FX.co ★ Simplified wave analysis for October 11th. EUR/USD: waiting for further growth; AUD/USD: correction continues

EUR/USD

Analysis:

The unfinished wave of September 3 continues to form an upward zigzag. From the beginning of the current month, the final part (C) is formed. In a larger wave, the section forms a correction.

Forecast:

In the first half of the day, there is a high probability of a "sideways" or flat decline in the support area. At the end of the day, a reversal and a new price rise are expected. During the release of news from the US, you can expect an increase in volatility.

Potential reversal zones

Resistance:

- 1.1050/1.1080

Support:

- 1.0990/1.0960

Recommendations:

Sales of the euro today is quite risky. It is wiser to refrain from entering the market during the decline. In the area of the support zone, at the end of the pullback, it is recommended to monitor the signals of buying the pair.

AUD/USD

Analysis:

The latest wave model of the short-term "Aussie" downward pattern from September 12. In it, from the beginning of the current month, the price is adjusted. Quotes have reached the lower limit of the potential reversal zone. But there are no signals for changing the course, even on small TF. This indicates a continuation of the climb.

Forecast:

In the next session, a flat mood is likely. A short-term decline to support is possible. Next, we should wait for the resumption of price growth to the upper border of the current reversal zone.

Potential reversal zones

Resistance:

- 0.6830/0.6860

Support:

- 0.6770/0.6740

Recommendations:

Selling "Aussie" is not recommended today. It is proposed to focus on the search for the most advantageous entry points for long positions.

Explanations: In the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed. The solid background of the arrows shows the formed structure, dotted – the expected movement.

Attention: The wave algorithm does not take into account the length of time the tool moves!