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Wave Analysis 19.12.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

Forecast for December 19th, 2016

EUR USD, “Euro vs US Dollar”

It looks like the EUR/USD pair is forming the extension in the wave [iii]. Earlier, the price completed the double three in the wave 2 and the descending impulse in the wave [i]. Consequently, during the week the market may continue falling.



As we can see at the M30 chart, the pair finished two descending impulses, which may be the first waves on different timeframes. As a result, after completing the local correction, the market may start falling in the wave (iii) of [iii].




GBP USD, “Great Britain Pound vs US Dollar”

During the week, the GBP/USD pair may continue falling in the extended wave (iii). Last week, the price finished the bearish wedge in the wave (i) and the correctional wave (ii). Consequently, in the nearest future the market may break the local low.



More detailed structure is shown on the M30 chart. It’s highly likely that the pair is about to complete the wave ii in the form of the zigzag. To confirm a new descending movement, the market has to form the bearish impulse in the wave [1] of iii.




USD JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair is still growing and forming the ascending wave c of (y). During the next several days, the market may continue forming this bullish impulse and break the high reached last week.



As we can see at the H1 chart, the pair is about to finish the fourth wave in the wave [5]. Consequently, on Monday the market may start the bullish wave (5) of [5]. Later, the price may start a new descending correction.




AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair broke the low of the wave (i) and right now is still moving downwards. Earlier, the price completed the wave (ii) in the form of the zigzag. As a result, during the next several days the market may continue falling in the wave (iii).



As we can see at the H1 chart, the pair is about to finish the fourth wave of the extended wave iii. Consequently, in the nearest future, the market may start the bearish wave [5] of iii and break the low of the wave [3].



 
RoboForex Analytical Department

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