Forecast for December 7th, 2016
EUR USD, “Euro vs US Dollar”
Probably, the EUR/USD pair completed the ascending impulse [c] in the flat 2. As a result, in the nearest future the market may resume falling and form the bearish impulse in the wave [i].
As we can see at the M30 chart, the wave (v) of [c] was truncated. On a shorter timeframe, the pair completed the bearish wave (i). Consequently, after finishing the local correction, the market may start falling in the wave (iii) of [i].
GBP USD, “Great Britain Pound vs US Dollar”
It looks like yesterday the GBP/USD pair completed the wave (y) in the double three [iv]. To confirm a new decline, the price has to form the bearish impulse in the wave (i).
As we can see at the H1 chart, the pair finished the diagonal triangle c of (y). On a shorter timeframe, the price is about to complete the wave i. It’s highly likely that on Wednesday the market may start a new local ascending correction.
USD JPY, “US Dollar vs Japanese Yen”
Possibly, the USD/JPY pair finished the long bullish impulse in the wave c of (y). 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, after completing the diagonal triangle in the wave [5] of c, the pair finished the descending impulse in the wave (1). On Wednesday, the market may finish the wave (2) and then resume falling in the wave (3).
AUD USD, “Australian Dollar vs US Dollar”
Probably, the price completed the wave (ii). Earlier, the pair finished the descending impulse in the wave (i). It’s highly likely that in the nearest future the market may start a new decline in the wave (iii).
More detailed structure is shown on the H1chart. The pair finished the wave (ii) in the form of the zigzag with the triangle b inside it. To confirm a new decline, the market has to form the descending impulse in the wave i.
RoboForex Analytical Department
