empty
 
 
14.10.2019 09:01 AM
Simplified wave analysis for October 14th. GBP/USD: the time of the bulls is running out?; USD/JPY: a pullback before a higher rate

GBP/USD

Analysis:

The upward wave of the British pound on July 30 is close to its end. The spurt of the end of last week by 5 price figures led the pair's quotes to the lower border of a powerful reversal zone of a large TF. The wave structure looks complete. The current decline on the small scale of the chart has a reversal potential.

Forecast:

The most likely scenario of the movement today will be the price shift in the box plane. In the first half of the day, a decline in the support zone is expected. After that, you can count on a turn and a second attempt to climb.

Potential reversal zones

Resistance:

- 1.2650/1.2680

Support:

- 1.2580/1.2550

Recommendations:

Sales of the pair today are unpromising. Until a clear reversal signal appears, it is recommended to focus on buying the instrument.

This image is no longer relevant

USD/JPY

Analysis:

The current bullish wave since August 5 comes at the end of a larger upward model of the Japanese yen. This calculation allows you to wait for the rise of at least 2 more figures to the minimum target level. In the structure of the wave on October 3, the final part (C) started.

Forecast:

"Sideways" is expected in the next sessions. A short-term decline is not excluded, no further than the settlement support. A return to the dominant rate is either likely at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 108.50/108.80

Support:

- 107.90/107.60

Recommendations:

The pair's sales are risky today. It is recommended to refrain from trading on the pair market during the pullback. At its end, it is suggested to look for signals to buy the pair.

This image is no longer relevant

Explanations: In the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed. The solid background of the arrows shows the formed structure, dotted – the expected movement.

Attention: The wave algorithm does not take into account the length of time the tool moves!

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