Large TF:
Throughout last year, the main direction of the pair's movement was a shift to the "south" of the schedule. The structure of this wave is not complete. The price rise of the current year will take the place of correction in it.
Small TF:
In the bullish construction of January 3, the first 2 parts (A + B) were fully formed. From February 7, the basis for the beginning of the final part (C) is created.
Forecast and recommendations:
In the coming weeks, the final price increase of the Aussie is expected, which will complete the corrective rise. If the favorable factors coincide, the scope of price growth may exceed the minimum calculated level. Purchasing is quite risky, can be recommended only to supporters of intraday trading.
Resistance zones:
- 0.7340 / 0.7390
Support areas:
- 0.7130 / 0.7180
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. 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