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Wave Analysis 04.01.2017 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

Article By RoboForex.com

Forecast for January 4th, 2017

EUR USD, “Euro vs US Dollar”

After finishing the triangle in the wave (B), the EUR/USD pair resumed its decline. Probably, the price completed the descending wave 1, which means that it may start a new local correction. Later, the market is expected to finish the wave 2 and start moving downwards in the wave 3 of (C).

As we can see at the H4 chart, yesterday the pair completed the fifth wave in the wedge 1. Consequently, in the nearest future the market may be corrected to the upside in the wave 2.

GBP USD, “Great Britain Pound vs US Dollar”

In case of the GBP/USD pair, the price completed the fourth wave in the descending impulse 5 of (C) and started falling in the fifth one. Consequently, this month the market may break the low of the wave [iii] of 5.

More detailed structure is shown on the H4 chart. It’s highly likely that the pair completed the wave v of (i). In this case, the market may start a new ascending correction.

USD JPY, “US Dollar vs Japanese Yen”

Possibly, the fast growth of the USD/JPY pair may be considered as the ascending impulse 1 in the larger wave (3) or (C). In the nearest future, the market may finish the wave [v] and start a new local descending correction.

As we can see at the H4 chart, the pair completed the wave [iv] in the form of the double three and then formed the ascending impulse in the wave (i). As a result, after finishing the local correction, the market may move upwards in the wave (iii) of [v].

AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair is forming the third wave in the descending wave 5 of (3). Earlier, the wave 4 was completed in the form of the double zigzag. Consequently, during the next several weeks the market is expected to continue falling.

At the H4 chart, the pair completed two descending impulses, which may be first waves on different timeframes. As a result, in the nearest future the market may finish the wave (ii) and resume moving downwards in the wave (iii) of [iii].

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.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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