Forecast for December 22nd, 2016
The EUR/USD pair continues growing, which means that it started forming the correctional wave [ii]. Earlier, the price completed the wave 2 and the descending wave [i]. Possibly, in the future the market may resume falling in the wave [iii] of 3.
EUR USD, “Euro vs US Dollar”
As we can see at the M30 chart, the pair completed the wave (v) of [i] and then started forming the ascending impulse in the wave (a). Later, after finishing this wave, the market may be corrected to the downside in the wave (b).
Possibly, the GBP/USD pair is forming the extension in the wave (iii). Consequently, the market may reach a new local low quite soon. However, later the price is expected to start the correctional wave (iv) of [v].
GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the H1 chart, the pair completed the horizontal triangle in the wave iv and probably started forming the wave v of (iii). As a result, in the nearest future the market may break the low of the wave iii.
In case of the USD/JPY pair, the price is still forming the bullish impulse in the wave c of (y). Consequently, in the nearest future the market may break the local high. However, later the price may reverse and form the bearish impulse in the wave i or a.
USD JPY, “US Dollar vs Japanese Yen”
At the H1 chart, the pair probably formed the horizontal triangle in the wave (4). As a result, in the nearest future the market may resume growing and form the bullish impulse in the wave (5) of .
In case of the AUD/USD pair, the main scenario remains bearish. Probably, the price is forming the descending extension in the wave (iii). In the nearest future, the market may continue falling in the wave iii of (iii).
AUD USD, “Australian Dollar vs US Dollar”
More detailed structure is shown on the H1 chart. It’s highly likely that yesterday the pair completed the wave ii in the form of the zigzag. In the future, the market may form the impulse in the wave , thus starting a new decline in the wave iii.
RoboForex Analytical Department
Without authorization, you can view no more than two reviews per day and no more than 10 per month. To continue reading analytical reviews, register or login to your Members Area.