03.03.202111:12 Forex Analysis & Reviews: Simplified wave analysis and forecast of EUR/USD, AUD/USD, GBP/JPY for March 3

EUR/USD

Analysis:

The dominant direction in the European currency market is set by an upward wave. Since the beginning of this year, the price forms an intermediate correction from the strong resistance. All upward movements do not go beyond this wave. By now, the structure has entered its final phase.

Forecast:

The next day, the price is expected to move in the corridor between the nearest counter zones. In the first half of the day, a rise is likely, not higher than the calculated resistance. The price move down can be expected by the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1.2110/1.2140

Support:

- 1.2030/1.2000

Recommendations:

Trading on the euro market today is only possible within the intraday, in fractional lots. When purchasing, you should be careful. After the appearance of reversal signals, priority should be given to the sales of the instrument.

AUD/USD

Analysis:

The Australian dollar market has been developing an upward momentum since March last year. By the current day, it has gone beyond the weekly scale of the chart. The price has reached the lower limit of a powerful reversal zone. In the structure of the main wave in the last three months, a hidden correction has developed, in which the final part (C) is missing. The price rise of the last week does not go beyond the corrective decline.

Forecast:

In the next trading sessions, the price growth is expected to end, the formation of a reversal and the price move down. Its expected range of daily travel is limited to the estimated oncoming zones.

Potential reversal zones

Resistance:

- 0.7860/0.7890

Support:

- 0.7790/0.7760

Recommendations:

Before the correction decline is completed, it is risky to enter the pair's market with a full lot. The pipsing style of transactions is recommended. The priority is to sell the instrument.

GBP/JPY

Analysis:

Since the beginning of last year, the pound/yen pair's chart has been dominated by an upward trend. The price has reached the lower limit of the wide potential reversal zone of the senior TF. From it, the probability of forming oncoming traffic is high. On the chart, there are no signals of a change in the course yet.

Forecast:

In the current day, you can expect the continuation of the general upward movement vector. In the European session, a short-term decline is not excluded, not below the support zone. Activation and growth of the exchange rate are likely at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 150.00/150.30

Support:

- 148.80/148.50

Recommendations:

There are no suitable conditions for selling on the pair's market today. At the end of counter-movements, tool purchases are recommended. It is worth considering the limited potential of the price growth of the pair.

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 tool movements in time!