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FX.co ★ Simplified wave analysis and forecast for EUR/USD and AUD/USD on October 21

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Forex Analysis:::2020-10-21T07:42:11

Simplified wave analysis and forecast for EUR/USD and AUD/USD on October 21

EUR/USD

Analysis:

Since September 25, the final section of the main trend wave has started on the chart of the European currency. There is a clear zigzag in its structure. The last section (C) counts down from October 15. Contrary to preliminary expectations, the wave has a pronounced impulse appearance with minimal counter-pullbacks.

Forecast:

In the near future, the beginning of the upward movement is expected to continue. From the borders of the nearest resistance, a short-term flat with a descending vector is possible, up to the support zone. By the end of the day, you can expect a resumption of price growth.

Potential reversal zones

Resistance:

- 1.1950/1.1980

- 1.1870/1.1900

Support:

- 1.1820/1.1790

Recommendations:

There are no conditions for selling euros today. At the end of all counter-movements, it is recommended to track signals for buying a pair.

Simplified wave analysis and forecast for EUR/USD and AUD/USD on October 21

AUD/USD

Analysis:

The Australian dollar chart is dominated by a large-scale upward trend. From September 25, the price forms the beginning of a new wave at the main exchange rate. The middle part (B) is incomplete. In its framework, the correction of the wrong type is nearing the end. Preliminary wave calculation indicates a high probability of breaking the level of the beginning of the rising wave.

Forecast:

Today, we expect the end of the upward movement mood, a reversal, and the beginning of the price move down. A short-term puncture of the upper limit of resistance when changing the course is not excluded.

Potential reversal zones

Resistance:

- 0.7090/0.7120

Support:

- 0.7030/0.7000

Recommendations:

Today, trading the pair is only possible within the intraday. There are no conditions for purchases today. In the area of the resistance zone, it is recommended to look for sell signals.

Simplified wave analysis and forecast for EUR/USD and AUD/USD on October 21

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 one 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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