Large-scale graphics:
Since the end of January last year, a descending wave has been formed at the price of an "Aussie". The structure of the wave is close to the impulse type of motion.
Medium scale graphics:
The bull wave of January 3 has a high wave potential. In the structure of a larger structure, it may take the place of the correction of the entire previous trend section.
Small-scale graphics:
On January 25, the bullish wave started, which completes the upward zigzag of the older TF. In the coming days, a short-term depreciation is not excluded.
Forecast and recommendations:
The price of the instrument is in a lifting phase, which may be delayed for the entire next month. Before the price breaks up, the probability of a price pullback is high, which can be used by bull traders.
Resistance zones:
- 0.7600 / 0.7650
- 0.7340 / 0.7390
Support areas:
- 0.7170 / 0.7120
Explanatory notes for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). The analysis uses 3 consecutive scale graph. Each of them analyzes the last, incomplete wave. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!
The material has been provided by InstaForex Company -
www.instaforex.com