10.08.202009:57 Forex Analysis & Reviews: Simplified wave analysis and forecast for GBP/USD and AUD/USD on August 10

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GBP/USD

Analysis:

The trend rate of the British pound sterling is directed to the "north" of the price chart. The last section has been reporting since June 29. The price is located at the lower border of a wide potential reversal zone on a large scale. Since July 31, oncoming traffic has been developing in the form of a stretched plane.

Forecast:

Today, we expect the end of the current decline, the formation of a reversal, and a second attempt at price growth. If the nearest resistance breaks, the price will continue to rise to the next zone today.

Potential reversal zones

Resistance:

- 1.3200/1.3230

- 1.3100/1.3130

Support:

- 1.3020/1.2990

Recommendations:

There are no conditions for selling the British pound today. It is recommended to track reversal signals for buying the instrument in the area of settlement support.

AUD/USD

Analysis:

The direction of the Australian dollar since March is set by an upward wave of a weekly scale. The price has reached an intermediate resistance zone, along with which it forms a corrective structure. The wave resembles a shifting plane and is close to completion.

Forecast:

The current bearish movement is likely to end in the next trading sessions. After that, you can wait for a reversal and the beginning of the growth of the exchange rate. A breakout of the lower border of the support zone is unlikely

Potential reversal zones

Resistance:

- 0.7200/0.7230

Support:

- 0.7130/0.7100

Recommendations:

Trading on the pair's market today is only possible with an intraday style. When selling, you should take into account the limited potential for decline. We recommend that you focus on searching for long position entry signals.

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 arrows shows the formed structure and the dotted ones show the expected movements.

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

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