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Overview and Outlook for #USDX (US Dollar Index)
As shown in the graph of the American currency index, the formation of an extended downward plane continued during the last three years. Since the beginning of last year, the final part of the wave model started. The structure of the entire wave does not show completeness. The strong level of support reached by the quotes triggered the formation of a corrective zone, in the form of a flat. The expected growth potential is limited by the determined resistance zone.
Today, the completion of the bearish retracement that began yesterday is expected. The lower zone is the support level. A short-term gap of the lower boundary is not excluded. A reversal through the upward movement can be expected in the afternoon.
Boundaries of resistance zones:
- 90.50 / 60
Boundaries of support zones:
- 89.70 / 60
Review and Forecast for NZD / USD
The last wave of the daily chart of the major currency "Kiwi" dollar in September 2016 brought the pair's price into the zone of a strong resistance line. Over the next year and a half, the price formed a correction in a wide flat corridor. As of now, the correctional structure has been completely completed and its entire parts have been formed.
For today, the last and incomplete ascending part have a reversal potential. The first part of the wave (A) is complete. Since January 24, a flat correction zigzag (B) began to form. Due to the impulsive nature of the bullish wave that has started, we can expect a minimum possible reduction.
During the next trading sessions, the following events are expected such as the completion of the downward rollback, the reversal formation and the beginning of the ascending phase of the pair's movement.
Boundaries of resistance zones:
- 0.7250 / 80
Boundaries of support zones:
- 0.7270 / 40
Explanations to the figures: For simplified wave analysis, the simplest type of wave is used in the form of a zigzag, combining 3 parts (A; B; C). Of these waves, all kinds of correction are composed and most of the impulses. At each time frame, the last, incomplete wave is analyzed.
The areas marked on the graphs are indicated by the calculation areas, where the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a trade transaction, you need to confirm the signals of your trading systems.
* The presented market analysis is informative and does not constitute a guide to the transaction.
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