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FX.co ★ Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY, USD/CAD on May 17

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Forex Analysis:::2021-05-17T06:51:36

Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY, USD/CAD on May 17

EUR/USD

Analysis:

For more than a year, the quotes of the European currency have been moving up with upward momentum. The last section of the trend starts from the end of April. In the structure of this wave, a horizontal correction is formed. The structure lacks the final part.

Forecast:

In the upcoming trading sessions, a general sideways rate is expected, with a weak downward vector. The probability of a return to the bullish course of movement increases. In the event of a breakout of the nearest resistance, the price growth will continue to the next zone.

Potential reversal zones

Resistance:

- 1.2240/1.2270

- 1.2150/1.2180

Support:

- 1.2090/1.2060

Recommendations:

Until the end of the current correction, euro sales are possible only in separate sessions, with a reduced lot. When a reversal signal appears in the area of the support zone, it is recommended to track the signals for buying the pair.

 Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY, USD/CAD on May 17

AUD/USD

Analysis:

Since March last year, the direction of the price movement of the major Australian dollar is set by an upward momentum. Over the past four months, the price has been moving along a strong resistance zone. Based on several signs at once, we can assume that this wave is close to completion.

Forecast:

Today, there is a high probability of price movement in the side corridor between the opposite zones—possible pressure on the support zone. At the end of the day or tomorrow, you can expect an increase in activity, a reversal, and a price rise to the resistance area.

Potential reversal zones

Resistance:

- 0.7780/0.7810

Support:

- 0.7710/0.7680

Recommendations:

Trading on the pair's market today is possible with a fractional lot within the intraday. Until clear reversal signals appear in the area of the resistance zone, purchases are not recommended.

 Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY, USD/CAD on May 17

GBP/JPY

Analysis:

As a result of the price growth, the pound/yen cross quotes have reached the boundaries of a strong reversal zone of a large TF. The unfinished section in the direction of the trend counts down from April 23. Over the past week, the price has been moving sideways, forming the beginning of a counter correction (B).

Forecast:

Today, the pair is expected to move in the lateral plane, mainly with a descending vector. In the area of the support zone, you can expect a reversal and the beginning of a price rise. The calculated zones indicate the boundaries of the expected daily range.

Potential reversal zones

Resistance:

- 154.20/154.50

Support:

- 153.50/153.20

Recommendations:

Today, trading the pair is possible only within the framework of individual trading sessions, according to the expected sequence. After the reversal signals appear in the support area, it is recommended to focus on the pair's purchases.

 Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY, USD/CAD on May 17

USD/CAD

Analysis:

A downward trend dominates the Canadian dollar major chart. The price has reached the boundaries of a potential reversal zone. The last section of the main course starts on April 21. A hidden correction has been completed in the wave structure. The descending section from May 13 has a reversal potential.

Forecast:

There is a high probability of a flat movement with a general upward vector in the coming sessions. Previously, short-term pressure on the support zone was not excluded. The resistance zone shows the upper limit of the expected price move.

Potential reversal zones

Resistance:

- 1.2180/1.2210

Support:

- 1.2100/1.2070

Recommendations:

Today, trading on the pair market carries an increased degree of risk. It is optimal to refrain from trading until the rollback is completed. After the appearance of clear reversal signals in the calculated resistance zone, sales are recommended.

 Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY, USD/CAD on May 17

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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