FX.co ★ Simplified wave analysis and forecast for GBP/USD, USD/JPY, USD/CAD, GOLD on July 14

GBP/USD

Analysis:

The upward trend on the chart of the British pound led the pair's quotes to the area of a strong resistance zone. Since the end of February, the price has been forming a correction plane along its lower border. The wave has entered the final phase. The unfinished section counts down from July 12.

Forecast:

In the first half of the day, the probability of a flat is high. A short-term price increase to the resistance zone is possible. At the end of the day, the downward mood is expected to resume. A breakout of the nearest support is not excluded even today.

Potential reversal zones

Resistance:

- 1.3860/1.3890

Support:

- 1.3770/1.3740

- 1.3670/1.3640

Recommendations:

Buying the pound today is risky and can be unprofitable. It is recommended to refrain from trading transactions until clear signals for sale appear in the area of the resistance zone.

USD/JPY

Analysis:

The direction of the short-term trend in the Japanese yen market is set by the upward wave from January 6. It is located at the end of a larger ascending wave zigzag of the older TF. As part of the main wave, a hidden correction was completed a week ago. The unfinished section counts down from July 8.

Forecast:

There is a high probability of a "sideways" in the next trading session. It is possible to decrease the area of the support zone. At the end of the day, the bullish rate is expected to resume, with the price rising to the resistance limits.

Potential reversal zones

Resistance:

- 110.90/111.20

Support:

- 110.20/109.90

Recommendations:

There are no conditions for selling the yen today. It is recommended to monitor the signals for buying the pair in the support area.

USD/CAD

Analysis:

The chart of the Canadian dollar has been dominated by a bearish trend since the spring of last year. In the last four months, the price has formed a counter correction. Its structure has an incorrect appearance and currently looks complete. The downward wave of a small scale from July 8 has a reversal potential.

Forecast:

For most of the current day, the price of the pair is waiting for movement in the horizontal plane between the opposite zones. By the end of the day, in the area of the resistance zone, you can expect a change of the vector and the beginning of the price move down.

Potential reversal zones

Resistance:

- 1.2550/1.2580

Support:

- 1.2470/1.2440

Recommendations:

Trading on the "Canadian" market today is possible only within the framework of individual trading sessions with a reduced lot. Sales of the instrument from the resistance zone are more promising.

GOLD

Analysis:

In the gold market, the incomplete downward section of the main trend has been counting since June 1. Within its framework, a horizontal correction began a month ago, in the form of a stretched plane. The price is approaching a strong resistance zone. However, the wave structure does not show completeness. There are also no signals of an imminent change of course on the chart.

Forecast:

In the coming day, we can expect the continuation of the general flat mood of the movement. A short-term decline in the support area is not excluded. Active growth is likely at the end of the day. If the upper limit of the nearest resistance is broken, the growth will continue to the next zone.

Potential reversal zones

Resistance:

- 1845.0/1850.0

- 1820.0/1825.0

Support:

- 1800.0/1795.0

Recommendations:

Trading on the gold market today carries increased risks. There are no conditions for the sale. When purchasing, it is safer to split the lot.

Explanations: 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 pair's movements in time!