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EUR/USD
Analysis:
On the euro chart, the price decline that began on December 31 continues. The potential of its beginning allows you to wait for the continuation of the movement, with the transition to a larger scale of the chart. In recent days, an upward pullback is forming.
Forecast:
Today, the price is expected to continue rising until it is fully completed. A reversal is likely in the area of calculated resistance. The start of the decline can be expected by the end of today or tomorrow.
Potential reversal zones
Resistance: 1.1150/1.1180
Support: 1.1090/1.1060
Recommendations:
Trading in the euro market today can be risky. You can buy a reduced lot in the first half of the day. It is safer to refrain from entering the pair's market until the completion of the upward turn, and at its end to track the sell signals
AUD/USD
Analysis:
The Australian currency has been forming a bearish wave since September last year. The wave is complex, and has the appearance of an ascending pennant. On December 31, the formation of the final part (C) began. In its framework, the price has been rolling back up since last week.
Forecast:
In the coming days, it is expected that the upward movement will be completed, and the price will move down. The calculated support is located at the upper border of the wide reversal zone of the senior TF, so a breakthrough further down in the near future should not be expected.
Potential reversal zones
Resistance: 0.6900/0.6930
Support: 0.6830/0.6800
Recommendations:
The pair's purchases are hopeless today. It is recommended that we focus on searching for selling signals in the instrument.
Explanations: In the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows show the formed structure, whereas the dotted background shows the expected movements.
Attention: The wave algorithm does not take into account the duration of the pair's movements in time!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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