FX.co ★ Simplified wave analysis and forecast of GBP/USD and AUD/USD on August 12

GBP/USD

Analysis:

The scale of the upward movement of the British pound, which began in March, exceeds the level of the daily time frame. In the process of rising, the quotes reached the lower limit of a wide potential reversal zone. Before a larger decline, you can wait for a second attempt at price growth.

Forecast:

Today, the pair's flat mood is expected to end and the beginning of the upward section is expected. It can become quite active and reach the level of long-range resistance in the next day. When changing the course, a short-term puncture of the lower border of the support zone is not excluded.

Potential reversal zones

Resistance:

- 1.3200/1.3230

- 1.3100/1.3130

Support:

- 1.3020/1.2990

Recommendations:

Trading the pound in the market today is possible within the intraday. There are no conditions for sales. After the corresponding signals appear, it is recommended to open long positions. The potential for price growth is limited by two price figures.

AUD/USD

Analysis:

A powerful upward wave has been forming in the Australian dollar market since March, giving rise to a long-term trend. The price has reached the intermediate resistance zone. Along its lower border, the price has been developing a correction for the past month and a half. The movement is in its final phase.

Forecast:

Today, the general downward mood of price fluctuations is expected. A short-term rise is possible in the next session. The end of the entire current correction wave is expected in the area of settlement support.

Potential reversal zones

Resistance:

- 0.7130/0.7160

Support:

- 0.7080/0.7050

Recommendations:

Trading transactions today are only possible within the intraday style. Until clear reversal signals appear, sales are recommended. Then you should expand your trading positions.

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 show the expected movements.

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