Large-scale graphics:
Quotes of the US dollar since February are moving to the "north" of the chart. Analysis of the wave structure shows the formation from the end of September of the final part of the wave (C).
Medium scale graphics:
From November 12, the index quotes form a downward wave. As part of a larger model, it will take the place of the middle part (B).
Small-scale graphics:
The wave is descending, starts on December 14th. It completes the structure of a larger downward plane.
Forecast and recommendations:
In the coming weeks, the decline phase will be fully completed. The subsequent rise in the dollar will mean a new round of lowering the rates of major national currencies in major pairs.
Resistance zones:
- 97.50 / 97.70
Support areas:
- 96.00 / 95.80
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For analysis, 3 consecutive graphs are used. Each of them analyzes the last, incomplete wave. 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.
Attention: 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