EUR/USD
Analysis:
An incomplete downward wave structure started on January 6. The upward wave that started in early March does not exceed the intermediate correction level of the last wave (C). Yesterday's downward trend has a reversal potential and can trigger the formation of a new section of the main wave.
Forecast:
Today, the price is likely to move sideways between the closest zones. In the first half of the day, the upward movement is expected. By the end of the day, an increase in volatility and change in the trend are highly likely.
Potential reversal zones
Resistance:
- 1.1960/1.1990
Support:
- 1.1900/1.1870
Recommendations:
In the first half of the trading day, it will be possible to open short-term long positions with a smaller lot size on EUR/USD. The upward potential should be limited to the calculated resistance zone. Then, you should change your trading strategy and track sell signals
AUD/USD
Analysis:
The aussie reached the borders of a strong reversal zone owing to the upward trend. The price has been correcting since February 25. The wave structure consists of waves A and B. Yesterday's downward trend has a reversal potential and may mark the beginning of the final wave (C).
Forecast:
In the first half of the day, a short-term upward trend is expected. By the end of the day, the price is likely to reverse and go down to the calculated support zone.
Potential reversal zones
Resistance:
- 0.7800/0.7830
Support:
- 0.7730/0.7700
Recommendations:
When buying AUD/USD, you should be careful and reduce the lot size. Short positions are preferable from the resistance zone.
GBP/JPY
Analysis:
The upward trend on GBP/JPY has dominated the market since last spring. The price has been within the borders of a strong resistance zone in a high time frame. An incomplete wave started on February 26 in a low time frame. A correction has almost ended. The final wave (C) is missing.
Forecast:
The pair is likely to move sideways along the borders of the support zone during the upcoming trading session. By the end of the day, the trend may reverse and a breakout to the resistance zone may occur.
Potential reversal zones
Resistance:
- 152.10/152.40
Support:
- 151.40/151.10
Recommendations:
Only intraday trading on GBP/JPY with smaller lots will be possible today. Long positions will be a priority.
Note: In simple wave analysis, we review a three-wave pattern labeled A-B-C and analyze the last unfinished wave. Straight arrows show the formed wave structure, while dashed lines show the expected movements.
Warning: The wave pattern does not take into account the duration of the instrument's movements in time!
