FX.co ★ Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY, GOLD on April 12

EUR/USD

Analysis:

The direction of the short-term trend of the pan-European currency is set by the bearish wave algorithm of January 6. In a larger wave of the global trend, this is a correction area. Since March 31, the price has been rolling back up. The wave level of the movement does not exceed the scale of the intermediate pullback.

Forecast:

In the next trading sessions, the bullish course of the movement is expected to continue, until the full completion of the price increase. In the first half of the day, a sideways movement along the support zone is more likely. By the end of the day, an increase in activity is expected.

Potential reversal zones

Resistance:

- 1.1950/1.1980

Support:

- 1.1880/1.1850

Recommendations:

In the conditions of flat trading, transactions on the euro market are possible only in fractional lots within the intraday. Today, it is safer to give priority to the pair's purchases.

AUD/USD

Analysis:

The main vector of the movement of the Australian dollar in the main pair is set by an upward trend wave. The price is in the area of a strong potential reversal zone. A correction has been forming along with it in the last month and a half. From April 1, at the end of this wave, an upward reversal pattern is formed, which will be the beginning of the next wave of the trend.

Forecast:

Today, we expect the end of the sideways flat that has been going on for the past week. Further, in the area of the support zone, a change in the exchange rate and the beginning of a price rise is expected. The upper limit of the probable daily course is shown by the resistance zone.

Potential reversal zones

Resistance:

- 0.7660/0.7690

Support:

- 0.7600/0.7570

Recommendations:

In the next trading sessions on the "Aussie" market, it is recommended to track the purchase signals of the instrument.

GBP/JPY

Analysis:

The main direction of movement since March of last year is set by an upward wave. After reaching the lower limit of strong resistance since the end of February, a correction began on the chart. The wave has a structure of the complex shape, most of all resembling a stretched plane.

Forecast:

In the first half of the day, a flat mood of the price movement is expected today. It is possible to decline to the support area. By the end of the day, you can expect activation and re-ascent to the area of the resistance zone.

Potential reversal zones

Resistance:

- 150.80/151.10

Support:

- 149.90/149.60

Recommendations:

Today, trading transactions on the pair's market are more secure within the intraday. Sales can be risky. After the appearance of clear reversal signals, it is recommended to buy the pair.

GOLD

Analysis:

The main course of the price movement of gold since August last year is set by a bearish trend wave. Since the end of February, the price has been adjusted in a flat corridor, forming a stretched plane. The wave has entered its final phase.

Forecast:

In the coming day, the price of the instrument is expected to move in the price corridor between the nearest counter zones. In the European session, we can expect a decline in the area of the support zone. By the end of the day or tomorrow, a change in the vector is likely, with a second rise in the resistance area.

Potential reversal zones

Resistance:

- 1755.0/1760.0

Support:

- 1730.0/1725.0

Recommendations:

Until the end of the entire correction wave, gold sales are premature. In trading transactions, it is recommended to use a fractional 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 one shows the expected movements.

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