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GBP/USD
Analysis:
The direction of the short-term trend of the British pound since March 18 is set by an upward wave. The final part (C) started on April 4. By now, the price has reached the lower limit of a strong large-scale reversal zone.
Forecast:
After the active rise of the last days, a general sideways mood of the price movement is likely today. The stroke range is indicated by the nearest counter zones. In the US session, there may be an increase in volatility, with a return to the dominant upward rate.
Potential reversal zones
Resistance:
- 1.2480/1.2510
Support:
- 1.2400/1.2370
Recommendations:
Today, trading the pound in the market is only possible within the intraday style. Purchases before the correction is completed are premature. When selling, you should reduce the lot. In the area of settlement support, it is recommended to track entry signals to long positions.
USD/JPY
Analysis:
The short-term trend wave on the Japanese yen chart starts on March 9. In the structure of the wave from the end of March, the final part (C) is formed. Within this framework, the price will be adjusted starting from April 6. Yesterday, the price rise began, which may be the beginning of a reversal design.
Forecast:
The pair's downward trend is expected to end in the next trading sessions. Further, in the area of the support zone, you can count on a reversal and return to the ascending rate. A break in the upper limit of the price range is unlikely today.
Potential reversal zones
Resistance:
- 109.00/109.30
Support:
- 108.20/107.90
Recommendations:
When selling today, you should be careful. You need to reduce the lot and be ready for a sharp change of course. We recommend that you focus on searching for purchase signals on your vehicle.
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.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
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