Forecast for November 7th, 2016
Probably, the EUR/USD pair completed the zigzag in the wave [ii]. On a shorter timeframe, the price is forming the descending impulse in the wave (i). After finishing this wave, the market may start a new descending movement.
EUR USD, “Euro vs US Dollar”
More detailed structure is shown on the H1 chart. It looks like after completing the wave the (c) of [ii], the pair formed the descending impulse in the wave i. In the nearest future, the market may continue falling in the wave iii of (i).
It’s highly likely that last week the GBP/USD pair formed the double three [iv] with the zigzag (y) inside it. As a result, in the nearest future the market may fall in the wave (i).
GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the H1 chart, last Friday the pair finished the wave  of c and resumed falling. To confirm a new decline, the market has to form the bearish impulse in the wave i.
The market was opened with a gap up and continued forming the wave ii. Later, after finishing the correction and the descending impulse, the price may start moving downwards in the wave iii of (i).
USD JPY, “US Dollar vs Japanese Yen”
More detailed structure is shown on the H1 chart. Probably, the pair is about to complete the zigzag in the wave ii. To confirm a new decline in the wave iii, the market has to finish the ascending wave [C] and form a new descending impulse.
The AUD/USD pair is still consolidating. It looks like during the next several weeks the price may continue forming the horizontal triangle in the wave [e] of 4. Later, the market may start falling in the wave [i].
AUD USD, “Australian Dollar vs US Dollar”
As we can see at the H1 chart, the wave (c) of [e] is taking the form of the double zigzag. Consequently, after finishing the wave y of (c), the market may start a short-term decline in the wave (d) towards the pattern’s downside border.
RoboForex Analytical Department
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