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GBP/USD
Analysis:
The upward wave that started in March sets the direction of the British pound's trend. The high wave level of the ascending section from June 29 allows us to classify it as a wave of the main trend. The price has reached the lower limit of the preliminary target zone. The pair's quotes have been rolling back down since Friday.
Forecast:
In the next day, the European session is expected to complete the rollback and the formation of a reversal. If the upper limit of the nearest resistance is broken, the rise to the boundaries of the next zone may be already today.
Potential reversal zones
Resistance:
- 1.3180/1.3210
- 1.3090/1.3120
Support:
- 1.3020/1.2990
Recommendations:
In the first half of the day, short-term sales of the pound with a reduced lot are possible. Until clear reversal signals appear, purchases of the instrument remain a priority.
AUD/USD
Analysis:
The Australian dollar chart has been showing an uptrend since mid-March. This is the scale of the daily TF at least. The last section from June 12 reached the lower border of the potential reversal zone. In the last 2 weeks, the price forms a stretched correction along the lower border of the zone. The movement is in its final phase.
Forecast:
Today, the current wave of correction is expected to continue. In the next session, it is likely that the price growth will end and the decline will begin. The end of the entire downward wave can be expected in the area of settlement support.
Potential reversal zones
Resistance:
- 0.7140/0.7170
Support:
- 0.7070/0.7040
Recommendations:
The best tactic in the pair's market is to refrain from trading until the correction is complete, with the search for buy signals at its end. Intraday supporters can make short-term sales with a reduced lot.
EUR/JPY
Analysis:
The direction of the European cross is set by the downward wave from June 5. This wave has a powerful reversal potential. The structure has an irregular appearance, with an elongation of the middle part (B) above the start point of the wave. Quotes have reached the lower limit of the potential reversal zone of a large TF. There are no signals of an imminent reversal yet.
Forecast:
In the coming day, we expect the end of the upward mood, the formation of a reversal in the resistance area and the beginning of a price decline. The last stage is more likely at the end of the day.
Potential reversal zones
Resistance:
- 125.00/125.30
Support:
- 124.00/123.70
Recommendations:
Buying a pair today can be very risky and is not recommended. The main attention is given to the search for reversal signals for selling the instrument.
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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