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Wave Analysis 20.12.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

Forecast for December 20th, 2016

EUR USD, “Euro vs US Dollar”

In case of the EUR/USD pair, the price is still forming the extension in the wave [iii]. Earlier, the price completed the double three in the wave 2, the bearish impulse in the wave [i], and the correction in the wave [ii]. Consequently, in the nearest future the market may continue falling.



More detailed structure is shown on the M30 chart. After finishing the wave (ii) in the form of the double zigzag, the pair resumed its decline. It looks like right now the price is forming the descending impulse in the wave (iii), and, as a result, may soon break the low of the wave (i).




GBP USD, “Great Britain Pound vs US Dollar”

After finishing the wave [iv] in the form of the double zigzag, the GBP/USD pair resumed falling. It’s highly likely that right now the price is forming the descending extension in the wave (iii) of [v]. Consequently, in the nearest future the market may continue falling to reach new lows.



As we can see at the M30 chart, the pair completed the wave ii and the descending impulse in the wave [1]. On Tuesday, the price may be corrected, but later the market is expected to resume its decline in the wave [3] of iii.




USD JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair is still growing and forming the bullish impulse in the wave c of (y). In the nearest future, the market may break the local high. However, if later the price forms the descending impulse in the wave i or a, the market may start a new descending correction.



As we can see at the H1 chart, the pair probably finished the fourth wave in the wave [5] of c. Consequently, on Tuesday the market may grow in the wave (5) and complete the wave c. Later, the price may start a new descending correction.




AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair is still falling in the wave (iii). Earlier, the price completed the wave 4, the descending impulse in the wave (i), and the correctional wave (ii) in the form of the zigzag. It’s highly likely that in the nearest future the market may continue falling.



More detailed structure of the current decline is shown on the H1 chart. It looks like yesterday the pair finished the extension in the wave iii and, probably, the wave iv as well. As a result, in the nearest future the market may start the bearish wave v of (iii).



 
RoboForex Analytical Department

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