FX.co ★ Simplified wave analysis and forecast for GBP/USD, USD/JPY, GOLD on April 27

GBP/USD

Analysis:

The direction of fluctuations in the British pound price in the short term is set by the algorithm of the descending wave of February 24. Within the global trend, there is a correction. And the structure of this wave, which is the final part (C), started on April 20. Within its framework, the price has been rolling up since the end of last week.

Forecast:

There is a high probability of price drift in the corridor between the opposite zones in the subsequent trading sessions. In the first half of the day, pressure on the support zone is not excluded. The growth phase can be expected at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1.3940/1.3970

Support:

- 1.3860/1.3830

Recommendations:

Until the current pullback is completed, trading in the pound market can be risky. Short-term purchases with fractional lots are possible. When reversal signals appear in the area of the resistance zone, it is recommended to sell the instrument.

USD/JPY

Analysis:

The current wave structure on the chart of the Japanese yen major at the time of analysis is the horizontal bearish plane of March 9. Its structure looks finished. Confirmation of the imminent change of the rate is the ascending section from April 19, which has the reversal potential. Over the past week, the price has been moving along the upper limit of the strong support.

Forecast:

The flat mood is expected to continue in the coming day, with a gradual increase in volatility. In the European session, an upward movement vector is more likely. From the resistance zone at the end of the day, you can expect a change in the course and the price move down.

Potential reversal zones

Resistance:

- 108.60/108.90

Support:

- 107.90/107.60

Recommendations:

In the near future, this pair is not the best option for conducting trade deals. According to the expected sequence, short-term pipsing is possible within individual sessions with a reduced lot.

GOLD

Analysis:

The rate of the main trend of gold is bearish. Since the end of February, a counter correction wave has been forming on the chart, and the structure is nearing completion. It lacks the final section. The calculated resistance runs along the lower boundary of the preliminary target zone.

Forecast:

The most likely scenario for the subsequent sessions will be a "sideways" along with the calculated support. Further activation and a new attempt to break up are expected. Activity can be expected by the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1815.0/1820.0

Support:

- 1775.0/1770.0

Recommendations:

There are no conditions for selling on the gold market today. It is recommended to monitor the emerging signals for the purchase of the instrument.

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 line shows the expected movements.

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