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FX.co ★ Simplified wave analysis and forecast for GBP/USD, AUD/USD, USD/CHF, GOLD on August 17

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Forex Analysis:::2021-08-17T08:03:13

Simplified wave analysis and forecast for GBP/USD, AUD/USD, USD/CHF, GOLD on August 17

GBP/USD

Analysis:

The ascending wave structure of July 20 gave rise to a new section of the global trend. In the structure of the wave, the first two parts (A-B) were completed. The upward movement that began on August 13 has a reversal potential. Before the price continues to grow, the price forms a pullback.

Forecast:

During the next trading sessions, the price decline is expected to complete, forming a reversal and the beginning of a price rise. When changing the course, a short-term puncture of the lower support border is not excluded.

Potential reversal zones

Resistance:

- 1.3870/1.3900

Support:

- 1.3790/1.3760

Recommendations:

Today's main attention when trading on the British pound market should be paid to the search for buy signals. The area of the calculated support zone is most suitable for this.

Simplified wave analysis and forecast for GBP/USD, AUD/USD, USD/CHF, GOLD on August 17

AUD/USD

Analysis:

A downward correction has been developing on the Australian dollar chart since February. The wave structure currently looks complete. The upward movement of July 21 does not go beyond the correction yet, forming mainly in the lateral plane.

Forecast:

Today, the sideways movement of the price is expected to continue in the price corridor formed on the chart. After pressure on support, a reversal is likely to form in the European session, and the movement vector will change to an upward one.

Potential reversal zones

Resistance:

- 0.7370/0.7400

Support:

- 0.7290/0.7260

Recommendations:

Trading on the pair's market in the near future will be safe only within the framework of individual trading sessions with a small lot. In the first half of the day, short-term purchases are possible.

Simplified wave analysis and forecast for GBP/USD, AUD/USD, USD/CHF, GOLD on August 17

USD/CHF

Analysis:

Since mid-June, a descending wave has been forming on the Swiss franc major chart. The wave structure looks like a shifting plane. On August 11, its final section (C) started.

Forecast:

The general bearish movement vector is expected to continue the next day. A short-term price increase to the resistance zone is not excluded in the first half of the day. The greatest activity is likely at the end of the day. The calculated support shows the expected lower limit of price fluctuations of the current day.

Potential reversal zones

Resistance:

- 0.9150/0.9180

Support:

- 0.9090/0.9060

Recommendations:

There are no conditions for franc purchases today. At the end of all upward movements, monitoring the signals for selling the pair is recommended.

Simplified wave analysis and forecast for GBP/USD, AUD/USD, USD/CHF, GOLD on August 17

GOLD

Analysis:

The direction of intraday gold trends is set by the bullish wave algorithm of August 9. The nature of price movements is close to impulse. The calculated resistance runs along the lower border of a strong potential reversal zone of a large TF.

Forecast:

Today, the upward mood of the pair's movement is expected to continue. In the first half of the day, a short-term pullback to the support area is not excluded.

Potential reversal zones

Resistance:

- 1815.0/1820.0

Support:

- 1780.0/1775.0

Recommendations:

There are no conditions on the market for the sale of gold today. Moreover, short-term purchases are possible at the end of all downward pullbacks. The daily growth potential limits the calculated resistance.

Simplified wave analysis and forecast for GBP/USD, AUD/USD, USD/CHF, GOLD on August 17

Explanations: 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 one shows the expected movements.

Attention: The wave algorithm does not consider the duration of the pair's movements in time!

Analyst InstaForex
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