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EUR/USD
The upward wave zigzag has been developing on the euro chart since May 23. As the final part of the wave was formed, the level of the whole structure exceeded the size of the correction of the last section of the trend wave. Accordingly, the current upward wave began to relate to a larger scale of movement and after a corrective stop will continue further. The price has reached a potential reversal zone.
Forecast:
Today, the flat mood of movements in a narrow price corridor is expected. At the European session, you can expect repeated pressure on the resistance zone, after which the price fluctuation vector will change to a downward one. A return to price growth is more likely in the following days.
Recommendations:
Selling the euro today is possible, but it is necessary to take into account the limitations of the course down and the possibility of sharp reversals. After the rollback is completed in the area of settlement support, it is recommended to track the reversal signals to find the entrance to long positions.
Resistance zone:
- 1.1270/1.1300
Support zone:
- 1.1220/1.1190
GBP/USD
On the chart of the major pair of the British pound, the development of the algorithm of movements specified by the bearish wave of May 3 continues. Since May 31, an upward movement is formed, which does not go beyond the correction of the last trend area. The bullish wave is not complete, it is at the beginning of the final part (C).
Forecast:
The price movement in the side plane is expected at the next session. In the morning, a weak price rise is more likely. Then you can count on the course of the price to the support zone. The chance of a second attempt to break up may appear at the end of the day.
Recommendations:
Selling the pound today can be very risky. It is recommended to skip the decline phase, focusing on finding buy signals at the end of the upcoming rollback.
Resistance zone:
- 1.2700/1.2730
Support zone:
- 1.2650/1.2620
AUD/USD
Since April 17, the bearish wave has been developing on the chart of the Australian dollar. Within its framework, since May 21, a movement is formed towards the main trend, which does not go beyond the correction of the last section (C) of the main wave. The structure of the ascending section is not complete. The price reached the intermediate resistance zone.
Forecast:
In the next trading sessions, you should wait for the price rollback down. The expected range is limited by the support zone. A return to the main vector of movement is likely at the end of the day or tomorrow.
Recommendations:
When selling "Aussie", the temporary nature of the decline and the high probability of deep reversals should be taken into account. A more reasonable tactic would be to refrain from trading during the rollback and enter long positions on this pair at its end.
Resistance zone:
- 0.6990/0.7020
Support zone:
- 0.6940/0.6910
Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A-B-C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.
Note: The wave algorithm does not take into account the duration of tool movements over time.
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