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.
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.
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!