EUR/USD
Analysis:
The sideways movement of the European currency that has been continuing for the past month and a half form a corrective horizontal plane. Its last section started on May 1. In this wave, the internal pullback ends (B). The price has reached the calculated resistance.
Forecast:
Today, we can expect the end of the upward movement mood, the formation of a reversal, and a repeated decline in the price in the area of the support zone.
Potential reversal zones
Resistance:
- 1.0870/1.0900
Support:
- 1.0800/1.0770
Recommendations:
Trading on the pair's market is now possible within the intraday framework. Purchases are not very promising. We recommend that you focus on searching for sell signals in the area of the calculated resistance.
AUD/USD
Analysis:
The main direction of movement for the short-term trend of the Australian dollar is set by the upward wave from March 19. Its last section begins on May 4. Since the end of last week, the wave has been corrected in a wide lateral corridor.
Forecast:
Today, the pair is expected to move in a sideways price corridor the size of the daily range. In the first half of the day, price growth is likely. By the end of the day, the trend is expected to change.
Potential reversal zones
Resistance:
- 0.6500/0.6470
Support:
- 0.6430/0.6400
Recommendations:
The safest thing to do today is to refrain from entering the pair's market. Intraday supporters can conduct trade transactions according to the expected sequence. It is more reasonable to reduce the lot.
GBP/JPY
Analysis:
On the pair's chart, the downward wave continues to form, correcting the trend section from March 18. The price has reached the upper limit of the strong potential reversal zone.
Forecast:
In the next trading sessions, the downward trend of price movement is expected to continue. The most likely area to complete the decline is the estimated support zone. Next, you should prepare for a change of course.
Potential reversal zones
Resistance:
- 131.60/131.90
Support:
- 130.50/130.20
Recommendations:
No conditions have been created for the pair's purchases today. We recommend selling the instrument from the limits of the calculated resistance.
Explanation: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of arrows shows the formed structure, and the dotted ones show the expected movements.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
