FX.co ★ Forecast for October by simplified wave analysis: EUR/USD, USD/JPY, GBP/JPY, GOLD

EUR/USD

Analysis:

The market of the European currency has been showing a steady upward trend since March last year. Since the beginning of this year, the price has been adjusted. However, the potential for the decline is limited by the strong support zone of the weekly TF.

Forecast:

In the coming month, it is expected to complete the current decline, change the direction of the trend, and the beginning of active growth of the euro. There is a high probability that a reversal will occur within the potential reversal zone.

Potential reversal zones

Resistance:

- 1.2200/1.2300

Support:

- 1.1520/1.1420

Recommendations:

Sales in the euro market are possible only within the current corrective wave. They have little potential. The greatest attention should be paid to the search for signals to purchase an instrument in the area of settlement support.

USD/JPY

Analysis:

A bullish trend dominates the Japanese yen's major chart. Moreover, the structure of the current wave does not look complete. Only a strong resistance zone of the most senior TF can reverse this trend. At the time of analysis, the price of the pair is approaching its lower limit.

Forecast:

After several attempts to put pressure on the resistance zone in the coming month, we can expect the beginning of a downward correction. The downside potential is limited by strong support, below which a price decline is unlikely.

Potential reversal zones

Resistance:

- 114.70/115.70

Support:

- 110.30/109.30

Recommendations:

In October, in trading transactions with the yen, the emphasis should be on buying a pair. Sales will become possible only after the appearance of clear reversal signals. The potential for the upcoming decline will be small.

GBP/JPY

Analysis:

Analysis of the chart of the pound/yen pair in recent years shows the formation of a lateral figure that most resembles a shifting plane. The structure of the movement is in its final phase.

Forecast:

In the coming weeks, it is worth waiting for the continuation of the general upward course of the movement. Counter pullbacks are likely to be minimal, in the form of a sideways flat. The calculated resistance shows the upper limit of the expected monthly growth of the pair.

Potential reversal zones

Resistance:

- 164.00/165.00

Support:

- 149.00/148.00

Recommendations:

In the near future, there will be no conditions for sales in the pair's market. It is proposed to focus all attention on finding suitable places to buy the instrument.

GOLD

Analysis:

The global trend of recent years in the gold market is aimed at increasing its exchange rate. However, the price decline that began in June last year has great potential. The structure of the current wave is not complete. The price has pushed through the support of a large TF, which will now become a powerful resistance.

Forecast:

The downward trend is likely to continue in the coming month. In the first decade of October, a short-term price increase to the calculated resistance zone is possible.

Potential reversal zones

Resistance:

- 1810.0/1840.0

Support:

- 1600.0/1570.0

Recommendations:

When buying gold, it is worth considering the limited potential for recovery. Sales look like the best prospect. The optimal entry point into a trade transaction is the calculated resistance.

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 instrument's movements in time!