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Overview and forecast for EUR / USD
The incomplete formation of the current bearish wave can be seen in the chart of the major currency euro. In the past three years, quotations have formed a counter correction in its framework. The result for the formation of the ascending figure "expanded flat" was the price increase of the EUR/USD pair into the borders of the strong reversal zone. This level of the has repeatedly changed the direction of short-term trends of the instrument. There is a high probability that this scenario will recur in the coming weeks.
Since September last year, a descending zigzag is forming in the sideways plane, in which the final part (C) is missing. The reversal on the price yesterday marked a change in the direction of price movement for the next few days.
Today, the counter-rollback is very possible. It can take the form of a side flat or have an ascending trend. In any case, the ascending trend will be temporary. A new round of decline can be expected at the end of the day or tomorrow.
Boundaries of resistance zones:
- 1.2000 / 1.2030
Boundaries of support zones:
- 1.1940 / 10
Review and Forecast for NZD / USD
On the daily scale chart of the major pair New Zealand dollar and USD, the main direction of the trend is still set by the rising wave. In its structure, the first two parts (A; B) are formed. Starting in mid-November last year, the price increase began forming the final segment (C) of the trend wave. Accordingly, the nature of the price movement is as close as possible to the momentum.
The quotes of the pair reached an intermediate level and capable for some time to delay the price rise. Before the continuation of the ascending movement, the formation of the correctional section is very high.
In the next trading sessions, the pair expects flat fluctuations in the sideways flat, not beyond the lower limit of the settlement support. A return to the main course of traffic can occur even within the current day.
Boundaries of resistance zones:
- 0.7220 / 50
Boundaries of support zones:
- 0.7160 / 30
Explanations to the figures: For simplified wave analysis, a simple waveform is used that combines 3 parts (A; B; C). Of these waves, all kinds of correction are composed and most of the impulses. On each considered time frame the last and incomplete wave is analyzed.
The areas marked on the graphs are indicated by the calculation areas in which the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a trade transaction, you need to confirm the signals of your trading systems.
* The presented market analysis is informative and does not constitute a guide to the transaction.
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