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The opportunities for opening short deals on the euro are limited in the course of the session. No signals for placing buy positions have been observed on the chart so far. It is recommended to refrain from trading the pair at the moment.
EUR/USD
Analysis:
On March 20, an upward wave started to form on the euro chart with a very high potential for growth. The scale of the movement exceeds the level of TF H1. Since the end of March, the price has been declining. The correction is almost completed. The price is very likely to reverse.
Outlook:
In the morning session on Friday, a flat trend is expected in the corridor between the two nearest zones. The price may hit the support level and may even break through it in the short term. By the end of the day, an increase in activity and a trend change is likely. The time of the news release in the US can serve as a reference point.
Levels of potential reversal
Resistance:
- 1.0870/1.0900
Support:
- 1.0800 / 1.0770
Recommendations:
The opportunities for opening short deals on the euro are limited in the course of the session. No signals for placing buy positions have been observed on the chart so far. It is recommended to refrain from trading the pair at the moment and monitor buy signals.
AUD/USD
Analysis:
The Australian dollar market is dominated by an upward wave which started on March 19. Within this wave, the price is forming a correction. The upper boundary of the possible target zone is at the level of 60.
Outlook:
Today, the pair is likely to move in the sideways channel of the opposite zones. After testing the level of resistance, the price may pull back to the support level. By the end of the day, volatility may increase, triggering price growth.
Levels of potential reversal
Resistance:
- 0.6060/0.6090
Support:
- 0.5990/0.5960
Recommendations:
Conditions for buy positions on the AUD/USD pair are not favorable yet. Until clear reversal signals appear, short-term intraday sales are possible.
GBP/JPY
Analysis:
In the short-term cross chart, the upward wave formed on March 19 determines the trend. This week, the price has been moving sideways in a narrow channel between the opposite zones. According to analysis, the movement has not yet finished.
Outlook:
In the coming sessions, the current correctional movement is likely to be completed. If the price breaks through the nearest support level, the next level will become a point for reversal. By the end of the day, we can expect a change of the trend and the beginning of a rapid growth.
Levels of potential reversal
Resistance:
- 135.50 / 135.80
- 133.80 / 134.10
Support:
- 132.80 / 132.50
- 131.40 / 131.10
Recommendations:
Today, sell positions on the pair are possible only within the intra-session trading. After the correction is completed, it is recommended to focus on buy signals.
Explanations: In the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). We analyze the last unfinished wave. The formed structure is indicated with bold arrows, dotted arrows indicated the expected movement.
Note: The wave algorithm does not take into account the duration of instrument movements in time!
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