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Large-scale graphics:
The vector of movement of the dollar since February last year is set by a wave of a bullish trend. In the structure of the wave, the conditions for the final breakthrough (C) are prepared.
Medium scale graphics:
The descending wave of November 13 took the place of correction in a larger wave model. The dollar has reached strong support, the structure is formed. With a high degree of probability, the wave is complete.
Small-scale graphics:
The ascending segment, which began on January 10, has a reversal potential. In the near future, this movement will move to a higher scale. Kickbacks are likely to be flat.
Forecast and recommendations:
The graph shows a change in the direction of the short-term trend of the index. In the coming weeks, the dollar will be strengthened, after which the downward phase will follow. This time will be the most successful for opening deals awaiting the weakening of the national currencies.
Resistance zones:
- 96.90 / 97.10
Support areas:
- 96.10 / 95.90
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 requires confirming signals of the trading systems you use!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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