02.08.201911:24 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD and AUD/USD on August 2

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EUR/USD

In the last 2 months, the main trend of the euro movement is set by the bearish wave of June 25. Since yesterday, the price forms a counter wave structure, which in its scale has not yet exceeded the level of correction of the last section of the main wave.

Forecast:

Today, the formation of the upward movement that began yesterday is expected, until its completion in the resistance zone. At the next trading session, flat is not excluded, with the price rollback down. The final phase of recovery is most likely at the end of the day.

Recommendations:

Trading on the European pair today can be recommended only to intraday supporters, according to the described algorithm. Until the current upswing is completed, sales can be risky. When the price reaches the resistance zone, you should start tracking the sell signals of the instrument.

Resistance zone:

- 1.1130/1.1160

Support zone:

- 1.1070/1.1040

AUD/USD

The last, unfinished bearish wave of July 19 reached the upper limit of the potential reversal zone. Since yesterday, the beginning of a correctional area has formed in the flat.

Forecast:

In the near future, the formation of an upward correction is expected, which will give the opportunity to continue the main trend at a new level. With high probability, it will take the form of a flat channel.

Recommendations:

Aussie sales today are premature. Purchases can be justified only with intra-session trading. The most reasonable solution would be to refrain from entering the market of the pair at the time of the rollback and to look for the sell signals of the instrument at its end.

Resistance zone:

- 0.6850/0.6880

Support zone:

- 0.6800/0.6770

Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A-B-C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.

Note: The wave algorithm does not take into account the duration of tool movements over time.

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