07.04.202011:06 Forex Analysis & Reviews: Simplified wave analysis of EUR/USD and AUD/USD on April 7

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EUR/USD

Analysis:

Since March 20, an upward wave has been developing on the chart of the main euro pair. Since the end of March, the price is adjusted. Quotes are currently located near the upper border of the preliminary target zone. There are no signals of reversals on the chart yet.

Forecast:

In the next trading sessions, the upward movement mood is expected to end, the formation of a reversal and the subsequent decline in the price to the area of settlement support. Before completing the entire correction, a short-term puncture of its lower border is not excluded.

Potential reversal zones

Resistance:

- 1.0870/1.0900

Support:

- 1.0800/1.0770

Recommendations:

Before the emergence of a clear reversal signal, purchases of the euro are futile. In the area of the calculated resistance, it is recommended to track signals for selling the pair.

AUD/USD

Analysis:

The upward wave of the Australian dollar from March 19 moved to the scale of the H4 timeframe. The structure of the wave shows a clear zigzag (A-B). On April 3, the final part (C) started up.

Forecast:

Today, the general upward mood of the price movement is expected. In the first half of the day, a short-term decline is possible, no further than the support zone. The resistance zone shows the expected upper limit of the daily course of the pair.

Potential reversal zones

Resistance:

- 0.6240/0.6270

Support:

- 0.6150/0.6120

Recommendations:

Sales of the Australian pair are not promising today. The optimal tactic is to wait for the end of the pullback down and track the points for entering long positions in the support zone.

Explanation: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure and the dotted one shows the expected movements.

Note: The wave algorithm does not take into account the duration of the tool movements in time!

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