AUD / USD overview with current day forecast
The direction on the chart of the major Australian dollar short-term trend of the is set by an upward wave since January 2016. On a larger scale, the plot of the chart became a correction and the structure of the wave was formed. The upside potential is close to exhaustion. The price of the pair has reached the lower limit with a wide potential of the area for a turn.
Since the end of July, the algorithm of price fluctuations is set by the emerging descending zigzag while the price is moving upwards, forming the middle part of the model (B) since the middle of August.
After the expected rollback in the first half of the day, there is a high probability of a change in direction and the beginning of a recovery for today. A turn is expected within the framework as the support steadies. In this case, a breakout in the lower limit is possible, but it is unlikely to happen.
Boundaries of resistance zones:
- 0.8040 / 70
Boundaries of support zones:
- 0.7960 / 30
Overview of #USDX (US Dollar Index) with a forecast for the current day
As a result of the dominance of the downward wave on the graph of the U.S. dollar index, quotes reached a strong support area. Analyzing the structure of the current movement, the formation of an upward correction in the coming weeks is expected. One should not rely on the completion of the whole trend because the preliminary reduction goals have not yet been achieved. The structure does not show completion and the proportions of the wave parts were not met.
The ascending section of the chart from August 29 was found to the area where the zigzag starts. The wave level has exceeded the size of the rollback. The middle part of the structure is close to ending.
Today, it is expected that the reduction will be completed and the conditions for reversal will be prepared. The phase of an active growth can already begin at the end of the day. The nature of the ascent is highly possible to get closer to the impulse form.
Boundaries of resistance zones:
- 92.70 / 80
Boundaries of support zones:
- 92.10 / 92.00
Explanations to the figures:
For simplified wave analysis, a simple waveform is used that combines 3 parts namely A, B, and C. All types of correction are created and most of the impulses can be found in these waves. Every time frame is considered and the last incomplete wave is analyzed.
The zones marked on the graphs indicate the probability of a change in the direction of motion has significantly increased as calculated in the areas. Arrows indicate the wave counting following the technique used by the author. A solid background of the arrows signifies the structure has been formed while the dotted one means the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the movement of tools in time. The forecast is not a trading signal! To conduct a bargain, you need to confirm the signals used by your trading systems.