Large TF:
Since the beginning of last year, the main trend vector "Aussie" is set by a downward wave. Its incomplete structure indicates the temporary nature of oncoming movements.
Small TF:
From January 3, a rising wave model develops on the graph, which will eventually take the place of a correction in the main trend wave. Within the framework of the construction, the correctional part (B) is nearing completion. The price rise that began on February 8 may give rise to the final phase of the current wave.
Forecast and recommendations:
A flat preparation for a price breakthrough up can end in the upcoming weekly period. In the area of calculated support, it is recommended to track long entry signals.
Resistance zones:
- 0.7340 / 0.7390
Support areas:
- 0.7130 / 0.7080
Explanatory notes for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!
