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29.09.2020 10:30 AM
Simplified wave analysis and forecast for EUR/USD and AUD/USD on September 29

EUR/USD

Analysis:

On the chart of the European currency, the correction phase is nearing completion in the dominant upward wave. This wave has the form of a stretched plane. The pair's quotes are within a strong reversal zone. There are no signals of a change of course yet.

Forecast:

In the next 24 hours, the pair's price is expected to move in the area between the nearest zones of the opposite direction. A short-term decline is possible in the European session. By the end of the day, there is a high probability of an increase.

Potential reversal zones

Resistance:

- 1.1720/1.1750

Support:

- 1.1650/1.1620

Recommendations:

Today, the euro market has conditions for intra-session trading. Short-term purchases are possible in the first half of the day. After the reversal signals appear, it is recommended to expand positions. It is better to reduce the size of the trading lot.

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AUD/USD

Analysis:

Since March 19, the Australian dollar market has been developing an upward momentum. The correction from July 22 is incorrect. According to Elliott, this is a stretched plane. The final part, which is still incomplete, has been formed in it for the past month. In recent days, there has been a counter-pullback.

Forecast:

In the next 24 hours, the end of the current price, the formation of a reversal, and the beginning of the pair's downward movement are expected. The lower limit of the expected daily range is shown by the calculated support.

Potential reversal zones

Resistance:

- 0.7100/0.7130

Support:

- 0.7040/0.7010

Recommendations:

It is recommended to stay out of the pair's market until clear signals of the end of the current rise appear. After the exchange rate change, short-term sales of "Aussie" are possible.

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Explanation: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure, and the dotted background shows the expected movements.

Note: The wave algorithm does not take into account the duration of the instrument's movements in time!

Isabel Clark,
Analytical expert of InstaForex
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