Article By RoboForex.com
Forecast for December 8th, 2016
EUR USD, “Euro vs US Dollar”
Probably, the EUR/USD pair is still forming the flat in the wave 2. On a shorter timeframe, the price is forming the diagonal triangle in the wave [c]. The current correction will complete when the market starts forming the descending impulse in the wave [i].
More detailed structure is shown on the M30 chart. It’s highly likely that the pair is forming the wave (iii) of the diagonal triangle. Consequently, in the nearest future the market may reach a new local high.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair completed the wave (y) in the double three [iv]. As a result, in the nearest future the market may form the bearish impulse in the wave (i).
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
As we can see at the H1 chart, the pair completed the diagonal triangle c and then the descending impulse in the wave i. After finishing the local correction, the market may start falling in the wave iii of (i).
USD JPY, “US Dollar vs Japanese Yen”
Possibly, the USD/JPY pair finished the long bullish impulse in the wave c of (y). Consequently, in the nearest future the market may start forming the descending impulse in the wave i or a.
As we can see at the H1 chart, the pair probably completed the diagonal triangle in the wave [5] of c and then the descending impulse in the wave (1). Later, the market may continue falling in the wave (3).
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair continues forming the wave (ii). Earlier, the pair finished the descending impulse in the wave (i). As a result, in the nearest future the market may start a new decline in the wave (iii).
As we can see at the H1 chart, the pair finished the triangle b inside it and started forming the diagonal triangle in the wave c. On Thursday, the market may continue growing while forming this pattern.
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.
