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NZD / USD outlook for the current day
The weekly scale of the major pair New Zealand dollar chart shows an upward wave that sets the main direction of the pair's price movement in the previous 2 years. The Quotations of the pair are within the preliminary zone of a potential reversal. At the same time, wave analysis indicates the incompleteness of the structure of the model.
The last incomplete wave in the short-term scale is descending for today since the end of July. For the whole month of September, there is an ascending segment occupying the place of correction (B). A change in the course in the past days signals the beginning of the final part of the wave © and price rollback directed upward is needed to confirm this scenario.
Today's morning, there is a high probability for an upswing. The upper limit of daily volatility is the resistance zone. A change of the course is expected towards the end of the day.
Boundaries of resistance zones:
- 0.7330 / 60
Boundaries of support zones:
- 0.7270 / 40
EUR / JPY outlook with current day forecast
Quotations of the EUR/JPY pair continue to move in the direction of the main trend which is set by the rising wave since June last year. Minimum recovery targets have already been achieved and it passed the zone where there is a high probability for the completion of the wave. From the lower boundary of the next target zone, the current price moved about 3 price figures.
In recent weeks, the direction of the price movement was set by the upward wave of August 18. The structure showed a clear zigzag pattern with correct proportions of all parts. Given the flat movement nature of the pair in recent weeks, the wave is expected to have an intermediate hidden correction.
Today, there is a high probability of the completion of the corrective structure and the beginning of another round trend recovery. In the morning, a short-term price reduction is possible. Currently, a breakout in the upper boundary of the resistance zone is possible today but it is more likely to happen in the next trading week.
Boundaries of resistance zones:
- 134.40 / 70
Boundaries of support zones:
- 133.80 / 50
Explanations to 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 signifies 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.
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