Forecast for January 9th, 2017
EUR USD, “Euro vs US Dollar”
After finishing the wedge in the wave 1, the EUR/USD pair started a new ascending correction. It’s highly likely that during the week the market may continue forming the wave 2 and break the local high rather soon.
More detailed structure is shown on the H1 chart. It looks like after completing the bullish impulse in the wave [a], the pair started a new correction, which is taking the form of the flat. In the nearest future, the market may finish the wave (c) of [b] and start a short-term growth in the wave [c] of 2.
GBP USD, “Great Britain Pound vs US Dollar”
After finishing the wave [iv] in the form of the double three, the GBP/USD pair completed the descending impulse in the wave (i) along with the correctional wave (ii). Right now, the price is about to finish the wave i. Consequently, after finishing the correction, the market may continue falling and forming the wave iii of (iii).
As we can see at the H1 chart, the pair is finishing the fifth wave in the wave i. Earlier, the price formed the wave (ii) in the form of the zigzag. As a result, on Monday the market may start a new correction in the wave ii of (iii).
USD JPY, “US Dollar vs Japanese Yen”
Probably, the USD/JPY pair started a new correction. Earlier, the price completed the ascending impulse in the wave 1. It’s highly likely that after finishing the wave [b], the market may resume falling in the wave [c] of 2.
As we can see at the H1 chart, the pair completed the bearish impulse in the wave [a]. It’s highly likely that the wave [b] is taking the form of the zigzag. As a result, to confirm the descending wave [c], the market has to form the impulse in the wave (i).
AUD USD, “Australian Dollar vs US Dollar”
In case of the AUD/USD pair, the price is still forming the wave (ii). Earlier, the price completed two descending impulses, which may be first waves on different timeframes. As a result, in the nearest future the market may resume moving downwards.
More detailed structure of the current correction is shown on the H1 chart. Probably, the wave (ii) is taking the form of the double zigzag. Consequently, in the nearest future the market may form the wave [C] of y, which may later be followed by the wave (iii).
RoboForex Analytical Department