Large-scale graphics:
The direction of the short-term trend "Aussie" throughout the past year was directed to the "south" of the chart. In the structure of the movement took shape the first 2 parts (AB).
Medium scale graphics:
The last wave of the scale H1 has formed a correction of complex shape in a larger model.
Small-scale graphics:
On December 3, a new downward wave of small-scale was launched, which could potentially give rise to the final segment of the main trend. In recent days there has been a price rise with a high wave level, claiming at least the place of correction.
Forecast and recommendations:
In the nearest week period, the price of the pair will move towards the main trend. Conducting trade transactions in such conditions is inappropriate. You need to wait for its completion and look for entry signals along the main trend direction.
Resistance zones:
- 0.7080 / 0.7130
Support areas:
- 0.6830 / 0.6780
Explanations 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.
Attention: 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