GBP/USD
Analysis:
On the chart of the main pair of the British pound, the bullish trend continues for more than a year. The price has reached the boundaries of a strong reversal zone. An incomplete wave of small scale counts down from May 3. In the last two weeks in its structure, the price forms a flat correction (B). The ascending section from May 19 has a reversal potential and may be the beginning of the final part (C).
Forecast:
Today, the general flat mood of the movement in the side corridor between the oncoming zones is most likely. In the first half of the day, you can expect a decline in the support area. A change in the exchange rate and price growth is more likely at the end of the day.
Potential reversal zones
Resistance:
- 1.4200/1.4230
Support:
- 1.4100/1.4070
Recommendations:
Trading in the pound today is possible in separate trading sessions. Sales are riskier. It is more reasonable to reduce the lot in them. In the area of settlement support, it is recommended to track the signals for the purchase of the instrument.
USD/JPY
Analysis:
The price on the daily TF chart of the Japanese yen has been forming a horizontal correlation wave since March of this year. On a small scale, a descending wave model has been developing since May 13. In its structure, the middle part (B) takes its shape in the side flat.
Forecast:
On the next day, the price of the pair is expected to move in the lateral plane. The boundaries of the price corridor are indicated by the settlement zones. A change in the direction of movement is likely already in the European session.
Potential reversal zones
Resistance:
- 109.30/109.60
Support:
- 108.60/108.30
Recommendations:
Trading the Japanese yen today can only be safe within the intraday, a fractional lot. Until clear reversal signals appear in the area of the resistance zone, sales are not recommended.
USD/CHF
Analysis:
The direction of the short-term trend of the Swiss franc in the main pair is set by the bearish wave of April 1. The price has reached the boundaries of a strong reversal zone. In the last three weeks, a hidden correction has been formed in the structure, which is still incomplete.
Forecast:
Today, it is expected to continue the "sideways" that began in recent days. In the first half of the day, the probability of a short-term price increase remains, no further than the resistance zone. After that, you can wait for a reversal and a second attempt to decline.
Potential reversal zones
Resistance:
- 0.9000/0.9030
Support:
- 0.8940/0.8910
Recommendations:
Trading in flat conditions can be unprofitable for the deposit. It is recommended to refrain from entering the market of the pair during the price pullback up. The area of the resistance zone is suitable for tracking sell signals.
GOLD
Analysis:
The direction of the trend in the gold market since August last year is set by a downward wave. A correction is developing in its structure. The rising wave from February 26 reached the lower limit of the strong reversal zone. The structure of this movement looks complete. However, there are no signals of an imminent change of course on the chart.
Forecast:
In the first half of the day, there is a high probability of a sideways movement along the support zone. By the end of the day, a reversal and the beginning of price growth is expected up to the resistance zone.
Potential reversal zones
Resistance:
- 1900.0/1930.0
Support:
- 1875.0/1870.0
Recommendations:
Until there are clear signals of a change in the trend, selling gold is premature. The support zone shows the safest area for buying the instrument. The growth potential is limited by the resistance zone.
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!