17.11.201711:21 Forex Analysis & Reviews: Trade review for November 16 by simplified wave analysis

GBP / USD outlook for the current day

Quotations of the British pound main pair stayed in the lower boundary of a powerful zone with a potential reversal. Taking into account the completeness of the bullish wave structure at present time since October last year and the proximity of the calculated target level, a change in the direction of the inter-trend trend is expected by the end of this year.

Since mid-September, a wave is developing and claims the place of the reversal model. Its wave level exceeds the size of the rollback trend. It is best to work out the middle part of the movement (B). The structure of the first part of the wave does not exclude the option of price growth to the level of local high on September 21. After that, be patient to wait for a second more powerful decrease (C).

In the first half of the day. At the end of the day, there will be a sharp increase in the probability of a change in direction.

Boundaries of resistance zones:

- 1.3230 / 60

Boundaries of support zones:

- 1.3130 / 1.3100

EUR / JPY outlook with current day forecast

The EUR/JPY cross-currency pair continues to move in the trend wave set on the chart of the instrument from the middle of last year. There are about 4 price figures up to the lower boundary of the calculated zone of a potential reversal. Fluctuations in the flat price boundaries along with the levels of powerful resistance over the past couple of months led to the formation of a correction.

The last wave model in the inter-week scale of price movements can be considered as an ascending zigzag of October 30. The wave has reached the minimum necessary level of upward extension, after which the price turn can occur.

In the upcoming sessions, the price will most likely continue to grow. A stop and turn formations are expected in the resistance zone. Furthermore, the descending vector of the oscillations of the pair can be calculated. The nature and size of the decline may vary.

Boundaries of resistance zones:

- 133.80 / 134.10

Boundaries of support zones:

- 132.90 / 60

Explanations to the figures: For simplified wave analysis, a simple waveform is used that combines 3 parts namely A, B, and C. All types of correction are created and most of the impulses can be found in these waves. Every time frame is considered and the last incomplete wave is analyzed.

The areas marked on the graphs indicate the probability of a change in the direction of motion has significantly increased as calculated in the areas. Arrows indicate the wave counting following the technique used by the author. A solid background of the arrows signifying the structure has been formed while the dotted one means the expected wave motion.

Attention: The wave algorithm does not take into account the duration of the movement of tools in time. The forecast is not a trading signal! To conduct a bargain, you need to confirm the signals used by your trading systems.