11.01.202110:14 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD, AUD/USD, and GBP/JPY on January 11

EUR/USD

Analysis:

The unfinished section of the main trend of the pan-European currency started on November 4 last year. Since the beginning of December, a correction has been developing in the wave structure in the form of a shifting plane. Its final section counts down from January 6.

Forecast:

In the coming day, you can expect the full completion of the current bearish wave, a reversal, and a return to the main direction of price movement. When the exchange rate changes, an increase in volatility, and a short-term puncture of the lower support border are not excluded.

Potential reversal zones

Resistance:

- 1.2210/1.2240

Support:

- 1.2140/1.2090

Recommendations:

There are no conditions for selling the euro today. It is recommended to refrain from entering the pair's market until clear reversal signals appear. Buy signals are best tracked in the area of the support zone.

AUD/USD

Analysis:

As a result of the price rise, the Australian dollar quotes reached the lower limit of a strong zone of a potential reversal. There is a need to form a correction in the structure. Since last week, the quotes have been declining, forming the beginning of a counter wave.

Forecast:

In the next trading sessions, the pair's price is expected to be placed in a side corridor between the nearest counter zones. After an attempt to put pressure on support, you can expect a change in the vector and a return of the course to the resistance area.

Potential reversal zones

Resistance:

- 0.7750/0.7780

Support:

- 0.7670/0.7640

Recommendations:

"Aussie" trading today is only possible within the boundaries of individual sessions. Sales are riskier. After the appearance of reversal signals, priority should be given to purchases.

GBP/JPY

Analysis:

Since March of last year, the pair's quotes have been growing. The last unfinished section in the main direction has been reporting since December 21. Along the lower border of the strong resistance zone, a correction in the form of a shifting plane has been formed in the last 3 weeks.

Forecast:

In the next trading sessions, you can expect the end of the downward movement vector, the formation of a reversal, and the beginning of price growth. The ascending phase is more likely at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 141.30/141.60

Support:

- 140.20/139.90

Recommendations:

Selling the pair today is risky and not recommended. The main attention should be paid to the search for signals to buy 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.

Attention: The wave algorithm does not take into account the duration of the instrument's movements in time!