FX.co ★ Simplified wave analysis and forecast of EUR/USD, USD/JPY, GBP/JPY, GOLD for November 19

EUR/USD

Analysis:

A bearish wave continues to form in the market for the major European currency pair. The structure of the wave looks complete, but there are no reversal signals on the chart. All counter-movements are within the bounds of the intermediate pullback. The price is within the bounds of a wide potential reversal zone.

Forecast:

Today, the price is expected to move predominantly sideways. The price corridor is marked by settlement zones. In the first half of the day, pressure on the upper boundary is possible. Then a change of course is expected. If the nearest support breaks through, the decline will continue to the next zone.

Potential reversal zones

Resistance:

- 1.1380/1.1410

Support:

- 1.1320/1.1290

- 1.1230/1.1200

Recommendations:

There are no conditions for purchases in the euro market today. It is better to refrain from trading the pair until the completion of the price pullback, with the search for signals for the sale in the area of calculated resistance.

USD/JPY

Analysis:

Since the beginning of this year, the price in the main Japanese Yen pair has been moving steadily upwards. By the current day, quotations are near the upper limit of the wide pivot zone of the major TF. The incomplete section of the main rate counts down from November 9. An intermediate correction is nearing completion.

Forecast:

In the coming trading sessions, the current flat pattern is expected to end and the price rally is likely to resume. The latter phase of the move will be combined with a sharp increase in volatility. If the nearest resistance is broken, a further rally of the pair could continue as early as today.

Potential reversal zones

Resistance:

- 115.30/115.60

- 114.40/114.70

Support:

- 113.80/113.50

Recommendations:

Until the current flat ends, trading in the yen could lead to losses. It is recommended to refrain from entering the pair until clear buy signals appear around the support zone.

GBP/JPY

Analysis:

The dominant direction of the GBP/JPY cross price movement over the last year and a half has been defined by an upward wave. On July 19, the last unfinished part of the wave started. The price has been correcting downwards for the whole previous month. The wave level of the bullish section from November 4 is still insufficient for a short-term trend reversal.

Forecast:

Today, the cross is expected to move mainly sideways between the closest areas of the counter direction. In the European session, an upward vector is more likely. A change of direction can be expected by the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 154.60/154.90

Support:

- 153.60/153.30

Recommendations:

Trading in the cross market today is more risky and can be unprofitable. It is better to refrain from entering the pair's market until clearer signals appear on the chart.

GOLD

Analysis:

Gold has been forming an ascending wave on the chart since February 26. Its structure is incomplete at the time of analysis. Gold is approaching the lower boundary of the strong potential reversal zone of the weekly chart scale.

Forecast:

The European session today is expected to be generally flat. A decline towards the support zone is possible. At the end of the day there is a higher probability of a reversal and a rise in price, up to the resistance zone.

Potential reversal zones

Resistance:

- 1885.0/1890.0

Support:

- 1850.0/1845.0

Recommendations:

There are no conditions for sale on the gold market today. It is advisable to monitor signals for purchases in the area of calculated support.

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 movements of the instrument in time!