Article By RoboForex.com
Forecast for October 16th, 2015
EUR USD, “Euro vs US Dollar”
Probably, the pair has finally finished the correction [ii] of 1 of (C), which was quite long and complicated, and then formed the first descending impulse in the wave [iii] of 1 of (C). In the future, the market is expected to continue falling.
After finishing the wave [ii] of 1 of (C), Eurodollar has formed the first impulse i of (i) of [iii], which may be followed by the short-term ascending correction ii of (i) of [iii] and a further decline of the pair.
GBP USD, “Great Britain Pound vs US Dollar”
Right now there are no reasons to believe that Pound has completed the wave ii of (iii) of [iii], that’s why the price is expected to grow a little bit and then finish this correctional pattern.
Until the pair forms a descending impulse in the wave iii of (iii) of [iii], there are no reasons to think that the wave ii of (iii) of [iii] has been already finished. Probably, in the nearest future the market may reach a new local high and only then resume its decline.
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USD JPY, “US Dollar vs Japanese Yen”
Yen continues falling in the wave (iii) of [iv] of C. At the moment, the pair is being corrected in the wave iv of (iii) of [v], which may be followed by a further decline of the price.
The ascending correction iv of (iii) of [v] turned out to be quite deep, but the pair hasn’t broken the top of the wave i of (iii) of [v], thus following all the rules. After completing the correctional pattern, the price is expected to continue falling.
USD CAD, “US Dollar vs Canadian Dollar”
Canadian Dollar has reached a new local low and probably completed the first descending impulse in the extended wave (iii) of [a] of 4. After a local correction, the market is expected to continue falling.
Most likely, the pair has finished the wave i of (iii) of [a] and, after forming a short-term ascending correction, the market is expected to moving downwards falling in the wave ii of (iii) of [a] and reach new local lows.
RoboForex Analytical Department
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
