GBP / USD pair
The unfinished wave model of the British pound has a bearish sentiment on May 3. The first 2 parts are completely formed in the wave structure. While ascending since May 23, the plot of the schedule corrects the beginning of the final part (C). The price is within the wide potential reversal zone of the monthly timeframe of the chart.
Forecast:
Today, it is expected that the pair will continue its current ascending course up to its full completion. The nature of price fluctuations is likely to be flat. By the end of the day, the chance of a change in the rate and the price move down is increasing. With a reversal, a short-term price breakthrough of the upper resistance line is possible. The support zone will limit the range of the pair's daily movement.
Recommendations:
For trading on long-term parts of the chart, the best solution is to stay out of the market. Supporters of transactions within the sessions can make short-term sales. When the price approaches the support zone, it is wiser to complete the transaction due to the high probability of a pullback.
Resistance zones:
- 1.2740 / 1.2770
Support areas:
- 1.2670 / 1.2640
AUD / USD pair
The direction of short-term trends is given by the bear wave algorithm of April 17. As part of the last trend section of May 20, an upward pullback began at the end of last week. The price is located at the lower boundary of the settlement zone.
Forecast:
Today, a flat mood of movement is expected in the first half of the day with a general upward vector. The likelihood of a reversal and a change in the direction of the intersessional trend increases by the end of the day. Further breakthrough to the support zone in the next few days is unlikely to happen.
Recommendations:
The upcoming flat price of "Aussie" is better to miss. The style inside the session allows short-term purchases, followed by a reversal of the vector of transactions. Contracts for sale from the zone of resistance may be promising for the international trade style.
Resistance zones:
- 0.6940 / 0.6970
Support areas:
- 0.6890 / 0.6860
The simplified wave analysis uses waves consisting of 3 parts (A – B – C). Each of these analyzes the last incomplete wave. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure and the dotted exhibits the expected movement.
Note: The wave algorithm doesn't take into account the duration of tool movements over time.
The material has been provided by InstaForex Company - www.instaforex.com