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Wave Analysis 24.11.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

Forecast for November 24th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is about to finish the extension in the wave [iii]. It’s highly likely that in the nearest future the market may complete the current descending impulse and start forming a new correction, i.e. the wave [iv].



More detailed structure is shown on the M30 chart. Yesterday, after finishing the wave (iv), the pair started forming the wave iii of (v). Consequently, after completing the local correction, the market may start falling in the wave v of (v).




GBP USD, “Great Britain Pound vs US Dollar”

In case of the GBP/USD pair, the chart stricture remains bearish. Earlier, the price probably finished the wave [iv] in the form of the flat. Later, the market may start forming the descending impulse in the wave (i).



As we can see at the H1 chart, yesterday the pair probably finished the descending impulse in the wave i and the correctional wave ii in the form of the flat. As a result, in the nearest future the market may start falling in the wave iii and break the local low.




USD JPY, “US Dollar vs Japanese Yen”

Probably, the USD/JPY pair is still forming the ascending impulse in the wave c of (y), which is a part of the wave [iv]. It’s highly likely that in the nearest future the market may complete this impulse. To confirm a new decline, the price has to form a new descending impulse.



As we can see at the M30 chart, the pair is about to finish the ascending impulse in the wave [5] of c. On a shorter timeframe, the price is completing the fifth wave. Consequently, the market may complete the wave c on Thursday and then start falling.




AUD USD, “Australian Dollar vs US Dollar”

In case of the AUD/USD pair, the price is extending the third wave of the descending impulse (i). As a result, in the nearest future the market may break the low and then start a new correction, i.e. the wave iv of (i).



As we can see at the M30 chart, the pair finished the zigzag in the wave [4] and started a new decline. It looks like the price is forming the bearish impulse in the wave [5] of iii. On Thursday, the market may continue moving downwards.



 
RoboForex Analytical Department

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