GBP/USD
Analysis:
The upward trend continues in the major market of the British pound. The incomplete wave on the main course counts down from May 3. In the wave structure, the correction part (B) develops along the strong resistance zone. In recent days, the structure of the wave has become more complex. It lacks the final section.
Forecast:
There is a high probability of a flat mood in the next trading sessions, with an upward movement vector. The growth of the exchange rate is possible not above the resistance zone. At the end of the day or tomorrow, you can expect a return to the bearish direction. In the event of a breakout of the nearest support, the decline will continue to the next zone.
Potential reversal zones
Resistance:
- 1.4170/1.4200
Support:
- 1.4100/1.4070
- 1.4030/1.4000
Recommendations:
The upcoming depreciation of the pound goes against its trend. When selling, it is recommended not to go beyond individual sessions and reduce the trading lot. It is safer to wait for the rollback to complete and look for buy signals at the end of it.
AUD/USD
Analysis:
A bullish trend dominates the Australian dollar major market. A correction has been developing along the lower border of the strong reversal zone since February. The unfinished section counts down from May 10. In the structure of this wave, the middle part (B) is nearing completion in the form of shifting planes.
Forecast:
Today, the pair's price is expected to flat in the price corridor between the nearest counter zones. After an attempt to put pressure on the support, a reversal and an increase in the rate to the resistance area is likely.
Potential reversal zones
Resistance:
- 0.7750/0.7780
Support:
- 0.7690/0.7660
Recommendations:
Today, trading on the pair's market is only possible in separate sessions with a fractional lot. As a result, purchases of the pair are more promising.
USD/JPY
Analysis:
The ascending wave sets the direction of the short-term trend of the main pair of the Japanese yen from January 6. A stretched descending plane has been forming in its structure since the beginning of March. All price movements of the last two months do not go beyond this wave.
Forecast:
On the next day, the full completion of the upward movement vector, the formation of a reversal, and the beginning of the price move down are expected. The calculated support shows the lower limit of the expected daily course of the pair.
Potential reversal zones
Resistance:
- 109.80/110.10
Support:
- 109.30/109.00
Recommendations:
Trading the yen today is possible within the intraday, with a reduced lot. There are no conditions for purchases on the market. It is recommended to track sell signals in the area of the calculated resistance.
GOLD
Analysis:
An upward wave sets the direction of movement of the gold price since the end of February. On a large scale of the chart, this section corrects the trend. The wave structure is not complete. The price is within a strong reversal zone. The price correction that began on May 26 has become more complicated.
Forecast:
Today, the price decline that started last week is expected to continue. In the next session, a short-term rise in the area of the resistance zone is not excluded. The support zone is located at the upper boundary of the intended target zone.
Potential reversal zones
Resistance:
- 1870.0/1875.0
Support:
- 1845.0/1840.0
Recommendations:
Sales in a growing market are risky and can be unprofitable. Therefore, it is safer to reduce the trading lot as much as possible. The optimal tactic is to refrain from entering the pair's market for the duration of the decline and to track the buy signals at its end.
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.
Attention: 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