EUR/USD
Analysis:
The unfinished section of the dominant upward trend in the European currency major market has been counting down since November 4 last year. The price has reached the upper limit of the strong support zone of a large time frame. The structure of the descending section of the wave looks complete.
Forecast:
In the current day, the end of the downward trend of the movement, the formation of a reversal, and the beginning of a price rise are expected. The exchange rate change may coincide with the release of important economic news.
Potential reversal zones
Resistance:
- 1.2000/1.2030
Support:
- 1.1930/1.1900
Recommendations:
Selling the euro today is very risky and can be unprofitable. In the area of settlement support, it is recommended to track the signals for the purchase of the instrument.
AUD/USD
Analysis:
The dominant upward trend of the Australian dollar led the quotes to the lower border of a strong reversal zone. In the short term, the upward wave from December 21 is not completed at the end of the main trend. Since the beginning of the year, the average part (B) is formed in the form of a descending pennant.
Forecast:
In the next trading sessions, the end of the bearish vector of movement, a reversal, and the beginning of a price rise is expected. A short-term puncture of the lower border of the support zone is not excluded when the exchange rate changes against the background of increasing volatility.
Potential reversal zones
Resistance:
- 0.7640/0.7670
Support:
- 0.7550/0.7520
Recommendations:
In the Australian dollar market today, it is recommended to refrain from entering the market until the current decline is fully completed and after the appearance of reversal signals, track the signals for buying the pair.
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.
Attention: The wave algorithm does not take into account the duration of the tool movements in time!
