4 December, 2015
EUR USD, “Euro vs US Dollar”
Yesterday the price started a fast ascending movement. Probably, Eurodollar has completed the descending impulse, which may be either the third wave of the wave C of the zigzag. In the nearest future, after finishing this bullish impulse, the pair may start a new correction, which may be followed by another bullish impulse in the wave [c] (or the third wave, in case earlier it formed the descending zigzag A-B-C).
More detailed structure is shown on the H1 chart. After finishing the diagonal triangle in the wave [v], the pair has rebounded from its lower border and started growing. In the nearest future, the market may form the correctional wave [b].
GBP USD, “Great Britain Pound vs US Dollar”
In case of Pound, the situation is still quite complicated. The diagonal triangle formed by the price may turn out to be both the wedge in the wave [i] of 3 and the wave C in the zigzag, which may be followed by a correction on the major wave level. In the nearest future, after finishing the ascending impulse in the wave(a), the pair may be corrected and then start growing in the wave (c). Consequently, the scenario with thewedge in the wave [i] will be confirmed only after the market completes the zigzag (a)-(b)-(c) of [ii] and the bearish impulse in the wave (i) of [iii]. Until that, both scenarios are possible.
As we can see at the H1 chart, Pound has formed the zigzag in the wave (v). Right now, the market is forming the bullish impulse in the wave (a), which may be completed on Friday. Later, the price may start the correctional wave (b).
USD JPY, “US Dollar vs Japanese Yen”
Because of the activity in European currency pairs, the situation with Yen is also quite complicated. Consequently, there is a risk that the price may have completed the zigzag in the wave 4, which means that the fourth wave itself may yet continue. If later the pair forms the long flat, it may form the wave [iv] and continue growing in the wave [v]. If the market falls much deeper and breaks the maximum of the wave [i] or [a], the correction on the major wave level may continue.
At the H1 chart, the price has formed the diagonal triangle in the wave (v). Right now, the pair is falling in the bearish impulse (a). on Friday, the market may finish it and start the correction in the wave (b).
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is quite calm, that’s why our previous scenario remains the same. Probably, in the nearest future the pair may finish the wave [ii] in the form of the double zigzag. Later, after finishing the descending impulse in the wave (i) of [iii], the price may resume falling inside the downtrend.
Probably, the market is forming the diagonal triangle in the wave c of (y). If the pair rebounds from its upper border, the price may resume falling. However, the door swing both ways – if the price breaks the pattern and reaches the predicted target of the wave 4, the correction on the major wave level may continue.
Eurodollar has almost reached the target of its ascending wave. We think, today, the price may continue forming its consolidation channel at the top of this ascending structure. Possibly, the pair may reach 1.0997...
Eurodollar is still forming an ascending structure, which may be considered as the fourth correctional one inside the descending wave. We think, today, the price may complete the current growth by reaching 1.0997 and then start falling to form the fifth structure with the target at 1.0752...
The euro dollar currency is trading with a decline today. The channel of the fourth component of growth is breaking through. The next step is the fifth with a target at the level of 1.0752. Next, we consider the possibility of the correction returning to the level of 1.0900...
Eurodollar has almost completed the correction. We think, today, the price may form another descending structure to reach 1.0752 and then return to 1.0900...
Eurodollar is consolidating close to Super Trends, which may soon form bearish cross to confirm a new decline of the price. The closest target is at the 0/8 level. If later the par breaks this level, it may continue falling much deeper...
Eurodollar has expanded its trading range downwards and returned to the center of the channel. We think, today, the price may be corrected towards 1.0914 to test it from below and the form another descending wave with the target at 1.0742...
After finishing the wave [a], the pair has started a new local correction. Earlier, the price completed the descending impulse in the wave 3 or C. Later, Eurodollar may complete the wave [b] and start forming the ascending impulse in the wave [c] of 4...
Eurodollar has finished another descending structure to expand its consolidation channel downwards. We think, today, the price may return to 1.0984. Later, in our opinion, the market may rebound from this level and continue falling inside the downtrend towards 1.0770...
Eurodollar is expanding its consolidation channel upwards. We think, today, the price may prefer to move according to an alternative scenario and grow to reach 1.1068. Later, in our opinion, the market may fall and expand the channel downwards to reach 1.0925...