Large-scale graphics:
Since February of this year, the dollar quotes changed course and moved to the "north" of the chart. To date, the trend is not completed. A preliminary calculation allows you to wait for the final rise of the rate to the values of the beginning of 2017.
Medium scale graphics:
An unfinished wave of November 12 corrects the last trend section. The wave is shaped like a standard plane.
Small-scale graphics:
From December 14, the index quotes in the larger model form the final part (C).
Forecast and recommendations:
In the coming week, the dollar will gradually decline, allowing major currencies to grow in their major pairs. A change in trend is expected in the first half of next month.
Resistance zones:
- 97.50 / 97.70
Support areas:
- 96.00 / 95.80
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For analysis, 3 consecutive graphs are used. 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