EUR/USD
Analysis:
The daily chart of the European currency indicates a downtrend. The wave dates back from the start of 2021. All counter-movements are limited to the correction of separate parts. The unfinished section has been descending since March 9. The wave is developing in the form of a stretched plane.
Outlook:
In the next 24 hours, the price is expected to move from the calculated resistance to the support area. Change in the direction of price movements is more likely at the end of the day.
Potential reversal zones
Resistance:
- 1.1070/1.1100
Support:
- 1.0980/1.0950
Recommendations:
There are no conditions for buying the euro today. After the formation of reversal signals in the resistance area, short-term sales of the instrument will be possible.
USD/JPY
Analysis:
The upward wave, which has been setting the main trend direction for the last two years, reached the lower boundary of the strong resistance zone. The wave structure looks complete. The downward section of the price movement from March 28 has reversal potential and may be the beginning of a counter-wave structure. The price has formed an upward pullback recently.
Outlook:
During the current day, the price is expected to move in the corridor between the nearest zones. An upward vector is likely in the first half of the day. A reversal and decline to the support area is possible at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 123.50/123.80
Support:
- 122.40/122.10
Recommendations:
Today, trading the USD/JPY pair is more risky and may lead to losses. It is recommended not to enter the market until the current price rise ends, searching for selling points near the resistance area.
GBP/JPY
Analysis:
Today, the current wave of the GBP/JPY pair is upward, dating back from March 7. A counter correction in the form of a zigzag has been forming within this movement since March 28. Its structure lacks the final part.
Outlook:
Today, change in the trend and the price decline to the support zone is likely after the probable pressure on the resistance zone. A short-term piercing of the upper boundary of the calculated resistance is possible with a reversal.
Potential reversal zones.
Resistance:
- 161.20/161.50
Support:
- 159.80/159.50
Recommendations:
Today, short-term sales will be likely after formation of the reversal signals near the resistance zone. It is recommended to trade in small lots.
GOLD
Analysis:
A downward correction is being formed within the dominant upward wave from March 8. The middle part (B) has been developing sideways In the structure of this wave for the last three weeks.
Outlook:
Gold prices are expected to move from the support zone to the area of calculated resistance over the next few days. Then a reversal and return to the current price levels is likely.
Potential reversal zones
Resistance:
- 1945.0/1950.0
Support:
- 1915.0/1910.0
Recommendations:
Today, short-term trading on the gold market is possible within the price corridor marked by the opposite zones. It is advisable to reduce the trading lot.
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!