01.02.202111:41 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY on February 1

EUR/USD

Analysis:

An upward trend is forming on the chart of the European currency. The last section of the main course has been reporting since November 4 last year. In its structure, the middle part (B) is formed. The lines drawn along the extremes of the graph show a horizontal pennant.

Forecast:

During the current day, the price rise is expected to end. At the end of the day, a reversal is expected to form and the price will start moving down. A breakthrough of the lower limit of the calculated support zone is unlikely today.

Potential reversal zones

Resistance:

- 1.2170/1.2200

Support:

- 1.2090/1.2060

Recommendations:

Transactions on the euro market today are possible only within the framework of individual trading sessions. When buying, you should take into account the limited potential of the upcoming upswing. Sales of the instrument with a reduced lot are more promising.

AUD/USD

Analysis:

The Australian dollar chart is dominated by an upward trend. Its last section dates back to September 24 last year. The price has reached the lower limit of a powerful potential reversal zone. It has been forming an interim correction that has not been completed yet for the past month.

Forecast:

Today, in the first half of the day, the pressure is expected on the resistance zone, with an attempt to break through its upper border. Next, you should wait for a change in the exchange rate and a decline to the calculated support.

Potential reversal zones

Resistance:

- 0.7680/0.7650

Support:

- 0.7610/0.7580

Recommendations:

Trading on the pair's market today is only possible within the intraday. Until the entire current correction is completed, purchases are risky. The main attention is recommended to be paid to the search for selling signals of the instrument in the area of the resistance zone.

GBP/JPY

Analysis:

Since March last year, an upward zigzag has been developing on the chart of the cross of the British pound against the Japanese yen. The price has reached the lower limit of the strong zone of a potential reversal of a large TF. The wave structure does not show completeness.

Forecast:

Today, the general upward mood of the movement of this currency pair is expected. In the European session, it is possible to stop in the flat, up to a short-term decline to the support zone. The active phase of the rate growth is more likely by the end of the day.

Potential reversal zones

Resistance:

- 144.70/145.00

Support:

- 143.50/143.20

Recommendations:

There are no conditions for selling the pair today. It is recommended to track the signals for buying the instrument at the end of counter price movements.

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 line shows the expected movements.

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