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EUR/USD
Analysis:
A horizontal correction plane has been forming in the upward trend of the major of the European currency since the beginning of June. The structure of this wave is close to completion. The price has reached the upper limit of the strong potential reversal zone of the senior TF.
Forecast:
Today, the general downward movement vector is expected to continue. In the next session, a short-term rise in the area of the resistance zone is not excluded. If the lower limit of the nearest support is broken, the price decline will continue to the next zone.
Potential reversal zones
Resistance:
- 1.1750/1.1780
Support:
- 1.1680/1.1650
- 1.1600/1.1570
Recommendations:
There are no suitable conditions for purchases on the euro market yet. In the next day, short-term sales of small lots will be relevant. It is worth considering the limited potential of the current decline.
USD/JPY
Analysis:
Since the end of March, the quotes of the major Japanese yen have been moving mainly sideways, forming a shifting plane. The last bullish section from September 15 has a reversal potential and can give the final digital rise.
Forecast:
In the next day, the price is expected to move from the lower border of the price corridor to the area of the resistance zone. A breakthrough of its upper limit is possible today, but it is unlikely.
Potential reversal zones
Resistance:
- 110.20/110.50
Support:
- 109.60/109.30
Recommendations:
In the upcoming sessions, the main focus should be on searching for signals to buy the pair in the area of settlement support. There are no conditions for selling the pair on the market.
GBP/JPY
Analysis:
An ascending wave model sets the main direction of short-term movements of the pound/yen cross pair since July 19. Moreover, in its structure, the middle part of the wave (B) is nearing completion. By now, the price has reached the upper limit of a strong large-scale zone.
Forecast:
Today, the downward vector of price movement is expected to continue until it is fully completed in the support zone area. Then you can wait for a reversal and the beginning of price growth. If the exchange rate changes, an increase in volatility and a short-term puncture of the lower border of the zone are not excluded.
Potential reversal zones
Resistance:
- 150.40/150.70
Support:
- 149.40/149.10
Recommendations:
Before the end of the current wave, pair purchases can lead to losses and are not recommended. Today, short-term sales to the support zone are possible.
GOLD
Analysis:
The analysis of the hourly gold chart shows the formation of an ascending wave zigzag from August 9. The middle part (B) is nearing completion in the wave structure. The price has reached the upper limit of the strong support of the senior TF.
Forecast:
In the first half of the day, a mostly flat mood of the movement is expected. It is possible to decrease to the support area. By the end of the day or tomorrow, you can expect an increase in the instrument's volatility, a reversal, and the beginning of price growth.
Potential reversal zones
Resistance:
- 1770.0/1775.0
Support:
- 1740.0/1735.0
Recommendations:
There are no conditions for selling on the gold market today. It is recommended to monitor emerging buy signals in the area of the support zone.
Explanations: 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 consider the duration of the instrument's movements in time!
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