Wave Analysis 26.09.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
26.09.2016
Forecast for September 26th, 2016
EUR USD, “Euro vs US Dollar”
Probably, after finishing the wave (B) in the form of the horizontal triangle, the EUR/USD pair completed the descending wedge in the wave [i]. In the nearest future, the market may continue forming the correctional wave [ii], which may later be followed by another bearish wave.
More detailed structure is shown on the H1 chart. It looks like the wave (b) is taking the form of the flat. Consequently, after finishing the zigzag in the wave b, the market may form the descending impulse in the wave c of (b).
GBP USD, “Great Britain Pound vs US Dollar”
It’s highly likely that the GBP/USD pair continues forming the extension in the wave (iii). Earlier, the market completed the wave [ii] in the form of the double zigzag. As a result, in the nearest future the market may finishing the current impulse and start a new correction, i.e. the wave (iv).
As we can see at the H1 chart, during the day the pair may continue forming the descending impulse in the wave v of (iii). Consequently, on a shorter timeframe the market may continue falling in the wave [3] of v.
USD JPY, “US Dollar vs Japanese Yen”
In case of the USD/JPY pair, the main scenario remains the same and implies that the price may continue forming the diagonal triangle in the wave [v] of C. It’s highly likely that after finishing the local correction the market may continue falling in the wave (iii).
More detailed structure is shown on the H1 chart. After completing the flat in the wave [B], the pair formed the descending impulse in the wave (1). As a result, after finishing the local correction the market may resume falling in the wave (3) of [C].
AUD USD, “Australian Dollar vs US Dollar”
Possibly, during this week the AUD/USD pair may form the extension in the wave (iii). Earlier, the price formed the wedge(i) and the correctional flat(ii). It’s highly likely that in the future the market may start a new descending movement.
Probably, the pair formed the zigzag in the wave ii. On a shorter timeframe, the price is probably forming the descending wedge in the wave [1]. After finishing the pattern successfully, the local correction may take place, which may be followed by a faster descending movement.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.