02.02.201814:58 Forex Analysis & Reviews: Trade review for February 2 by simplified wave analysis

Overview and Outlook for #USDX (US Dollar Index)

On the daily scale of the dollar index chart, the formation of the descending stretched plane continues. The wave has entered the final phase and the degree of elongation of the final wave depends on the coincidence of several factors. Mainly, it relies on the completeness of the structure of the entire model.

As a result of the decline, the dollar exchange rate. The flat began to form an upward movement and its potential allows you to expect the continuation of the wave at a new level. The preliminary target recovery zone is at the beginning of the 91st figure.

The completion of the downward movement is expected throughout the current day. A turn will most likely be in the area of the support zone, while a short-term puncture of the lower boundary cannot be ruled out yet. The active phase of growth can be expected at the end of the day.

Boundaries of resistance zones:

- 89.20 / 30

Boundaries of support zones:

- 88.60 / 50

Review and forecast for AUD / USD pair

The analysis of the Aussie major scale for the last six months indicates the date of September 8 as the starting point for the last descending wave. At the same time, the swing of the movement and the appearance of the incoming section from December 8 are more suited to the trend wave than the correction. But since the movement has not gone beyond the corrective recovery and the structure of the wave is not broken, the main option remains the development of a corrective zigzag.

The price formed the main direction from January 26 towards a corrective phase of the movement. The preliminary calculation indicates the probable zone of completion in the area of the 78th price figure.

In today's morning, the price is expected to move in the lateral plane. A slight ascent to the boundaries of the resistance zone is possible. By the end of the day, there is a greater likelihood of a change in the exchange rate and a decrease towards the estimated support zone.

Boundaries of resistance zones:

- 0.8040 / 70

Boundaries of support zones:

- 0.7960 / 30

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.