EUR/USD
Analysis:
The last incomplete ascending wave structure on the euro chart from March 20 is directed upwards. In its structure, the first parts (A-B) are completed. Since April 24, the price has been forming a reversal model for the final upward movement. From the resistance zone reached yesterday, the price rolls back down. This decline was the beginning of a counter correction.
Forecast:
In the upcoming trading sessions, the price is expected to move in the side corridor between the opposite zones. In the first half of the day, the recovery that started yesterday is likely to be completed. Then the exchange rate is expected to change and decline again.
Potential reversal zones
Resistance:
- 1.0870/1.0900
Support:
- 1.0800/1.0770
Recommendations:
Trading on the euro on the market today is possible only within the intraday, according to the expected sequence. It is safer to reduce the trading lot.
AUD/USD
Analysis:
The scale of the price rise of the Australian dollar that began on March 19 reached the level of the daily timeframe. The wave has a pronounced impulse type of movement. The nearest stop is possible in the area of the calculated resistance.
Forecast:
In the coming day, the "Aussie" is expected to have a general upward mood in the market. In the first half of the day, a short-term pullback down to the area of calculated support is not excluded. The activation of movements can be expected by the end of the day.
Potential reversal zones
Resistance:
- 0.6590/0.6620
Support:
- 0.6510/0.6480
Recommendations:
Sales of the pair go against the dominant trend, so it is not recommended. The main attention is given to searching for counter-rollbacks at the end of long position entry signals.
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!
