Overview of the GBP / USD with a forecast for the current day
The correction wave led the quotations of the main pair of the British pound sterling to the lower boundary of a wide zone of a potential reversal. The structure of the rising wave is formed, the proportions of all parts are close to optimal. In recent weeks, a downward wave of irregular shape is forming. Its potential exceeds the size of a simple rollback. There is a great chance of forming a reversal zigzag, preceding the change of trend.
The last, incomplete for the present wave of rising, started on September 20. At the moment of analysis, the structure of the middle part (B) is completed in the structure.
For today, the completion of the decline and the preparation of conditions for a price rise are expected. The beginning of the growth phase is more likely in the second half of the day.
The boundaries of the resistance zones:
- 1.3550 / 80
The boundaries of the support zones:
- 1.3450 / 20
AUD / JPY review with the current day forecast
The rising wave of the Australian dollar's cross to the Japanese yen is at the peak of its formation. In recent weeks, the pair's quotes are in the framework of the reversal zone. An analysis of the structure of the last 3-month section of the chart shows the formation of a downward wave since July 27. The price reduction started last week gave the start to the final part of the wave (C). By the beginning of the current day, an intermediate level of support has been reached at the price, which caused a flat stop.
Today, at the nearest trading session, a short-term recovery is not ruled out. The swing of the upstroke is probably no further than the resistance zone. Further, the formation of a reversal and the beginning of a second decline are expected. The estimated level of completion of the entire wave is within the support zone.
The boundaries of the resistance zones:
- 88.90 / 89.20
The boundaries of the support zones:
- 87.90 / 60
Explanations to the figures: For simplified wave analysis, a simple waveform is used that combines 3 parts (A; B; C). Of these waves, all kinds of correction are composed and most of the impulses. On each considered time frame the last, incomplete wave is analyzed.
The areas marked on the graphs are indicated by the calculation areas in which 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.
