GBP/USD
Analysis:
A flat correction wave has been forming in the British pound market over the past 3 months. The extremes of the graph show a distinct stretched plane. The last part of it is incomplete. An intermediate correction has been developing for the last 3 weeks. The structure of this zigzag looks formed, however, no reversal signals are observed.
Forecast:
The most likely scenario of the movement today will be moving the price with a downward vector between the nearest counter zones. A breakout of the lower support limit is unlikely today.
Potential reversal zones
Resistance:
- 1.2510/1.2540
Support:
- 1.2420/1.2390
Recommendations:
It is not recommended to sell the pound until there are clear reversal signals. During the day, intraday supporters can make short-term deals with a reduced lot, according to the expected sequence of price movements.
AUD/USD
Analysis:
Since March 19, the Australian dollar exchange rate has been set by an ascending wave of the daily scale. For the last 3 weeks, the price has been adjusted along the lower border of the strong potential reversal zone. The structure of the correction wave does not look complete. The price has reached the next level of intermediate resistance.
Forecast:
It is unlikely that the resistance zone located above the current exchange rate will be broken through by quotes without a preliminary refusal to go down. You can expect it in the next session. By the end of the day, the downward movement will likely be completed and the upward movement will resume.
Potential reversal zones
Resistance:
- 0.6980/0.7010
Support:
- 0.6920/0.6890
Recommendations:
The sale of "Aussie" today may be unprofitable. We recommend waiting for the upcoming pullback to complete and looking for buy signals at the end of it.
EUR/JPY
Analysis:
The direction of the pair's trend since June 5 is set by a bearish wave. It coincides with the global trend of the instrument. Since June 22, the price has been adjusted. The preliminary correction completion zone is located in the area of the calculated resistance.
Forecast:
Today, the general upward mood of the price movement is expected. In the first half of the day, a short-term decline in the support zone is not excluded. The active phase of the rise is more likely at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 122.20/122.30
Support:
- 121.30/121.00
Recommendations:
Until the current correction is completed, the purchases of the tool have priority. It is more reasonable to reduce the lot in transactions. Supporters of long-term investments are recommended to wait for the completion of the entire price rise and look for signals to sell 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!
