EUR/USD
Analysis:
The upward wave that started on the European currency chart on February 20 has a high wave level. In the future, the current rise will move to a larger scale of movement. The sideways movement of the price of the last 2 days forms an intermediate correction.
Forecast:
Today, the sideways movement is expected to continue until the end of the entire correction in the area of settlement support. The exchange rate change and the start of price growth are likely at the end of the day. During a reversal, a short-term puncture of the lower border of the support zone is not excluded.
Potential reversal zones
Resistance:
- 1.1170/1.1200
- 1.1260/1.1290
Support:
- 1.1100/1.1070
Recommendations:
Changing the direction of the trend has made buying signals of the instrument a priority. Sales of the euro are possible today but with a reduced lot in the next session.
AUD/USD
Analysis:
Since the beginning of this year, the Australian dollar quotes have been forming a bearish wave. It completes a larger descending wave construction. Since the end of last week, the price is adjusted. The estimated completion zone has now been reached.
Forecast:
Given the high potential of the current price rise, we should expect a continuation of the upward correction. Before that, there should be a price reduction. The next trading sessions are expected to complete the formation of a reversal and move the price down. The lower limit of the expected daily range is indicated by the calculated support.
Potential reversal zones
Resistance:
- 0.6620/0.6650
Support:
- 0.6550/0.6520
Recommendations:
In the coming days, trading on the pair's market will only be appropriate within the intraday style. In the coming days, sales will be more preferable.
GBP/JPY
Analysis:
The current wave model of the pair's chart is bearish, dated December 13. The wave is fully formed and the price has reached the upper limit of the preliminary settlement zone. The price rise that started last week can potentially gain a reversal potential.
Forecast:
In the coming days, the flat mood of the movement is expected to continue. A general upward vector is expected. A short-term downward movement of the price is possible at the next trading session. A break above the resistance zone is unlikely today.
Potential reversal zones
Resistance:
- 139.00/139.30
Support:
- 137.90/137.60
Recommendations:
Trading on the pair's market is now recommended within the intraday framework. The priority is the purchase of the instrument. No conditions have yet been created for sales.
Explanations: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure, and the dotted background shows the expected movements.
Note: The wave algorithm does not take into account the duration of the tool's movements in time!
