FX.co ★ Simplified wave analysis and forecast for GBP/USD and AUD/USD on July 10

GBP/USD

Analysis:

On the price chart of the British pound, the formation of a complex corrective bearish structure of the daily scale continues. In the last incomplete section from June 10, the middle part of the movement (B) is close to the end.

Forecast:

Today, we expect the completion of yesterday's pullback and a second attempt to break up. You can expect a reversal in the area of settlement support. When changing the course, a short-term puncture of the lower border of the zone is not excluded. The growth phase is more likely in the US session.

Potential reversal zones

Resistance:

- 1.2660/1.2690

Support:

- 1.2570/1.2540

Recommendations:

The main attention today should be paid to the search for signals to buy the pound. It is worth taking into account the limited potential of the current rise and the high probability of a change in the short-term trend in the coming days.

AUD/USD

Analysis:

The movements of the Australian dollar fit into the correction algorithm of the dominant upward trend since March. Over the past month, the price has moved in a lateral plane, forming a horizontal pennant. The wave entered its final phase.

Forecast:

Today, the general downward mood of the movement is expected. In the next session, a short-term rise to the resistance area is possible. The calculated support shows the upper limit of the preliminary target zone of the current correction.

Potential reversal zones

Resistance:

- 0.6960/0.6990

Support:

- 0.6890/0.6860

Recommendations:

There are no conditions for purchases on the market today. At the end of counter movements, pair sales are recommended. It is worth considering the limited potential of the current decline.

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 arrows shows the formed structure, and the dotted ones the expected movements.

Note: The wave algorithm does not take into account the duration of the tool movements in time!