06.01.202110:13 Forex Analysis & Reviews: Simplified wave analysis and forecast of EUR/USD, AUD/USD, and GBP/JPY for January 6

EUR/USD

Analysis:

For most of last year, the European currency moved up. In December, the price reached a wide area of a potential reversal of a large scale. Since that time, the pair's rate is adjusted in the flat, mainly in the horizontal plane. The price is selected to the upper limit.

Forecast:

During the current day, the price is expected to move between the opposite zones. After trying to put pressure on the resistance in the European session, you can expect a change in the vector and the price move to the support area.

Potential reversal zones

Resistance:

- 1.2370/1.2400

Support:

- 1.2300/1.2270

Recommendations:

There are no conditions for selling the euro today. After the end of the upcoming pullback down, it is worth focusing on the signals of buying the instrument.

AUD/USD

Analysis:

The upward wave of the daily scale, which began in March last year, led the Australian dollar quotes to the lower limit of the preliminary target zone.

Forecast:

Today, we can count on an upward vector. In the second half of the day, the pair's upward movement is likely to end, a reversal and the beginning of a price decline. The lower limit of the expected price move is in the support area.

Potential reversal zones

Resistance:

- 0.7850/0.7880

Support:

- 0.7780/0.7750

Recommendations:

Purchases on the market of the pair today should be limited to the intraday framework due to the limited price rise. There are no conditions for sales.

GBP/JPY

Analysis:

The pair's market has been dominated by an upward trend since last year. Its last section started on December 21. In the structure of this wave, a correction is formed in the form of a horizontal plane. The movement is close to completion.

Forecast:

In the next trading sessions, the general flat mood of the movement is expected. In the first half of the day, the rate is likely to rise, not further than the calculated resistance. By the end of the day, you can expect a change in the vector and a price decline in the support area.

Potential reversal zones

Resistance:

- 140.60/140.90

Support:

- 139.60/139.60

Recommendations:

Trading on the pair's market today is possible only within sessions with a reduced lot, according to the expected sequence.

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 instrument's movements in time!