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FX.co ★ Simplified wave analysis and forecast for EUR/USD and AUD/USD on September 22

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Forex Analysis:::2020-09-22T07:53:51

Simplified wave analysis and forecast for EUR/USD and AUD/USD on September 22

EUR/USD

Analysis:

On the chart of the euro, the last incomplete wave is a bearish correction. The signal of its completion and probable reversal in recent days was canceled by price movements. As a result of further decline, the quotes reached the upper limit of the broad support zone for a large TF. No reversal signals are observed yet.

Forecast:

In the next 24 hours, the current decline is expected to continue until it is fully completed. By the end of the day, there is a high probability of a change in the exchange rate and a price rise. A break beyond the calculated resistance zone is unlikely today.

Potential reversal zones

Resistance:

- 1.1780/1.1810

Support:

- 1.1710/1.1680

Recommendations:

In the trading plan for the current day, you need to take into account the probability of a change in the short-term trend of the euro. When selling, the lot should be reduced. After the reversal signals appear, purchases of the instrument will become a priority.

Simplified wave analysis and forecast for EUR/USD and AUD/USD on September 22

AUD/USD

Analysis:

The Australian dollar chart has been dominated by a bullish weekly wave since March 19. Wave analysis showed that the decline of the last 3 weeks completes the entire incorrect correction from July 22. Quotes have reached the potential reversal zone. There are no signals of a change of course.

Forecast:

Today, movement is expected in the price corridor between the nearest oncoming zones. Pressure on the support zone is likely in the next session. A puncture of its lower border is not excluded. By the end of the day, the probability of a change in the exchange rate and the beginning of price growth increases.

Potential reversal zones

Resistance:

- 0.7240/0.7270

Support:

- 0.7170/0.7140

Recommendations:

Trading on the pair's market today is possible within the intraday style. Before the buy signals appear, the priority is to sell the instrument.

Simplified wave analysis and forecast for EUR/USD and AUD/USD on September 22

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 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 instrument's movements in time!

Analyst InstaForex
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