EUR/USD
Analysis:
The main trend direction of the European currency since March is set by an upward wave. Its last section started on November 4. Since the end of last week, the price has been forming an intermediate correction. After its completion, the price growth will continue.
Forecast:
Most of the current day should be expected to be flat. A downward vector is expected at the European session, up to the support zone. A reversal and re-ascent to the resistance area are likely by the end of the day.
Potential reversal zones
Resistance:
- 1.1860/1.1890
Support:
- 1.1780/1.1750
Recommendations:
With the euro's dominant bullish trend, sales are very risky. In the area of settlement support, we recommend tracking the instrument's purchase signals.
AUD/USD
Analysis:
The last upward wave of the Australian dollar from September 25 is moving in the direction of the dominant trend. Its structure shows a clear zigzag (A-B-C). The price has reached the lower limit of a strong potential reversal zone.
Forecast:
Price movements of the pair are expected today in the range between the opposite zones. In the first half of the day, a downward vector is likely. By the end of the day, you can expect activation and a repeated rise in the price to the resistance area.
Potential reversal zones
Resistance:
- 0.7320/0.7350
Support:
- 0.7250/0.7220
Recommendations:
Trading today is only possible within the intra-session style, with a reduced lot. Purchasing is a priority.
GBP/JPY
Analysis:
The dominant direction in the pound-yen pair's market since March is set by an upward trend. The latest wave on a short-term scale has been reporting since September 23. At the moment, it does not go beyond the correction part (B). The price has reached the upper limit of a wide large-scale resistance zone.
Forecast:
The most likely scenario of movement in the current day will be a corrective decline in the area of calculated support. Before the reversal, pressure may be applied to the resistance zone, with a puncture of its upper border.
Potential reversal zones
Resistance:
- 138.80/139.10
Support:
- 137.70/137.40
Recommendations:
Today, trading is only possible within the intraday. Sales of the instrument are more promising.
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 background shows the expected movements.
Note: The wave algorithm does not take into account the duration of the instrument's movements in time!