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Review and forecast for AUD / USD
As shown in the chart, the direction of the short-term trend is set by the downward wave of September 8. It started from a large-scale reversal zone, where the pair's price shifted and resulted in a bullish correction of the long-term bearish trend.
Within the framework of the indicated pattern, the corrective phase movement is almost complete. The ascending zigzag formation has an irregular structure. Its final stage was seen since December 8. Since the first day last week, the price of the major pair has been running sideways along with the lower boundary of the potential zone, as the entire rise is almost complete.
In the next trading sessions, a repeated price attack is expected on the upper boundary of the formed price channel. There is a high probability of short-term pressure on the support zone during the first part of the day.
Boundaries of resistance zones:
- 0.7700 / 0.7730
Boundaries of support zones:
- 0.7640 / 10
Review and forecast for USD / CAD
Analyzing the wave structure of the price chart by the major pair Canadian currency and US Dollar over the past year shows a distinct descending zigzag that stands out. The structure of the downward wave does not indicate completeness.
Since September 8, a corrective upswing has formed within the framework of the last section (C), The wave has reached the minimum level of recovery. However, the structure of the wave is not complete. In the zone of a potential reversal zone, a bearish plane formed in the flat. Followed by a new ascending zigzag started since December 5, which will move the prices of the pair higher in the coming days.
The next session is expected to complete the last 2 days of downward rollback. Further changes in the direction of the calculated support are expected. At the end of the day, there is a chance for an increase again in the price quotes.
Boundaries of resistance zones:
- 1.2890 / 1.2920
Boundaries of support zones:
- 1.2820 / 1.2790
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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