18.11.202009:02 Forex Analysis & Reviews: Simplified wave analysis and forecast for AUD/USD and EUR/JPY on November 18

AUD/USD

Analysis:

The Incomplete section of the upward trend starts from September 25. The structure has a distinct wave zigzag. The price has reached the lower limit of strong resistance, from which a correction has been formed since November 9.

Forecast:

In the next 24 hours, the downward movement is expected to end, a reversal and a repeated price increase. If the exchange rate changes, a short-term puncture of the lower support border is not excluded.

Potential reversal zones

Resistance:

- 0.7320/0.7350

Support:

- 0.7250/0.7220

Recommendations:

Trading the Australian dollar today is possible within the intraday with a reduced lot. Sales are risky. In the support area, it is recommended to track signals for buying a pair.

EUR/JPY

Analysis:

A descending wave structure has been developing on the pair's chart since the beginning of summer, correcting the previous momentum. The movement is not complete. The price decline that started on November 9 has a reversal potential and may be the beginning of the final part (C) of the main wave.

Forecast:

Today, the downward trend is expected to end and reverse. Then you can count on price growth, up to the boundaries of the resistance zone.

Potential reversal zones

Resistance:

- 124.20/124.50

Support:

- 123.40/123.10

Recommendations:

Trading today is only possible within the intra-session style, with a reduced lot. At the European session, purchases of the instrument are more promising. After the rise is completed and the sale signals appear, you should change the trading vector.

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 background shows the expected movements.

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