Simplified wave analysis of AUD / USD pair for the week of November 29

Wave pattern on the H4 chart:

The last completed wave of this scale was formed from June to October. This part of the graph is in a downward daily trend.

Wave pattern on the H1 chart:

On October 5, the rising wave started up. Its low wave level puts it in place of a correction in the main trend wave.

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Wave pattern on the M15 chart:

On this scale, the last wave from November 21 is ascending. It completes the bullish wave of hourly timeframe.

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Recommended trading strategy:

The growth potential of the pair is limited. Upon reaching the settlement zone of resistance, a purchase transaction should be closed. It is recommended that supporters of trading on large TFs to start tracking reversal signals to search for entry into short positions.

Resistance zones:

- 0.7350 / 0.7400

Support areas:

- 0.7200 / 0.7150

Explanations of the figures:

The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For the analysis, three main TFs are used. On every last part, the 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 while the dotted shows 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