Forecast for December 21st, 2016
The EUR/USD pair is still forming the extension in the wave [iii]. Earlier, the price completed the wave 2 and the bearish impulse in the wave [i]. Possibly, in the nearest future the market may continue falling.
EUR USD, “Euro vs US Dollar”
However, as we can see at the H1 chart, there is an alternative scenario, which implies that the pair all descending impulses formed recently constitute the wave [i]. Yet, so far, the price has formed only the zigzag that may be the wave ii of (iii), and it means that the pair may continue moving downwards. On the other hand, if the price reaches a new local low and forms, for example, the wedge in the wave (a) of [ii], the market may be corrected to the upside during the week.
In case of the GBP/USD pair, the situation is similar. The main scenario still suggests that the price may continue falling in the wave (iii). Consequently, the market may reach a new local low quite soon.
GBP USD, “Great Britain Pound vs US Dollar”
However, similar to the EUR/USD, bearish impulses formed recently at the H1 chart may constitute the wave (i). Considering that right now the price may be forming the zigzag in the wave , the main scenario still suggests that the market is expected to continue its decline in the wave  of iii.
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.
USD JPY, “US Dollar vs Japanese Yen”
As we can see at the H1 chart, the pair probably formed the ascending impulse in the wave (5) of . Consequently, after finishing the local correction, the market may resume growing and break the local high.
Probably, the AUD/USD pair completed the descending impulse in the wave i. As a result, in the nearest future the market may start a short-term growth in the wave ii and then resume falling in the wave iii of (iii).
AUD USD, “Australian Dollar vs US Dollar”
As we can see at the H1 chart, after finishing the diagonal triangle in the wave c of (ii), the pair formed the descending impulse in the wave i. Taking into account that yesterday the price finished the wave [A], on Wednesday the market may complete the wave [B] and start a short-term growth in the wave [C] of ii.
RoboForex Analytical Department
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