EUR/USD
Analysis:
The uncompleted wave structure on the chart for the euro rising from the level reached on March 20. Due to the decline during the last 2 weeks, the euro pulled back significantly, having completed the final part of the main correction from March 27. The price is approaching the potential reversal zone.
Forecast:
In the coming sessions, the euro is likely to resume a downward movement that lasts until the end of the entire current wave. Further, in the area of support, a reversal and an uptick in the price may occur.
Potential reversal zones
Resistance:
- 1.0820/1.0850
Support:
- 1.0740/1.0710
Recommendation:
To open short deals on the euro is risky as the single currency is expected to edge lower. It is recommended to look for signals for opening buy positions in the area of the support level.
AUD/USD
Analysis:
The potential of the rising wave for the Australian dollar from March 19 is approaching the level of the daily timeframe. The price has reached a strong resistance zone. Here, a downward correction in the form of a horizontal plane is being formed in the last 2 weeks.
Forecast:
The most probable scenario for the pair's movement today will be a sideways movement between the nearest counter zones. In the European session, an upward reversal is expected. In the area of support, the entire correction is projected to finish.
Potential reversal zones
Resistance:
- 0.6380/0.6410
Support:
- 0.6320/0.6290
Recommendation:
It is recommended to trade the pair within the intraday framework. Prior to the reversal signals, it is better to open short deals.
GBP/JPY
Analysis:
The trajectory of the pair is determined by the movement in the cross market set by the rising wave from March 18. For the entire current month, the price is trying to rise. In the area of support, it can be seen the upper limit of the preliminary target zone for the possible decline zone.
Forecast:
Today, the pair is expected to decrease to the level of the support zone. A break of its lower limit is unlikely.
Potential reversal zones
Resistance:
- 132.60/132.90
Support:
- 131.50/131.20
Recommendation:
Today it is recommended to open short deals on the pair. There are no proper conditions to open buy positions. It is also needed to set a stop order near the support level.
Explanation: in simplified wave analysis, waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The arrows show the formed structure, while dots depict the expected movements.
Disclaimer: the wave algorithm does not take into account the duration of the currency pairs in time!
