EUR/USD
In the dominant bearish wave on the euro chart from March 20, several wave zigzags of different scale are formed. In the main structure of April 12, the final part (C) develops, within the framework of which the correctional part (B) completed the formation last week. And already on the final part of the graph of May 1, the A-B sequence was formed.
Forecast:
The next sessions are expected to complete the upward rollback and the formation of a reversal. The upper limit of the preliminary target zone of the entire current bearish wave is the support zone.
Recommendations:
Short-term purchases can justify themselves only on the smallest TF. It is recommended to wait until the end of the upward pullback is completed and look for entry points to the pair's sales, while taking into account the small settlement potential of the entire decline.
Resistance zones:
- 1.1210 / 1.1240
Support zones:
- 1.1090 / 1.1060
GBP/USD
As part of the main downward wave of March 13, which sets the main vector of movement for the pound in recent months, the correction part (B) is nearing completion. Bullish wave has a complex structure of the wrong kind. The final section started on April 25. The price reached the lower limit of a wide potential reversal zone of a large scale. There are no signals of a change of course yet.
Forecast:
The current upward movement is expected to be completed in the next sessions. Short-term break of the upper limit of the resistance zone is not excluded.
Recommendations:
Buying a pair within the intraday is possible, but it is more reasonable to reduce the lot. At the first signs of a reversal, it is recommended to exit trading transactions and start tracking the instrument's sell signals.
Resistance zones:
- 1.3190 / 1.3220
Support zones:
- 1.3060 / 1.3030
USD/JPY
Since D1, ascending waves of different scale are formed on the yen charts from the beginning of the year. The last short-term wave counts down from March 25th. On April 12, within its framework, the correctional part (B) has been formed. By now, its structure looks complete and the calculated goal of the reduction has been achieved, but there are no signals of a change of course on the chart yet.
Forecast:
During the current day, the formation of an upward reversal structure is expected on the small yen charts, with the flat nature of price fluctuations. The beginning of price growth is likely at the end of the day or tomorrow.
Recommendations:
When trading a pair, you should take into account the small potential of sales. When the price reaches the support zone, it is recommended to start tracking the signals of a change of course, with the prospect of opening long positions.
Resistance zones:
- 111.40 / 111.70
Support zones:
- 110.50 / 110.20
Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A – B – C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.
Note: The wave algorithm does not take into account the duration of tool movements over time.
The material has been provided by InstaForex Company - www.instaforex.com