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Forex Analysis & Reviews: Simplified wave analysis of EUR/USD and AUD / USD on October 28th
time 28.10.2019 08:31 AM
time Relevance up to, 29.10.2019 08:25 AM

EUR/USD

Analysis:

The bullish wave of the euro, which began in September, corrects the last section of the main trend of the pair. The wave structure does not show completeness. Throughout the past week, the price rolled back down.

Forecast:

The current decline in recent days has a chance to end in the coming days. Today, the flat nature of the price movement is expected, with a shift to the support zone. At the end of the day or tomorrow, a change in course and the beginning of price growth are likely.

Potential reversal zones

Resistance:

- 1.1130/1.1160

Support:

- 1.1060/1.1030

Recommendations:

The best tactic for today is to stay out of the euro market. Intraday supporters can make short-term sales. In the area of the support zone, it is recommended to monitor the signals of the instrument purchase.

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AUD/USD

Analysis:

The Aussie chart is dominated by a bearish trend. Its last section started on September 12. Since the beginning of October, a full-fledged correction is formed towards us. To date, it has reached the estimated completion zone. Its structure is formed. The downward section from October 21 has a sufficient wave level for the beginning of the reversal structure.

Forecast:

In the coming days, the completion of the current decline and the beginning of price growth are expected. There is a high probability of flat movement within the lateral corridor between the oncoming zones.

Potential reversal zones

Resistance:

- 0.6870/0.6900

Support:

- 0.6810/0.6780

Recommendations:

Trading on the "Australian" market today is possible only within the intraday style. Until the emergence of clear reversal signals, the main direction of trade transactions remains purchases. After the exchange rate signals appear, it is recommended to change the vector of trades.

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

Attention: The wave algorithm does not take into account the length of time the tool moves!

Isabel Clark,
Analytical expert of InstaForex
© 2007-2022
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