Forecast for November 8th, 2016
At the H4 chart, the EUR/USD pair probably completed the zigzag in the wave [ii]. Consequently, in the nearest future the market may fall in the wave (i). After finishing this wave, the market may start forming the wave [iii].
EUR USD, “Euro vs US Dollar”
Probably, after finishing the bullish impulse in the wave (c) of [ii], the pair formed the descending wedge in the wave i and the correction in the wave ii. As a result, in the nearest future the market may start falling in the wave iii of (i).
It’s highly likely that 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 form the bearish impulse in the wave (i).
GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the H1 chart, after finishing the wave c of (y), the pair completed the descending impulse in the wave i and then the wave ii as well. Later, the market may start falling in the wave iii of (i).
In case of the USD/JPY pair, the situation is rather complicated. The wave [iv] from the current scenario, which was completed in the form of the double three, may transform into some other correctional pattern. As a result, to confirm the bearish scenario, the market has to form the descending impulse in the wave iii.
USD JPY, “US Dollar vs Japanese Yen”
As we can see at the H1 chart, after finishing the diagonal triangle in the wave c of (y), the pair formed the bearish impulse in the wave i. On Tuesday, the price may complete the zigzag in the wave ii. To confirm this scenario, the market has to form the descending wave  of iii.
It looks like the AUD/USD pair is still forming the horizontal triangle in the wave [e] of 4. Consequently, during the next several weeks the market may continue consolidating.
AUD USD, “Australian Dollar vs US Dollar”
As we can see at the H1 chart, the wave (c) took the form of the double zigzag with the triangle x inside it. Later, the market may start a short-term decline in the wave (d), which may take the form of the zigzag.
RoboForex Analytical Department
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