GBP/USD
Analysis:
In the last three months, an upward stretching plane has been forming on the English pound's major chart. The price has been correcting down from the strong resistance zone since January 13. Estimated support will be the nearest zone that can stop the rate's decline.
Outlook:
Over the next 24 hours, price is expected to move from the resistance zone to the support area. A further downward breakout is expected in the next few days.
Potential reversal zones
Resistance:
- 1.3620/1.3650
Support:
- 1.3540/1.3510
Recommendations:
There are no conditions for opening long positions in the English pound market today. In the area of estimated resistance, it is recommended to monitor signals of your trading system to open short positions.
AUD/USD
Analysis:
The Australian dollar has been forming a new wave in a dominant bullish rate since early December. From the strong reversal zone since January 13, the price has been forming an opposite movement that does not go beyond a correction.
Outlook:
A general downward movement is expected in the pair's market over the next 24 hours. Flat trend is more likely to occur during the European session, with the price growth not exceeding the resistance levels. Downside movement can be expected in the second half of the day.
Potential reversal zones
Resistance:
- 0.7210/0.7240
Support:
- 0.7140/0.7110
- 0.7060/0.7030
Recommendations:
There are no conditions for buying in the Aussie market today. It is recommended to refrain from trading the pair until there are confirmed signals to sell the instrument in the resistance area.
USD/CHF
Analysis:
A horizontal shifting plane continues to form on the Swiss franc chart. The incomplete section has been taking place since January 10. Within it, the price has been correcting upwards in recent days.
Outlook:
In the first half of the day, sideways movement is likely, with a downward vector. A reversal and a return to a bullish direction can then be expected in the support zone.
Potential reversal zones
Resistance:
- 0.9200/0.9230
Support:
- 0.9140/0.9110
Recommendations:
Short-term small lot trades are possible in the franc market today within the boundaries of individual sessions. Opening long positions from the support area is more promising.
USD/CAD
Analysis:
As part of the dominant upward wave since the middle of last year, the Canadian dollar have been moving downwards since late December. The downward wave potential at the time of analysis does not exceed the retracement level. The price has been pulling back since the end of last week.
Outlook:
The upcoming trading sessions are expected to end the price flat, reverse and resume the downward price move. The estimated support shows the lower boundary of the possible daily range.
Potential reversal zones
Resistance:
- 1.2530/1.2560
Support:
- 1.2450/1.2420
Recommendations:
In the current flat conditions, trading in the Canadian dollar market is not recommended. The main focus should be on looking for confirmed sell signals around the resistance zone.
Explanation: In simplified wave analysis (SVA), waves consist of 3 parts (A-B-C). The last unfinished wave is analysed. The solid arrow background shows the structure formed. The dotted arrow shows the expected movements.
Attention: The wave algorithm does not take into account the duration of the instrument movements over time!
