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29.06.202011:10 Forex Analysis & Reviews: Simplified wave analysis and forecast for GBP/USD and AUD/USD on June 29

GBP/USD

Analysis:

Since the end of March, the quotes of the British pound have formed a "stretched plane" correction structure. Its final part started on June 10. At the time of analysis, the price forms an intermediate correction, after which the decline will continue.

Forecast:

In the coming day, the price is expected to move in the corridor between the nearest counter zones. A short-term decline is not excluded in the European session. The dominant vector for the next day is the north of the price chart.

Potential reversal zones

Resistance:

- 1.2430/1.2460

Support:

- 1.2350/1.2320

Recommendations:

Trading the pound in the market today is possible within the intra-session style. Priority should be given to the purchase of the instrument. The lot is more reasonable to reduce. In the area of the resistance zone, you need to prepare for a change in the direction of trade transactions.

Exchange Rates 29.06.2020 analysis

AUD/USD

Analysis:

Since mid-March, the chart of the Australian dollar has been dominated by an upward wave of the daily scale. The price has reached the lower limit of the strong resistance zone. Over the past month, the quotes formed a horizontal correction. Its structure is not complete at the time of analysis.

Forecast:

In the next trading session, the general downward mood of the price movement is expected. When changing the course, a short-term puncture of the upper limit of the resistance zone is not excluded. The active phase of decline is likely by the end of the day.

Potential reversal zones

Resistance:

- 0.6880/0.6910

Support:

- 0.6810/0.6780

Recommendations:

Trading on the Australian market today is only possible with intraday. Recommended sales of the tool. It is suggested to track the signals of completion of the current correction in order to get into long positions at the end of it.

Exchange Rates 29.06.2020 analysis

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!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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