GBP/USD
The direction of the short-term trend of the British currency since the end of July forms an upward stretched plane. Since September 3, the final stage of the movement has been developing. The price has reached the minimum level of elongation at which the completion of the entire wave is already possible.
Forecast:
There are no reversal signals on the chart, which indicates a high probability of continuing the price increase. Previously, you can count up to 3 figures up from the current rate. Today is expected to complete the current decline in recent days, a reversal and the beginning of growth. Before the change of rate, a short-term puncture of the lower border of the support zone is not excluded.
Recommendations:
In the current reversal zone, it is recommended to start tracking reversal signals to find entry points to long positions for this instrument.
Resistance zone:
- 1.2330/1.2360
Support zone:
- 1.2250/1.2220
AUD/USD
On the chart of the Australian, an upward wave continues to develop. Its structure until the last stage was formed as a standard plane, but the final rise of September 3 turned it into a stretched one. The price reached a strong resistance.
Forecast:
At the next trading sessions, a pullback is expected. The probability of a "sideways" in the narrow price range remains. A return to the main rate can be expected at the end of the day or tomorrow.
Recommendations:
Aussie sales can be risky. It is wiser to refrain from trading during the upcoming rollback and at its end look for signals to buy the pair.
Resistance zone:
- 0.6860/0.6890
Support zone:
- 0.6810/0.6780
Explanations to figures: Waves in the simplified wave analysis (UVA) consist of 3 parts (A-B-C). Analyzes the last unfinished wave. Zones show the areas with the highest probability of reversal. Arrows indicate the wave count used by the author to the method, a solid background structure for determining the expected movement.
Attention: The wave algorithm does not take into account the length of time the instrument moves.
