Analysis:
The analysis of the daily chart of the main European currency pair shows the incompleteness of the latest wave structure from July 14 of last year. The final part (C) takes the form of a shifting plane. At the time of analysis, it lacks the final segment.
Forecast:
The overall upward trend of the euro's price movements is expected to continue in the upcoming week. A downward vector is more likely in the first few days, with a decline towards the support zone. A change in direction and the resumption of price growth can be expected closer to the weekend.
Potential Reversal Zones
Resistance:1.0990/1.1040Support:1.0740/1.0690Recommendations:
Purchases: Premature until confirmed reversal signals appear near the support zone.Sales: Can be used with a reduced lot within individual sessions, with a potential move to the support zone.USD/JPYAnalysis:
The upward wave algorithm from May 3 of this year sets the direction of short-term fluctuations in the major yen pair. In recent weeks, the price has formed the middle part of wave (B) in the form of a shifting plane, which was not completed at the time of analysis. Quotes are approaching the lower boundary of the powerful potential reversal zone of the weekly timeframe.
Forecast:
In the coming days, the downward movement vector is expected to continue, with a decline in quotes no further than the support zone boundaries. A shift to a sideways course is highly likely to follow. A change in direction with the resumption of price growth can be expected closer to the weekend.
Potential Reversal Zones
Resistance:162.50/163.00Support:159.30/158.80Recommendations:
Purchases: Risky until confirmed signals appear near the support zone on your trading systems.Sales: Can be used with a reduced lot within individual sessions. The potential is limited by support.GBP/JPYAnalysis:
The bullish trend algorithm has set the direction of price fluctuations in the pound/yen cross for the past few years. The price has reached the boundaries of the potential reversal zone of the weekly timeframe. The latest, as yet incomplete segment starts from the beginning of May. The analysis of the wave structure shows the need for a correction. There are no signals of an imminent change in direction on the chart.
Forecast:
The upcoming week is expected to continue the pair's overall sideways movement. After the flat phase of the movement, another round of price growth will follow, up to the calculated resistance boundaries. The highest volatility is likely at the end of the week.
Potential Reversal Zones
Resistance:208.00/208.50Support:204.50/204.00Recommendations:
Sales: Highly risky and may lead to deposit loss.Purchases: Can be used in trading after the appearance of confirmed signals on the chart.USD/CADAnalysis:
The price fluctuations of the major Canadian dollar pair fit into the algorithm of a downward plane that has dominated the daily chart for the past two years. The unfinished segment of the main course dates back to mid-April. The price is moving along the lower boundary of the large-scale potential reversal zone. The structure lacks the final segment.
Forecast:
In the next couple of days, the pair's quotes will continue to move sideways along the resistance, creating conditions for a change in direction. In the second half of the week, increased volatility and the resumption of downward movement can be expected.
Potential Reversal Zones
Resistance:1.3670/1.3720Support:1.3490/1.3440Recommendations:
Purchases: No conditions for such transactions in the pair's market.Sales: After confirmed reversal signals appear in the resistance zone, they may become the main trading direction.NZD/USDBrief Analysis:
The bearish wave algorithm sets the overall direction of the New Zealand dollar's price trend since July last year. The middle part of the wave (B) is nearing completion. The upward segment from April 18 is not yet finished, and the wave lacks the final part.
Weekly Forecast:
The upward vector is likely to continue at the beginning of the upcoming week, with the pair rising to the resistance zone. After that, a reversal and the resumption of the bearish movement can be expected. A brief breach of the upper boundary of the resistance cannot be ruled out during the course change. The highest volatility is likely at the end of the week.
Potential Reversal Zones
Resistance:0.6200/0.6250Support:0.6040/0.5990Recommendations
Purchases: Have limited potential. It is advisable to reduce the lot in transactions.Sales: This will become relevant after confirmed reversal signals appear in the support area.GoldAnalysis:
Gold quotes continue to form the corrective segment of the instrument's upward trend, which started in March. The correction takes the form of an extended plane. At the time of analysis, this wave is not completed. The calculated resistance runs along the upper boundary of the weekly-scale potential reversal zone.
Forecast:
The price rise is expected to continue during the upcoming week. Near the resistance zone, a stop and the formation of reversal conditions can be expected. The likelihood of a decline in gold prices increases closer to the weekend.
Potential Reversal Zones
Resistance:2405.0/2420.0Support:2330.0/2315.0Recommendations:
Purchases: Premature until confirmed reversal signals appear.Sales: Can be used with fractional lots below the resistance zones within individual trading sessions.Explanations: In simplified wave analysis (SWA), all waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed on each timeframe. Expected movements are shown with dashed lines.
Note: The wave algorithm does not account for the duration of movements of instruments over time.