Article By RoboForex.com
Forecast for October 13th, 2016
EUR USD, “Euro vs US Dollar”
After breaking the triangle, the EUR/USD pair formed the wedge in the wave (i) and the descending impulse in the wave (iii). In the nearest future, the market may be corrected, but later it is expected to resume falling in the wave (v) of [i].
As we can see at the H1 chart, the pair probably completed the descending impulse in the wave (iii). Consequently, later the market may form the wave (iv) to reach the channel’s upside border.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, the GBP/USD pair continues forming the bearish extension in the wave [iii]. Right now, the price is finishing the fourth wave. As a result, in the nearest future the market may resume falling while forming the wave (v) of [iii].
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More detailed structure is shown on the H1 chart. It looks like the pair is forming the wave e of (iv) of thetriangle. If the price rebounds from the pattern’s upside border, the market will start a new descending movement.
USD JPY, “US Dollar vs Japanese Yen”
Possibly, the USD/JPY may yet continue forming the triangle in the fourth wave for a while. Probably, the price is finishing the wave (c) and may soon start falling in the wave (d).
As we can see at the H1 chart, the wave (c) took the form of the double zigzag. It’s highly likely that the price formed the descending impulse in the wave a. As a result, on Thursday the market may continue moving downwards.
AUD USD, “Australian Dollar vs US Dollar”
In case of the AUD/USD pair, the situation is rather interesting as the price rebounded from the downside border of the triangle, which means that it may form the bullish wave (c) of [e]. The main target is the pattern’s upside border.
As we can see at the H1 chart, the pair finished the diagonal triangle c and, as a result, completed the zigzagin the wave (b). Consequently, in the nearest future the market may form a new bullish impulse in the wave(c) of [e].
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.
