EUR/USD
Analysis:
On the chart of the pan-European currency since the beginning of March, the formation of an upward wave continues. All the past month, it formed the final part (C). The price reached the intermediate resistance zone, from which a pullback is formed in the last days.
Forecast:
Today, there is a high probability of continuing the price movement in the side corridor between the opposite zones. In the first half of the day, pressure on the support zone is likely. A short-term break of the lower support border is not excluded. You can expect a reversal and change of course at the end of the day.
Potential reversal zones
Resistance:
- 1.1330/1.1360
Support:
- 1.1260/1.1230
Recommendations:
Today, trading the euro in the market can be risky and is not recommended. The best tactic is to refrain from trading during the correction and make purchases of the instrument at the end of it.
AUD/USD
Analysis:
The direction of the Australian dollar's trend since mid-March is set by an upward wave of the daily scale. The price has reached a strong resistance zone of a large timeframe. A flat correction has been formed along its lower border since last week.
Forecast:
The last part of the correction wave is expected to be completed today. Then you can wait for the formation of a reversal and return to the ascending rate. The last phase is probably at the end of the day or tomorrow
Potential reversal zones
Resistance:
- 0.7000/0.7030
Support:
- 0.6930/0.6300
Recommendations:
The current decline contradicts the main trend direction, so sales are risky. In the area of settlement support, it is recommended to track all emerging signals for buying the instrument.
GBP/JPY
Analysis:
There is a clear zigzag in the structure of the rising wave from mid-March. The last part of the wave (C) counts down from May 18. The wave is not complete. The price is located within a strong zone of a potential reversal, from which a downward pullback has started to form in recent days.
Forecast:
By its potential, the price decline claims to be the beginning of a correction. Today, we expect the end of the downward movement of the price and the subsequent price rise. A puncture of the lower border of the support zone during the turn is not excluded.
Potential reversal zones
Resistance:
- 137.50/137.80
Support:
- 136.40/136.10
Recommendations:
Until there are clear signs of a change in the exchange rate, sales of the pair can only be used in intraday. At the end of the current decline after the reversal signal, it is recommended to look for signals to buy the pair.
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!
