Simplified wave analysis of AUD / USD for January 24

Large-scale graphics:

Throughout the past year, the price of "Aussie" moved down with minimal kickbacks. To date, the wave structure is not complete. In the last month, conditions have been created for the development of counter correction.

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Medium scale graphics:

The bullish wave of January 3 has a reversal potential. The wave develops according to the impulse scenario. After the end of the current descent phase, the entire movement should go to a higher wave level.

Small-scale graphics:

The descending wave from January 11 reached the upper limit of a wide zone of a potential reversal. The structure looks complete. Signal reversal is not observed.

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Forecast and recommendations:

In the coming days, a change in the motion vector of the pair is expected, with a return to the ascending course. It is recommended to focus on the search for signals to buy an instrument.

Resistance zones:

- 0.7320 / 0.7370

Support areas:

- 0.7090 / 0.7040

Explanatory notes 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