EUR/USD
Analysis:
The European currency has been extending its fall since the beginning of last year. The pair has reached the upper limit of a strong potential reversal zone. The unfinished wave section of the main trend has been developing since April 4. The middle part (B) of the wave structure is about to finish its formation.
Forecast:
In the coming days, the pair is expected to follow the downtrend. After completing a pullback to the resistance area, the price is likely to reverse and resume its decline.
Potential reversal zones
Resistance:
- 1.0860/1.0890
Support:
- 1.0770/1.0740
Recommendations:
Today, there are no buying opportunities for EUR/USD. It is recommended to track sell signals of your trading system generated near the estimated resistance zone. The downside potential is limited by the estimated support level.
USD/JPY
Analysis:
Since the beginning of last year, the Japanese yen has been rapidly depreciating against the US currency. The pair has reached strong resistance on the monthly chart. To continue the uptrend, the wave structure needs to develop through a correction.
Forecast:
Today, the pair is expected to trade sideways as in the previous sessions. In the course of the session, the quote is likely to decline towards the estimated support level. Later in the day or tomorrow, the pair may resume growth and attempt to retest the resistance area.
Potential reversal zones
Resistance:
- 128.50/128.80
Support:
- 127.40/127.10
Recommendations:
Selling USD/JPY may be risky today and may lead to losses. It is recommended to refrain from entering the market until you get confirmed buy signals near the support zone.
GBP/JPY
Analysis:
On the GBP/JPY chart, the weekly ascending wave continues its formation. The price reached the next resistance level where it started an intermediate correction. According to preliminary estimates, the pair is likely to decline by no less than 3 pips from the current level.
Forecast:
Today, the price is expected to decline further. In the first half of the day, a short-term flat movement is possible along the resistance zone. In the afternoon, trading activity may increase. A breakout below the lower boundary of the estimated support zone is unlikely today.
Potential reversal zones
Resistance:
- 166.40/166.70
Support:
- 165.30/165.00
Recommendations:
Today, there are no conditions for buying the pair. It is recommended to track emerging sell signals when the price finishes a rebound.
GOLD
Analysis:
Since March 8, gold has been forming a downward zigzag pattern on the chart. For the whole month, the price has been building the corrective part of the wave (B). At the time of writing, its structure is still not complete.
Forecast:
In the coming days, gold is expected to develop an uptrend. Today, the quote may stay in the sideways channel, moving along the support level in the first half of the day. The phase of active growth is likely to start at the end of the day or at the beginning of the next week.
Potential reversal zones
Resistance:
- 1980.0/1985.0
Support:
- 1950.0/1945.0
Recommendations:
In the coming days, there will be no selling opportunities in the gold market. It is recommended to monitor emerging signals to buy the instrument. When opening trades, you should keep in mind the limited potential of the upcoming rise.
Explanation: In simplified wave analysis (SWA), waves consist of 3 parts (A-B-C). We analyze the last unfinished wave. The solid arrow background shows the structure that has been formed. The dashed lines show the expected movements.
Note: The wave algorithm does not take into account the duration of the instrument's movements over time!
