, the EUR/USD pair completed the double zigzag in the wave [ii]. However, to confirm this assumption, the market has to form a new descending impulse.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. It looks like the pair finished the ascending impulse in the wave c of (y). Consequently, in the nearest future the market may resume its decline.
In case of the GBP/USD pair, the correction moved to a longer timeframe. It’s highly likely that during the next several weeks the market may continue forming the wave [iv], which may later be followed by a new decline in the wave [v] of 5.
GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the H4 chart, the wave [iv] may take the form of the double three. However, to confirm this scenario, the market has to form a new descending impulse.
It’s highly likely that the USD/JPY pair completed the wave [iv] in the form of the double three. After forming the diagonal triangle c of (y), the price started falling in the wave i. If the market successfully completes this wave, it will continue moving downwards to reach the lows.
USD JPY, “US Dollar vs Japanese Yen”
More detailed structure is shown on the H1 chart. On Thursday, the pair may form the correctional wave , which may be followed by another bearish impulse 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 while forming the wave [i].
AUD USD, “Australian Dollar vs US Dollar”
As we can see at the H1 chart, the pair completed the zigzag and right now is attempting to rebounds from the upside border of the triangle. To confirm a new descending movement, the market has to form a new descending impulse. However, if the market breaks the triangle, the pair may continue consolidating.
RoboForex Analytical Department
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