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Simplified wave analysis and forecast for EUR/USD, USD/JPY, GBP/JPY, USD/CAD on June 7
EUR/USD
Analysis:
In the market of the European currency, the incomplete section of the upward trend counts down from March 31. From the strong resistance zone of a large TF since mid-May, the price forms a correction. In recent days, its structure has become more complicated, moving the price below the boundaries of the preliminary target zone. The ascending section from June 4 has a reversal potential and can give rise to a new trend wave.
Forecast:
The pair's price is expected to move between the nearest zones in the opposite direction in the coming day. In the European session, pressure on the calculated resistance zone is likely. A change in the exchange rate and a decline in the price is expected at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 1.2180/1.2210
Support:
- 1.2120/1.2090
Recommendations:
Sales in the euro market are directed against the primary rate of movement and can be unprofitable. It is recommended to track the reversal signals at the end of the pullback down to find the optimal point of purchase of the pair.
USD/JPY
Analysis:
An upward wave sets the direction of the short-term trend of the Japanese yen major since January 6. On March 9, a complex horizontal correction began on the chart. Its structure is still incomplete. The price movement limits the accumulation of small-scale resistance/support zones.
Forecast:
In the following sessions, the range of the pair's movement will be limited by the zones of the opposite direction. After attempting to put pressure on the support zone in the next session, you can expect a change in the vector and price growth in the resistance area.
Potential reversal zones
Resistance:
- 109.80/110.10
Support:
- 109.30/109.00
Recommendations:
Until the entire current correction is completed, the pair can only be traded within the intraday, with a reduced lot. More promising are the purchases of the pair.
GBP/JPY
Analysis:
The upward momentum that began in March last year reached the boundaries of a strong zone of a potential reversal of a large TF. The unfinished section on the main course counts down from April 23. In the last two weeks, the price moves sideways, forming an intermediate pullback.
Forecast:
Today, the pair's price is expected to move in the lateral plane between the nearest oncoming zones. A reversal and an attempt at growth can be expected in the second half of the day. If the movement vector changes, there is a possibility of increased volatility and a short-term puncture of the lower border of the support zone.
Potential reversal zones
Resistance:
- 155.60/155.90
Support:
- 154.60/154.30
Recommendations:
Today, there are no conditions for selling the pair. It is recommended to track the signals for buying the pair in the settlement support area.
USD/CAD
Analysis:
A downward momentum dominates the Canadian dollar major chart. Over the past month, the price has been moving horizontally along the strong support level of the higher timeframe. The structure of the current correction does not look complete to date.
Forecast:
Today, we can expect a continuation of the general flat mood. In the first half of the day, a "sideways" is expected in the support area. In the US session, there is a high probability of a return to the upward movement vector.
Potential reversal zones
Resistance:
- 1.2140/1.2170
Support:
- 1.2070/1.2040
Recommendations:
According to the expected sequence, until the current wave is fully completed, trading transactions in the pair's market can only be safe within individual trading sessions. A fractional lot is recommended.
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 one shows the expected movements.
Attention: The wave algorithm does not take into account the duration of the tool movements in time!
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