07.09.202010:59 Forex Analysis & Reviews: Simplified wave analysis and forecast for GBP/USD, AUD/ USD, and EUR/JPY on September 7

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GBP/USD

Analysis:

The scale of the current upward trend of the British pound is approaching the weekly timeframe. The pair's quotes are in the zone of a potential reversal. The unfinished section of the wave started on August 21. In recent days, the price has been adjusted to the previously broken level.

Forecast:

Today, the end of the downward price movement, the formation of a reversal, and the beginning of a price rise are expected. The ascending stage is possible at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1.3380/1.3410

- 1.3270/1.3300

Support:

- 1.3180/1.3150

Recommendations:

It is not recommended to sell the British pound today since it is too risky. To enter into long positions, you need to pay attention to the reversal signals.

AUD/USD

Analysis:

On the chart of the Australian dollar, the upward movement of the instrument continues for more than six months. The wave has a pronounced impulse type of development. The last section has been reporting since August 20. Over the past week, its quotes formed a pullback, which is close to completion.

Forecast:

Today, the price is expected to move in a sideways corridor between the nearest counter zones. In the next session, a downward vector is more likely. By the end of the day, you can expect a change in the exchange rate and a price increase in the resistance area.

Potential reversal zones

Resistance:

- 0.7300/0.7330

Support:

- 0.7220/0.7190

Recommendations:

There are no conditions for selling the Australian dollar. It is recommended to look for signals to buy the instrument at the end of all oncoming traffic.

EUR/JPY

Analysis:

The European cross chart has been dominated by a downward trend in recent years. Since May of this year, the price has been adjusted. Quotes have reached the zone of a potential reversal. The last wave section has been reporting since August 13. There is a clear zigzag in its structure. The structure lacks the final part.

Forecast:

Today, the price is expected to move mainly in the lateral plane. In the first half of the day, a downward movement is possible up to the calculated support. By the end of the day, you can expect a reversal and price growth to the upper border of the corridor.

Potential reversal zones

Resistance:

- 126.00/126.30

Support:

- 125.00/124.70

Recommendations:

According to the expected sequence, trading on the cross-market today is possible within the intraday. It is better to lower the trading lot. Sales are riskier.

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's movements in time!

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