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FX.co ★ Simplified wave analysis and forecast for GBP/USD, USD/JPY, USD/CHF, GOLD on May 14

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Forex Analysis:::2021-05-14T09:06:12

Simplified wave analysis and forecast for GBP/USD, USD/JPY, USD/CHF, GOLD on May 14

GBP/USD

Analysis:

The bullish trend continues to dominate on the chart of the major British pound. After the horizontal correction, the price has been forming a reversal pattern in the direction of the main course since May 3. In its structure, the middle part (B) has been formed since the end of last week.

Forecast:

Today, the probability of a general horizontal motion vector is high. In the European session, we can expect a short-term increase to the resistance zone. In the second half of the day, the probability of a return to the downward rate increases.

Potential reversal zones

Resistance:

- 1.4070/1.4100

Support:

- 1.3990/1.3960

Recommendations:

Trading in the British pound carries increased risks. It is recommended to focus on selling, with a reduction in the size of the trading lot. It is better to exit the trades at the first turn signals.

Simplified wave analysis and forecast for GBP/USD, USD/JPY, USD/CHF, GOLD on May 14

USD/JPY

Analysis:

The last wave that was not completed at the time of the analysis started on April 19. It coincides with the vector of a short-term upward trend. The wave structure looks complete. The price has reached the potential reversal zone.

Forecast:

In the next trading sessions, a "sideways movement" is expected along the resistance zone. By the end of the day, the probability of a reversal increases, followed by a decline in the price in the area of the support zone.

Potential reversal zones

Resistance:

- 109.60/109.90

Support:

- 108.90/108.60

Recommendations:

Trading on the Japanese yen market today is risky and can be unprofitable. Short-term purchases with a reduced lot are allowed until clear reversal signals appear.

Simplified wave analysis and forecast for GBP/USD, USD/JPY, USD/CHF, GOLD on May 14

USD/CHF

Analysis:

A downward trend has been forming in the Swiss franc major market since the beginning of April. After a short-term correction, a bearish movement has been developing since May 12. With equal probability, this can be either a new wave on the trend or the middle part (B) of the current correction before that.

Forecast:

Today, the pair's chart is expected to show a flat movement mood. In the first half of the day, a downward vector is more likely. In the area of the support zone, a change in the exchange rate and a price pullback up to the resistance zone is expected.

Potential reversal zones

Resistance:

- 0.9080/0.9110

Support:

- 0.9020/0.8990

Recommendations:

The optimal tactic today is to refrain from entering the franc market until there are clear signals of selling the instrument in the area of the calculated resistance.

Simplified wave analysis and forecast for GBP/USD, USD/JPY, USD/CHF, GOLD on May 14

GOLD

Analysis:

Since August last year, the price of gold has been moving mainly down. Since the end of February, the instrument's rate has been rolling up, forming a correction. The movement is approaching the final phase. The quotes support the intermediate support.

Forecast:

In the first half of the day, the price will continue to move sideways. Within the price range, after an attempt to rise, you can expect a price pullback down. Activation is likely at the end of the day. In case of a successful breakout of the nearest resistance, you can expect a continuation of growth up to the next zone.

Potential reversal zones

Resistance:

- 1875.0/1880.0

- 1840.0/1845.0

Support:

- 1815.0/1810.0

Recommendations:

In the near future, there will be no conditions for selling on the gold market. It is recommended to monitor all emerging signals for the purchase of the instrument.

Simplified wave analysis and forecast for GBP/USD, USD/JPY, USD/CHF, GOLD on May 14

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 line shows the expected movements.

Attention: The wave algorithm does not take into account the duration of the tool movements in time!

Analyst InstaForex
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