19.05.202010:42 Forex Analysis & Reviews: Simplified wave analysis of EUR/USD, AUD/USD, and GBP/JPY on May 19

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EUR/USD

Analysis:

Fluctuations in the exchange rate of the euro currency in recent months fit into the algorithm of the rising wave from March 20. In recent months, the price has moved in a sideways corridor, forming a correction. Its last section counts down from May 6. The price is approaching the lower limit of the potential reversal zone of a large timeframe.

Forecast:

From strong resistance, the price today has every chance to bounce down. The correction may last all day. By the end of the day, activation and repeated attempts to increase the price are possible.

Potential reversal zones

Resistance:

- 1.0940/1.0970

Support:

- 1.0880/1.0850

Recommendations:

Today, trading the euro is possible only within the intraday, according to the expected sequence. Supporters of longer deals are advised to refrain from entering the pair's market.

AUD/USD

Analysis:

The incomplete wave of the Australian dollar from March 19 gave rise to a new long-term growth trend. The last section of the trend started on May 4. The final part (C) is formed in its structure.

Forecast:

Today, the price movement is expected to be mostly upward. There may be short-term pressure on the support zone during the European session.

Potential reversal zones

Resistance:

- 0.6590/0.6620

Support:

- 0.6520/0.6490

Recommendations:

There are no suitable conditions for selling the pair today. It is recommended to track emerging signals of buying a pair in the area of settlement support.

GBP/JPY

Analysis:

The direction of the short-term cross trend is set by the downward correction of the bullish wave from March 18. The final section is formed in the structure. In it, the price in recent days forms an intermediate pullback up. The bearish wave lacks the final section.

Forecast:

Today, the general flat mood of the movement is expected. In the first half of the day, pressure on the resistance zone is possible. Then you can wait for the reversal and the price move down.

Potential reversal zones

Resistance:

- 131.70/132.00

Support:

- 130.80/130.50

Recommendations:

Trading on the pair's market today is possible only within the intraday trading style. There are no conditions for purchases today. It is recommended to track sales signals in the area of the calculated resistance.

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.

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

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