GBP/USD
Analysis:
The upward wave of the British pound from March 18 reached the lower limit of a large potential reversal zone. The wave structure is not complete.
Forecast:
Today, there is a high probability of renewed pressure on the upper reversal zone. The overall upward mood of the price movement is expected and a short-term pullback to the support zone is not excluded in the next trading session.
Potential reversal zones
Resistance:
- 1.2830/1.2860
Support:
- 1.2730/1.2700
Recommendations:
There are no conditions for selling the British pound on the market today. At the end of the rollback movements, it is recommended to buy the instrument. The potential of transactions is limited by the size of the daily move.
AUD/USD
Analysis:
The direction of the Australian dollar since mid-March is set by an upward wave. Its last section started on May 4. Since the beginning of June, the chart has formed a flat correction. Yesterday's price rise has a reversal potential and will be the beginning of the next part of the trend wave.
Forecast:
During the next trading sessions, it is expected that the reversal structure will be completed and the active phase of the rise will begin. If the nearest resistance is broken, the rise to the next zone is possible today.
Potential reversal zones
Resistance:
- 0.7100/0.7130
- 0.7000/0.7030
Support:
- 0.6950/0.6920
Recommendations:
There are no conditions for selling the pair in the Australian market today. It is recommended to track reversal signals at the ends of all rollback movements to enter long positions.
Explanation: 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.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
The material has been provided by InstaForex Company - www.instaforex.com