After a five-year period of weakening the position of the Australian dollar in its main pair of quotes found a new equilibrium line. Over the past 2 years, the price has gradually strengthened, reaching by September of last year the lower limit of a powerful zone of the potential reversal. In the structure of the wave, all subsequent time continues the correction phase.
The intermediate price zone reached the price gave the basis for the beginning of the bullish retracement. The preliminary calculation of the target zone allows you to expect up to one and a half price figures up from current values.
In the coming sessions, the most likely scenario is "outset". The short-term puncture of the lower boundary of the support zone is not ruled out. By the end of the day, the probability of a return to the upward direction of traffic will increase.
The boundaries of resistance zones:
- 0.7870 / 0.7900
The boundaries of support zones:
- 0.7780 / 50
Explanations to the figures: For simplified wave analysis, the simplest type of wave is used in the form of a zigzag, combining 3 parts (A; B; C). Of these waves, all kinds of correction are composed and most of the impulses. At each time frame, the last, incomplete wave is analyzed.
The areas marked on the graphs are indicated by the calculation areas, where the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a trade transaction, you need to confirm the signals of your trading systems.