FX.co ★ Simplified wave analysis of EUR/USD and AUD/USD on November 19

EUR/USD

Analysis:

From September 3, the upward wave model of euro is incomplete. During the month, the price was adjusted downwards. The price rise that began on November 14 does not yet have a reversal potential. But there are no signals of a rate change.

Forecast:

The most expected range of the pair's price move is indicated by counter zones. In the first half of the day, a downward vector is more likely, up to the support zone. By the end of the day, you can expect to return to the upward course.

Potential reversal zones

Resistance:

- 1.1110/1.1140

Support:

- 1.1040 / 1.1010

Recommendations:

Trading in the euro market today makes sense within the intraday. The direction of transactions is proposed to be coordinated with the expected sequence. It is safer to reduce size.

AUD/USD

Analysis:

The last unfinished wave combination for today is bearish, with the starting point on September 12. The wave is formed as a shifting plane. The first 2 parts (A+B) are fully completed in the structure. In the final part, an upward pullback has been developing in recent days.

Forecast:

Over the next day, the rollback is expected to complete, the formation of a reversal and further depreciation of the pair.

Potential reversal zones

Resistance:

- 0.6820/0.6850

Support:

- 0.6750/0.6720

Recommendations:

The pair's purchases today can only be used within the next session, with a reduced lot. In the area of the resistance zone, it is recommended to track the instrument's sell signals.

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!