Large TF:
The vector of the main movement of the kiwi major since October of last year is given by a bullish wave. The first 2 parts are completely formed in the wave structure. With the beginning of the new year, the final part (C) started.
Small TF:
The analysis of the structure of the rising wave from January 3 shows the completeness of the first parts of the wave zigzag. From February 12, preparations are underway for the final price spurt.
Forecast and recommendations:
The price of the pair moves in the side price corridor, in which it will stay at least until the end of the upcoming weekly period. There are no conditions for sale. In the area of calculated support, it is recommended to track signals to search for entry into long positions.
Resistance zones:
- 0.6890 / 0.6940
Support areas:
- 0.6720 / 0.6670
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