EUR/USD
Analysis:
Quotes of the European currency continue to move according to the algorithm described in previous reviews. The incomplete wave of July 31 in a larger structure has become a correction. Also, the extremes form a stretched plane. In the structure of this wave, the pullback in the last segment (C) is close to completion.
Forecast:
Today, movement is expected in the price corridor between the nearest oncoming zones. In the next session, you can expect pressure on the resistance zone. After that, there will be a reversal and the price will move down. The calculated support is located at the upper border of a wide potential reversal zone.
Potential reversal zones
Resistance:
- 1.1810/1.1840
Support:
- 1.1730/1.1700
Recommendations:
No conditions have yet been created for purchases on the euro market. It is recommended to track the instrument's sell signals. When calculating a trading lot, you should take into account the limited potential of the pair's decline.
AUD/USD
Analysis:
On the chart of the major Australian dollar, a new short-term wave started from 20 in the main trend direction. In the last decade, the price moved down, forming a correction (B). Yesterday's rise has a high reversal potential and has every chance to give rise to a bullish section (C).
Forecast:
Today, at the European session of the day, a decrease in the area of settlement support is possible. By the end of the day, you can expect activation and a second attempt to rise. The growth of the exchange rate above the calculated resistance within a day is unlikely.
Potential reversal zones
Resistance:
- 0.7320/0.7350
Support:
- 0.7240/0.7210
Recommendations:
There are no conditions for sales on the "Aussie" market. In the area of settlement support, it is recommended to track the instrument purchase signals.
GBP/JPY
Analysis:
The direction of the pair since mid-March is set by an ascending wave of the daily scale. The correction wave of June 30 ended yesterday. On the chart, it looked like an "expanding" triangle, or according to Elliott, a stretched plane. Yesterday's rise has a reversal potential and may be the beginning of a new section of the main trend.
Forecast:
In the coming day, we can expect the formation of conditions for the beginning of intensive recovery. In the morning, a short-term decline in the support area is possible. The beginning of the growth phase is more likely at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 138.80/139.10
Support:
- 137.50/137.20
Recommendations:
Sales of the pair are risky today. There is a high probability of a trend change in the pair's market. In the support area, we recommend that you pay attention to finding signals to buy 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 background shows the expected movements.
Note: The wave algorithm does not take into account the duration of the instrument's movements in time!
