Wave Analysis 18.12.2015 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
18.12.2015
Forecast for December 18th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is still forming the wave [b] of 4. Earlier, after finishing the diagonal triangle in the wave [v], the pair formed the ascending wave [a]. In the nearest future, the price may continue falling, but later it is expected to start growing in the wave [c] of 4.
More detailed structure is shown on the H1 chart. It looks like the price is forming the bearish impulse (a) in the zigzag [b]. Most likely, on Friday the market may reach a new local low.
GBP USD, “Great Britain Pound vs US Dollar”
Probably, Pound has finished the wave [ii]. Earlier, the price completed the descending wedge in the wave [i]. In the nearest future, the pair may finish the wave (c) of [iii] and start a local ascending correction.
As we can see at the H1 chart, the wave [ii] has taken the form of the double zigzag. On the minor wave level, the price is about to complete the wave (i) and may soon start a new correction in the wave (ii).
USD JPY, “US Dollar vs Japanese Yen”
It looks like Yen his starting a new decline. After finishing the zigzag in the wave X, the price has formed the bearish impulse in the wave (i) and the correction in the form of the flat in the wave (ii). During the next several days, the market may continue falling in the wave (iii).
More detailed structure is shown on the H1 chart. It looks like yesterday Yen completed the bullish impulse in the wave c of the flat in the wave (ii). On Friday, the price may finish the impulse in the wave i and start a local correction.
AUD USD, “Australian Dollar vs US Dollar”
In case of Australian Dollar, I’m sticking to the bearish scenario, according to which the price is forming the extension in the wave [iii]. On the minor wave level, the price may continue falling in the wave (iii). Consequently, quite soon the price may break the yesterday’s low.
More detailed structure is shown on the H1 chart. Probably, the market is finishing the fourth wave in the wave (iii). On Friday, the pair may start falling in the bearish wave v of (iii).
RoboForex Analytical Department
Attention!
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.