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Review and forecast for AUD / USD
Over the past two years, the upward wave trend of the major pair Australian currency and US dollar has shifted its prices to a strong potential reversal zone. Considering the completeness of the wave structure and the achieving calculated goal of recovery, further prospects for movement will be associated to the formation of a counterwave of the corresponding scale.
The last and actual wave formation for today, was a bearish zigzag from September 8 last year. Since the beginning of December, the correcting part (B) has been developing in the wave structure. The price has reached the lower boundary of the preliminary target zone, in which the probability of reversal increases sharply.
During the next trading sessions, the growth of quotations and the change in the inter-trend direction are expected. In the process of changing the vector of motion, the short-term flat of the upper boundary of the resistance zone is not ruled out. The lower boundary of the day's turn of the pair limits the support zone.
Boundaries of resistance zones:
- 0.7880 / 0.7910
Boundaries of support zones:
- 0.7810 / 0.7780
Review and forecast for USD / CAD
In the short-term scale, the unfinished wave design on the CAD chart of the Canadian dollar became a bullish wave, dated September 8 last year. On December 19, the final portion of the correction part (B) of the formation started.
A week ago, the price of the pair began to form an upward pullback. This section has no reversal potential and showed signs of near completion. In the next few days, there is a high probability of changing the direction of the inter-trend movement.
This morning, the flat tone of price fluctuations is expected. Probably, moving the price in the sideways level or with the descending direction, but not further on boundaries of support. Toward the end of the day, the chance of reversal and growth of the pair's quotes increases. The resistance zone is the most anticipated area at the end of the day's turn of the pair.
Boundaries of resistance zones:
- 1.2570 / 1.2600
Boundaries of support zones:
- 1.2490 / 60
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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