empty
 
 
30.07.2020 09:56 AM
Simplified wave analysis and forecast for EUR/USD, USD/JPY, and GBP/JPY on July 30

EUR / USD

Analysis:

Since March 20, the single European currency market has been dominated by an upward trend. The wave structure is not complete today. Quotes by the beginning of this week reached a strong potential reversal zone. Over the past two days, a reversal signal has formed on the chart.

Forecast:

Today, it is expected to continue the current sideways mood of the movement in recent days. A descending vector is likely. If the price pushes the lower limit of the nearest support, you can expect a decrease to the next zone. This will be followed by a second attempt at growth.

Potential reversal zones

Resistance:

- 1.1810/1.1840

Support:

- 1.1720/1.1690

- 1.1650/1.1620

Recommendations:

Euro sales today are possible with an intra-session trading style, with a reduced lot. It is safer to wait for the end of the descending section and make purchases of the instrument at its end.

This image is no longer relevant

USD/JPY

Analysis:

The direction of the short-term trend of the Japanese yen since June 5 is directed to the "south" of the price chart. The wave structure is not complete. This section completes the downward correction wave of the weekly chart scale. The quotes are located in the area of a strong support level.

Forecast:

Today, in the first half of the day, you can expect a short-term price rise. Then, with a high probability, a second decline will follow. If the lower limit of the nearest support is broken, you can wait for the move to continue down to the next settlement zone.

Potential reversal zones

Resistance:

- 105.60/105.90

Support:

- 104.80/104.50

- 103.90/103.60

Recommendations:

Yen purchases are possible today, but can be risky. We recommend that you focus on finding the best entry signals for short positions.

This image is no longer relevant

GBP/JPY

Analysis:

On the cross chart, short-term price fluctuations fit into the bearish waves algorithm from June 8. In the last month and a half, the price forms an upward correction (C). The preliminary calculation gives about one and a half price figures of the move up to the lower border of the target zone.

Forecast:

In the next couple of days, the general upward mood of the movement is expected until the full completion of the current wave. There is a high probability of a sideways flat with a descending vector. A return to the bullish rate can be expected at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 137.50/137.80

- 136.40/136.70

Support:

- 135.70/135.40

Recommendations:

Until clear reversal signals appear, purchases remain a priority for trade transactions. In the European session, short-term sales with a reduced lot are possible.

This image is no longer relevant

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!

Isabel Clark,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback