GBP/USD
The chart of the British pound since March is dominated by a downward wave. The counter movement of June 18 has no reversal potential, forming a correction of the last section of the trend. Since June 25, a bearish correction is forming in the bullish wave, the structure of which does not yet show completeness.
Forecast:
There is a high probability of an upward pullback from the achieved level of support today. It restricts the maximum size of the calculated area of resistance.
Recommendations:
In the first half of the day, short-term purchases will be relevant on the chart of the major pound pair. Because of the possibility of a sharp counter-recoils, it is wiser to reduce the lot. When the price approaches the resistance zone, it is recommended to monitor the pair's sell signals.
Resistance zone:
- 1.2700/1.2730
Support zone:
- 1.2630/1.2600
AUD/USD
From the end of January, the downward trend dominates on the Aussie chart. Since May 21, irregular head wave has developed in it. In terms of its potential, it claims correction. Its structure is not completed today, it lacks a final section.
Forecast:
The downward pullback that began yesterday has a chance to end at the next trading session. A reversal is expected as part of the estimated support. By the end of the day, you can expect to change the movement vector and the price rise of the pair.
Recommendations:
When selling, you should keep in mind the limited potential for reduction. In the support area, it is recommended to monitor the signs of a reversal, to search for entry signals to long positions.
Resistance zone:
- 0.7010/0.7040
Support zone:
- 0.6940/0.6910
USD/CHF
A bullish wave with a reversal potential has been developing towards the main downward wave since June 25. Its current wave level allows waiting for the continuation and complication of the price rise that has begun. The pair is approaching the lower end of the target zone.
Forecast:
In the first half of the day, an upward movement vector is expected today, until the completion of the entire current price rise. Further, the formation of a reversal and the beginning of a decline is likely. The last stage may shift to tomorrow.
Recommendations:
The conditions for selling the pair have not yet been created. When purchasing, you should take into account the limitations of the expected price move. In the area of the resistance zone, it is recommended to complete all current purchases and start tracking the pair's sell signals.
Resistance zone:
- 0.9900/0.9930
Support zone:
- 0.9840/0.9810
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.
