USD / CAD pair review with current day forecast
The rate of the major Canadian dollar pair for the past two months compensated most of the consequences in strengthening the position of the Canadian currency. When analyzing the structure of the last wave on the daily chart scale, the segment of the price movement took the place of correction within the last part of the wave (C). The upside potential will almost be completed. The lower boundary of the preliminary target zone has been reached. The probability of changing the direction of the inter-day trend is high. However, the main scenario remains the continuation of the price rise even without the presence of formed signals of a change in the rate.
Traders can expect a downward flat direction of the movement in the next session to be able to reach the support zone. In the second half of the day, a wave of news reports is expected to be released, which greatly increases the probability of a change in the direction of the pair.
Boundaries of resistance zones:
- 1.2860 / 90
Boundaries of support zones:
- 1.2770 / 40
EUR / JPY outlook with current day forecast
At the end of a major upward wave model of the EUR/JPY cross pair chart, a corrective wave is formed from the middle of September. Given the impulsive nature of the main trend, one can only count on the minimum goals in analyzing the prospects for movement.
The upper limit of the nearest section on the potential turn area is found in the area of one and a half price figures from the current exchange rate. In the structure of the descending wave, the final section is not enough. An ascending rollback is close to the pre-calculated completion zone.
Today, the completion of the current price increase in the last 2 days is expected. In the second half of the day, the chance of changing the direction of movement will increase significantly. The support zone demonstrates the most probable lower limit of the course of the pair today. Moreover, exceeding the lower boundary of the zone within the current day cannot be ruled out.
Boundaries of resistance zones:
- 132.90 / 133.20
Boundaries of support zones:
- 132.00 / 131.70
Explanations to the figures: For simplified wave analysis, a simple waveform is used that combines 3 parts namely A, B, and C. All types of correction are created and most of the impulses can be found in these waves. Every time frame is considered and the last incomplete wave is analyzed.
The areas marked on the graphs indicate the probability of a change in the direction of motion has significantly increased as calculated in the areas. Arrows indicate the wave counting following the technique used by the author. A solid background of the arrows signifying the structure has been formed while the dotted one means the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the movement of tools in time. The forecast is not a trading signal! To conduct a bargain, you need to confirm the signals used by your trading systems.
