Overview of #USDX (US dollar index) with a forecast for the current day
The descending stretched plane formed on the weekly scale of the US dollar index has entered the final phase. The structure of the entire wave model was constructed up to the last part (C), where the final section is missing.
Approaching the scale, from October 27, the change in the inter-week trend is noted. The previous ascending segment of the graph finished a completely hidden correction. The beginning of the descending wave level surpasses the correction level of the previous rise. According to the wave analysis, it is best to wait for testing the middle part of the model and a rapid breakdown.
Yesterday, the dollar quotations formed a stock for the inter-sessional wave up. Inflation is possible in the upcoming European trading session. A breakthrough of the lower boundary of the support zone is unlikely. In the second half of the day, there will be an expected increase in volatility and a rise in quotations.
Boundaries of resistance zones:
- 93.50 / 60
Boundaries of support zones:
- 92.90 / 80
EUR / JPY outlook with current day forecast
The direction of the price trend of the EUR/JPY cross-currency pair set the main trend wave since June last year. the site became the final part (C), with a preliminary target zone in the region of the 140th price figure.
The unfinished site in the framework of the main wave is counted from April 17. There is a pronounced impulse present with correction areas in the form of flat sections.
The last corrective part of the movement, dated on September 22, is still incomplete. The wave formed an extended plane where the amplitude of oscillations within the price channel increases with each turn.
In the first half of this day, the ascending rally in the past days is expected to continue. There is a sharp increase in the probability of completion of the ascent and a change in the course of motion within the boundaries of the resistance zone. There is a sharp increase in the probability of completion of the ascent and a change in the course of motion. It is worth waiting for a price reduction at the end of today or the next trading session.
Boundaries of resistance zones:
- 134.40 / 70
Boundaries of support zones:
- 133.50 / 20
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 areas 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 signifying 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.