Wave Analysis 07.10.2015 (EUR/USD, GBP/USD, USD/JPY, USD/CAD)
07.10.2015
Forecast for October 7th, 2015
EUR USD, “Euro vs US Dollar”
The local correction continues and it may be followed by a significant descending movement in the wave (iii) of [iii] of 1.
It looks like the pair is about to finish the wave (ii) of [iii] of 1, which may be followed by the descending impulse (iii) of [iii] of 1. In the future, the market is expected to move downwards and reach new local lows.
GBP USD, “Great Britain Pound vs US Dollar”
The price continues moving inside a narrow trading range, thus providing us with several possible scenarios. Nevertheless, the main forecast remains the same – in the nearest future, the market is expected to fall inside the wave iii of (iii) of [iii].
Probably, the wave ii of (iii) of [iii] is taking the form of the ascending zigzag, which may be followed by a further decline.
USD JPY, “US Dollar vs Japanese Yen”
Yen continues moving sideways. The main forecast remains the same – in the nearest future, the market is expected to start a significant decline in the wave [v] of C of (2).
After finishing the expanded flat(ii) of [v] of C, Yen hasn’t been able to form any proper descending impulses. Nevertheless, according to the main scenario the price is expected to fall in the nearest future.
USD CAD, “US Dollar vs Canadian Dollar”
Probably, Canadian Dollar is completing the first descending impulse of the correction 4 of (3), which may be followed by a new local ascending correction.
The pair is about to finish the wave (i) of [a] of the correction 4 of (3), which may be followed by a new local ascending correction, possibly in the form of the zigzag.
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.