21.10.201909:48 Forex Analysis & Reviews: Simplified wave analysis of EUR/USD and AUD/USD on October 21st

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EUR/USD

Analysis:

The bullish wave of September 3 corrects the trend section of the euro chart. The wave has the form of a stretched plane. The final section from October 1 has a pronounced impulse appearance. The price reached intermediate resistance.

Forecast:

Before continuing to rise, the price should raise its wave level. This requires correction. It is likely to move in the lateral plane, but a decrease to the support zone cannot be ruled out. A return to the growth phase can be expected at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1.1230/1.1260

- 1.1160/1.1190

Support:

- 1.1100/1.1070

Recommendations:

Sales of euro are inconsistent with the dominant rate, and are therefore undesirable. It is recommended to stay out of the market for the duration of the upcoming decline, tracking the signals of buying the pair at its end.

AUD/USD

Analysis:

In the bearish wave that dominates the Australian chart on September 12, correction (B) reached the calculated level of elongation. The price has reached the lower limit of the potential reversal zone of the daily scale. There are no reversal signals on the chart.

Forecast:

At the next trading sessions, a flat mood is expected. In the first half of the day, a downward vector is likely. By the end of the day or tomorrow, you can wait for a second attempt to pressure the resistance zone.

Potential reversal zones

Resistance:

- 0.6870/0.6900

Support:

- 0.6820/0.6790

Recommendations:

Sales are possible within the framework of intra-session trading with a reduced lot. It is worth considering the probability of counter-rollbacks. The best tactic would be to refrain from entering the pair market at the time of the decline and buy the pair at the end of the pullback down.

Explanations: In the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed. The solid background of the arrows shows the formed structure, dotted – the expected movement.

Attention: The wave algorithm does not take into account the length of time the instrument moves in time!

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