FX.co ★ Simplified wave analysis and forecast for GBP/USD, AUD/USD, USD/JPY, GOLD on June 23

GBP/USD

Analysis:

Bullish momentum has been developing on the main pair of the British pound chart for more than a year. Since the end of February, a correction is formed in the form of a shifting plane. By the current day, its structure looks complete, but there are no signals of an imminent change of course. The ascending section from June 21 has not yet gained enough wave level to start a reversal.

Forecast:

In the coming day, the end of the upward mood, the formation of a reversal and a price pullback down are expected. The calculated zones indicate the anticipated limits of the daily range.

Potential reversal zones

Resistance:

- 1.3970/1.4000

Support:

- 1.3870/1.3850

Recommendations:

Trading on the major pound market today is only possible in separate trading sessions, with a reduced lot. Before the appearance of clear reversal signals, the pair's sales are more promising.

AUD/USD

Analysis:

As part of the dominant bullish momentum on the Australian dollar chart, a downward correction plane has been formed since the end of February. The structure of this wave looks complete, the proportions of all the parts are observed. But the price rise that began last Friday does not have a reversal potential at the analysis time.

Forecast:

Today, the general flat mood of the pair's price movement is expected. After an attempt to put pressure on the resistance zone in the first half of the day, a change of course and a decline in the support area is likely. After that, the growth of the exchange rate may resume.

Potential reversal zones

Resistance:

- 0.7570/0.7600

Support:

- 0.7490/0.7460

Recommendations:

Trading activity on the "Aussie" market today is better to suspend or reduce until there are clear signals to buy the pair. Up to this point, short-term sales are safer.

USD/JPY

Analysis:

The direction of the short-term trend of the Japanese yen in the main pair is set by the downward wave from March 31. In its structure, the middle part (B) is formed upwards. The price is approaching the lower border of the preliminary target zone.

Forecast:

Over the next day, the bullish vector of movement is expected to end, forming a reversal and the beginning of a price decline. The support zone shows the lower limit of the expected daily volatility.

Potential reversal zones

Resistance:

- 110.90/111.20

Support:

- 110.30/110.10

Recommendations:

Purchases in the Japanese yen market have limited potential today. Conditions have not yet been created for sale. The optimal tactic is to refrain from entering the pair's market until more clear signals appear.

GOLD

Analysis:

On the gold chart since August last year, the trend direction is set by a downward wave. Its unfinished section counts from June 1. The quotes have reached the boundaries of the intermediate support, along which the price has been forming a pullback since the end of last week.

Forecast:

Today, the price is expected to move in a side corridor between the nearest oncoming zones. In the first half of the day, a decline is likely. The greatest activity and growth of the exchange rate can be expected by the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1795.0/1800.0

Support:

- 1765.0/1760.0

Recommendations:

It is better to limit trading activity on the gold market today within the framework of individual sessions. When purchasing, you should be careful. Sales of the instrument are more promising.

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!