EUR/USD
Analysis:
The upward wave of the euro from March 20 continues its formation. Since May 7, the final section (C) has been developing. The price is approaching the lower border of the strong potential reversal zone. The wave structure is not complete at the time of analysis.
Forecast:
It is unlikely that the resistance zone can be broken by the pair's quotes without preliminary preparation. Today, we expect the end of the upward movement, the formation of a reversal, and a decline in the area of the support zone. The recovery is not likely to resume until tomorrow.
Potential reversal zones
Resistance:
- 1.1230/1.1260
Support:
- 1.1150/1.1120
Recommendations:
Trading the pound in the market today can be risky. The best tactic for today is to stay out of the market and track buy signals at the end of the current decline.
AUD/USD
Analysis:
The momentum of the upward wave from March 19 led the Australian dollar to the levels of six months ago. The price is approaching the lower limit of the potential reversal zone of a large TF.
Forecast:
Today, in the first half of the day, a short-term stop is possible, with quotes drifting along the support zone. The resumption of the upward course can be expected by the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 0.7000/0.7300
Support:
- 0.6930/0.6900
Recommendations:
Trading on the pair's market today is possible only after the completion of the corrective flat. When reversal signals appear, it is recommended to search for entry points to long positions.
GBP/JPY
Analysis:
The rising wave of the pair, which began in mid-March, sets a new long-term course for price movement. The quotes are approaching the lower boundary of a powerful reversal zone.
Forecast:
After a probable stop by the end of the day, you can expect the resumption of the upward course of the pair. The calculated resistance is located at the lower border of the strong zone. After the price contacts it, you should wait for the formation of at least an intermediate correction.
Potential reversal zones
Resistance:
- 137.50/137.80
Support:
- 136.50/136.20
Recommendations:
There are no conditions for selling the pair today. In the settlement support zone, it is recommended to track reversal signals for buying the instrument.
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 the arrows shows the formed structure, and the dotted one shows the expected movements.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
