The unfinished wave of the H4 scale on the Aussie chart is downward, dated January 31. The last wave of the short-term wave that is relevant today is starting from April 17, completing the larger model. In its structure on May 7, a correctional part (B) was formed.
Forecast:
The decline that began in 3 days is preparing the basis for the final price breakthrough. Today, the general flat mood is expected. A decline is likely in the morning. The beginning of the price rise is worth the wait either at the end of the day or tomorrow.
Recommendations:
Today, sales are possible in the form of "scalping" before the first reversal signals appear. Next, the supporters of the intraday can try buying a pair with the potential in the middle session move. For longer trades, it is recommended to refrain from trading and look for sell signals at the end of the upcoming rollback.
Resistance zones:
- 0.7020 / 0.7050
Support zones:
- 0.6960 / 0.6930
Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A – B – C). The last incomplete wave is analyzed. Zones show the areas most likely to turn. The arrows indicate the wave marking by the method used by the author, the formed background with a solid background, and the expected movements are dotted.
Note: The wave algorithm does not take into account the duration of tool movements over time.
