23.11.201714:55 Forex Analysis & Reviews: The trading review for November 23 on simplified wave analysis

AUD / USD overview with current day forecast

Since the beginning of the year, the rising wave of the Australian dollar major pair has shaped a bullish trend. In the beginning of September, the trend changed after the pair's quotes came in contact with the lower boundary of the reversal zone. Hereinafter, the price is moving downward and forms a counter correction section on the chart. Analysis of the structure of the wave shows its incompleteness. The preliminary calculation of the target indicates a high probability of a continuous decline in the quotation by at least 3 price figures.

Today, it is worth waiting for the end of the resumed last days of the ascending rollback. Its completion is most likely within the design of the resistance zone. The beginning of the bearish course of the price is expected closer by the end of the day.

Boundaries of resistance zones:

- 0.7640 / 70

Boundaries of support zones:

- 0.7560 / 30

USD / CAD review with current day forecast

A three-month rising plot on the chart of the Canadian dollar major pair has influenced the change in the direction of the short-term trend. Its wave level indicates the continuation of the development of the initial bull structure with the transition of the entire wave to a larger time frame. The first part of the wave (A) has already been completed.

There has been a development of the corrective part of the wave (B) since October 27. The shape of the first segment of this motion indicates the possibility of complicating the structure of the wave. Before the beginning of the active phase of decline, the price increase in the region of the beginning of the current bearish wave has not yet been ruled out.

Over the next 24 hours, the completion of the downward movement of the movement, the change in the direction of the movement.

Boundaries of resistance zones:

- 1.2750 / 80

Boundaries of support zones:

- 1.2690 / 60

Explanations of the figures:

For simplified wave analysis, a simple waveform is used that combines 3 parts namely A, B, and C. All types of correction are created and most of the impulses can be found in these waves. Every time frame is considered and the last incomplete wave is analyzed.

The areas marked on the graphs indicate the probability of a change in the direction of motion has significantly increased as calculated in the areas. Arrows indicate the wave counting following the technique used by the author. A solid background of the arrows signifying the structure has been formed while the dotted one means the expected wave motion.

Attention: The wave algorithm does not take into account the duration of the movement of tools in time. The forecast is not a trading signal! To conduct a bargain, you need to confirm the signals used by your trading systems.