Forecast for December 16th, 2016
After completing the double three in the wave 2, the EUR/USD pair resumed falling and formed the descending impulse in the wave [i]. Right now, the price is forming the bearish wave [iii], which may continue in the nearest future.
EUR USD, “Euro vs US Dollar”
As we can see at the M30 chart, the pair completed the wave [i] and the correctional wave [ii] in the form of the zigzag. Yesterday, the price finished the wave (iii) and then started another correction. It’s highly likely that on Friday the market may start the bearish wave (v) of [iii].
After finishing the double three in the wave [iv], the GBP/USD pair resumed moving downwards. Several days ago, the price completed the wave (ii) and started falling in the wave (iii). Consequently, during the next several days the market may continue moving downwards.
GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the H1 chart, the pair completed the wave (ii) in the form of the double zigzag. Probably, right now the price is finishing the fourth wave in the extended wave (iii). In the nearest future, the market may start falling in the wave v of (iii).
In case of the USD/JPY pair, the price is still forming the ascending impulse in the wave c of (y). In the nearest future, the market may continue growing. However, quite soon the pair may start another correction and form the bearish wave i or a.
USD JPY, “US Dollar vs Japanese Yen”
More detailed structure is shown on the H1 chart. It looks like the pair finished the third wave in the wave . Consequently, later the market may form the fourth wave and then continue moving upwards in the wave (5) of .
Probably, after finishing the descending impulse in the wave (i), the AUD/USD pair completed the wave (ii) in the form of the zigzag and then resumed falling. It’s highly likely that during the next several days the market may continue falling in the wave (iii) and break the local low.
AUD USD, “Australian Dollar vs US Dollar”
As we can see at the H1 chart, the pair completed the diagonal triangle in the wave c of (ii) and started falling. It looks like right now the price may start the third wave of the extended wave iii and break the low of the wave .
RoboForex Analytical Department
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