13.02.202009:07 Forex Analysis & Reviews: Simplified wave analysis of EUR/USD, AUD/USD, and GBP/JPY on February 13

EUR/USD

Analysis:

The last unfinished wave construction of the European currency started in August last year. Since the beginning of January, its final part is being formed and the price has reached the upper limit of a strong support zone for a large time frame.

Forecast:

It is unlikely that the pair's price will be able to push support without an intermediate correction. Most likely, the price will spend the next day in a sideways flat between the nearest counter zones and the limit level of the upcoming rise shows the calculated resistance.

Potential reversal zones

Resistance:

- 1.0930/1.0960

Support:

- 1.0870/1.0840

Recommendations:

Trading on the euro market today can lead to losses. Purchases are possible but within the framework of intra-session trading with a reduced lot. It is recommended to refrain from entering the pair's market until clear sell signals are generated.

AUD/USD

Analysis:

Quotes of the Australian currency form a complex descending wave structure on the chart. Since the beginning of this year, we can observe its final part. From the strong support in the last 2 weeks, the price forms a correction that has not been completed yet.

Forecast:

The general flat nature of the movement is expected to continue in the next trading sessions. In the first half of the day, a decrease is possible, no further than the support zone. The price growth stage can be expected by the end of the day. Also, a break above the borders of the resistance zone is unlikely today.

Potential reversal zones

Resistance:

- 0.6750/0.6780

Support:

- 0.6690/0.6660

Recommendations:

Sales on the "Aussie" market can be unprofitable today. You should close them at the first sign of a turn. Purchases of the tool look more promising.

GBP/JPY

Analysis:

Since December 13 last year, a downward wave has been forming, which sets the dominant direction for the pair's short-term trend. In the last month and a half, the quotes were held in a sideways price corridor, forming a flat correction. Moreover, the wave is nearing its end.

Forecast:

The upward movement that started on February 4 has all chances to end the next day. The reversal and the beginning of the price rise can be expected already in the European session. The calculated resistance shows the upper limit of the expected daily move.

Potential reversal zones

Resistance:

- 143.00/143.30

Support:

- 142.10/141.80

Recommendations:

The sale of the pair today is risky and can be profitable. We recommend that you focus on searching for signals to buy the instrument.

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 background shows the expected movements.

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