EUR/USD
Analysis:
The direction of movement of the European currency is set by the upward wave from March 20. The first two parts (A-B) are formed in their structure. At the end of last week, an ascending section with a reversal potential started up. This may be the beginning of the final part (C).
Forecast:
Today in the first half of the day, the upward movement of the pair is expected. In the area of the calculated resistance, the formation of a reversal and the beginning of a price decline is possible. The support zone shows the lower limit of the daily course.
Potential reversal zones
Resistance:
- 1.0870/1.0900
Support:
- 1.0820/1.0790
Recommendations:
Today, trading the euro on the market is appropriate only within the intraday. Before the reversal signals appear, the pair's purchase priority is set. When selling you need to be prepared for a possible sharp change of course. It is more reasonable to reduce the trading lot.
AUD/USD
Analysis:
The direction of the short-term trend of the Australian dollar is set by the upward wave from March 19. A flat correction has been developing in the structure of this wave since April 14. It is not enough concluding of the plot. The price has reached a strong resistance level of a large TF.
Forecast:
In the next trading sessions, it is expected to complete the price rise, form a reversal, and move the price down. The calculated support levels show the most likely lower limit of the pair's daily course.
Potential reversal zones
Resistance:
- 0.6470/0.6500
Support:
- 0.6400/0.6370
Recommendations:
Purchases of the pair in the next session may become unprofitable. There may be short-term sales of the instrument after the corresponding signals appear on the chart. It is safer to wait for the end of the upcoming pull back and look for signals to enter long positions at the end of it.
Explanation: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of arrows shows the formed structure, and the dotted ones show the expected movements.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
