Forecast for November 9th, 2016
At the daily chart, the EUR/USD pair is probably still forming the triangle in the wave (B). It’s highly likely that during the next several weeks the price may continue forming the wave E to reach the pattern’s upside border.
EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, the main scenario became more complicated. It’s highly likely that the wave E is taking the form of the double zigzag. Consequently, after finishing the wave [x], the market may start forming the bullish wave [y] of E.
It looks like at the daily chart the GBP/USD pair is still forming the fourth wave in the descending wave 5 of (C). As a result, during the next several weeks the market may continue consolidating.
GBP USD, “Great Britain Pound vs US Dollar”
More detailed structure is shown on the H4 chart. Probably, the wave [iv] is taking the form of the double three with a possible complicated wave (x) inside it.
At the daily chart, the USD/JPY pair is possibly finishing the triangle in the wave [iv]. Consequently, in the future the market may continue moving sideways. If the price rebounds from the pattern’s upside border, it may start forming the descending impulse in the wave [v] of C.
USD JPY, “US Dollar vs Japanese Yen”
More detailed structure is shown on the H4 chart. It’s highly likely that the pair completed the zigzag in the wave (d). As a result, in the nearest future the market may form another zigzag in the wave (e) of [iv].
The correctional pattern in the wave 4 transformed into the zigzag with the triangle [b] inside it. As a result, in the nearest future the market may continue forming the wave [c] of 4. To confirm the wave 5, the price has to form the first descending impulse inside it.
AUD USD, “Australian Dollar vs US Dollar”
As we can see at the H4 chart, the pair completed the triangle in the wave [b]. It’s highly likely that later the market may form the third wave of the diagonal triangle in the wave [c].
RoboForex Analytical Department
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