Forecast for January 4th, 2017
After finishing the triangle in the wave (B), the EUR/USD pair resumed its decline. Probably, the price completed the descending wave 1, which means that it may start a new local correction. Later, the market is expected to finish the wave 2 and start moving downwards in the wave 3 of (C).
EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, yesterday the pair completed the fifth wave in the wedge 1. Consequently, in the nearest future the market may be corrected to the upside in the wave 2.
In case of the GBP/USD pair, the price completed the fourth wave in the descending impulse 5 of (C) and started falling in the fifth one. Consequently, this month the market may break the low of the wave [iii] of 5.
GBP USD, “Great Britain Pound vs US Dollar”
More detailed structure is shown on the H4 chart. It’s highly likely that the pair completed the wave v of (i). In this case, the market may start a new ascending correction.
Possibly, the fast growth of the USD/JPY pair may be considered as the ascending impulse 1 in the larger wave (3) or (C). In the nearest future, the market may finish the wave [v] and start a new local descending correction.
USD JPY, “US Dollar vs Japanese Yen”
As we can see at the H4 chart, the pair completed the wave [iv] in the form of the double three and then formed the ascending impulse in the wave (i). As a result, after finishing the local correction, the market may move upwards in the wave (iii) of [v].
The AUD/USD pair is forming the third wave in the descending wave 5 of (3). Earlier, the wave 4 was completed in the form of the double zigzag. Consequently, during the next several weeks the market is expected to continue falling.
AUD USD, “Australian Dollar vs US Dollar”
At the H4 chart, the pair completed two descending impulses, which may be first waves on different timeframes. As a result, in the nearest future the market may finish the wave (ii) and resume moving downwards in the wave (iii) of [iii].
RoboForex Analytical Department
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