EUR/USD
Analysis:
The upward wave of the European currency from February 20 is at the end of a larger correction model of the daily time frame. The wave structure looks complete. The price has reached the potential reversal zone. The decline that started on March 9 already has a reversal potential.
Forecast:
To change the direction of the short-term trend, you will need to form a reversal structure. The current decline may be the first part of it (A). Today, we expect the completion of the rate rise that started yesterday, the formation of a reversal and the price going down. The far support zone shows the maximum possible span of the current section.
Potential reversal zones
Resistance:
- 1.1370/1.1400
Support:
- 1.1290/1.1260
- 1.1200/1.1170
Recommendations:
Trading on the European currency market today is only possible within the intraday framework. We recommend that you focus on sales. It is safer to reduce the lot.
AUD/USD
Analysis:
The direction of the trend of the Australian currency since the beginning of this year is set by a downward wave. At the beginning of the week, the price formed an upward wave with high potential, then rolled back down. This may be the beginning of a reversal pattern.
Forecast:
In the near future, we can expect a change in the direction of the inter-day trend. At least a correction of the previous section is expected. The most likely scenario for today's fluctuations will be a "sideways" between the nearest counter zones. At the end of the day, a downward movement vector is more likely.
Potential reversal zones
Resistance:
- 0.6540/0.6570
Support:
- 0.6470/0.6440
Recommendations:
Today, trading on the instrument market is possible within the intraday style. It is best to refrain from trading until the downward trend is complete. Next, the priority is to search for purchase signals.
Explanations: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure and the dotted background shows the expected movements.
Note: The wave algorithm does not take into account the duration of the tool's movements in time!
