EUR/USD
Analysis:
On the euro chart, an upward wave has been developing in the short term since the beginning of September. While it does not go beyond the correction of the last segment of the trend. The structure does not show completeness. Within the final part (C), a correction plane is formed.
Forecast:
Today, the euro price is likely to move in a flat price corridor between the counter zones. In the coming sessions, the pair is expected to decline. The calculated support shows the lower bound of the probable daily range.
Potential reversal zones
Resistance:
- 1.1170/1.1200
Support:
- 1.1100/1.1070
Recommendations:
Today, supporters of intraday can make short-term sales. For longer transactions, it is more reasonable to skip the upcoming decline and at its end to look for signals of entry to long positions.
USD/JPY
Analysis:
The direction of the price trend of the yen in recent months is set by the upward wave from August 5. Analysis of the structure shows its incompleteness.
Since the middle of last month, the last part of the correction is formed.
Forecast:
The most likely scenario of the pair's movement today will be flat. In the next session, you can expect a price rise in the resistance area. By the end of the day, a change in rate and the beginning of a price increase is expected.
Potential reversal zones
Resistance:
- 108.50/108.80
Support:
- 107.80/107.50
Recommendations:
Until the correction is completed, sales are appropriate in the intra-session trading style. In the area of the support zone, it is recommended to start tracking reversal signals and searching for points of purchase of the pair.
AUD/USD
Analysis:
On the Aussie chart, a downward wave has been developing since September 12. The first parts (A+B) are formed in the structure. Despite the visual elongation of the middle part (B) upwards, the structure is not disturbed. From October 31, a small-scale reversal structure is formed downwards.
Forecast:
Over the next trading sessions, the end of the upward movement, the formation of a reversal and the beginning of the decline is expected. In the last phase, an increase in volatility can be expected. The support zone shows the expected lower limit of the daily range.
Potential reversal zones
Resistance:
- 0.6930/0.6960
Support:
- 0.6860/0.6830
Recommendations:
The pair's purchases are irrelevant today. It is recommended to focus on the search for entry signals in short positions.
GBP/JPY
Analysis:
An upward trend has dominated the English pair chart since August. The wave completes a large bullish structure and has great potential for further growth. The price has reached a stylish resistance, along which an intermediate correction has been developing over the past 2 weeks.
Forecast:
The pair is expected to move flat in the narrow price corridor between the nearest counter zones in the next day. In the morning, you can count on the upward vector. By the end of the day, the exchange rate is expected to change and the price will move to the lower border of the flat. The completion of the correction and the beginning of the price rise is unlikely today.
Potential reversal zones
Resistance:
- 140.40/140.70
Support:
- 139.60/139.30
Recommendations:
Today, on the pair chart, only "pipsing" with a small lot is appropriate, according to the described sequence. Once the price reaches the support zone, it is recommended to focus on the emerging signals of the purchase of the instrument.
Explanations: In the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed. The solid background of the arrows shows the formed structure, dotted – the expected movement.
Attention: The wave algorithm does not take into account the length of time the instrument moves in time!
