Forecast for January 6th, 2017
After finishing the fifth wave in the wedge 1 at the beginning of January and, thus, completing the pattern itself, the EUR/USD pair started a new ascending correction. It’s highly likely that in the nearest future the market may continue forming the wave 2.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, yesterday the pair completed the bullish impulse in the wave [a]. As a result, on Friday the market may form the wave [b], which may later be followed by another growth in the wave [c] of 2.
The GBP/USD pair is being corrected as well; it completed the descending impulse in the wave (i). Earlier, the price finished the wave [iv] in the form of the double three. It’s highly likely that in the nearest future the market may continue forming the wave (ii).
GBP USD, “Great Britain Pound vs US Dollar”
More detailed structure is shown on the H1 chart. Yesterday the pair completed the ascending impulse in the wave a and started a new correction. Consequently, on Friday the price may start a short-term decline in the wave b of (ii).
Probably, the USD/JPY pair completed the ascending wave 1 and then finished the descending impulse in the wave [a]. Later, another local correction may take place, but after that the market is expected to resume falling in the wave [c] of 2.
USD JPY, “US Dollar vs Japanese Yen”
More detailed structure of the descending impulse [a] is shown on the H1 chart. Earlier, the pair formed the bullish impulse in the wave [v] of 1. It’s highly likely that during the next several days the market may form the wave [b] in the form of the zigzag.
In case of the AUD/USD pair, the current ascending movement may be considered as the wave (ii). Earlier, the price completed two descending impulses, which may be first waves on different timeframes. As a result, after finishing the correction, the market may resume moving downwards in the wave (iii) of [iii].
AUD USD, “Australian Dollar vs US Dollar”
As we can see at the H1 chart, the pair formed another bullish impulse, which may be considered as the wave [A]. Consequently, after finishing the local correction, the market is expected to form one more ascending impulse in the wave [C] of y.
RoboForex Analytical Department