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12.06.202010:30 Forex Analysis & Reviews: Simplified wave analysis and forecast for GBP/USD and AUD/USD on June 12

GBP/USD

Analysis:

The final part of the wave pattern has been developing in the British pound's still incomplete upward wave since May 18. At the beginning of the week, the price reached the lower limit of strong resistance, from which a downward correction has developed in recent days.

Forecast:

Today, we can expect a general downward mood of the movement. The nearest support shows the most likely zone of completion of the current correction. In case of a breakout, you can wait for completion at the next level.

Potential reversal zones

Resistance:

- 1.2600/1.2630

Support:

- 1.2500/1.2470

- 1.2410/1.2380

Recommendations:

Trading the pound in the market today is only possible with a reduced lot within the intraday. There are no conditions for purchases. It is recommended to track sales signals in the calculated resistance zone.

Exchange Rates 12.06.2020 analysis

AUD/USD

Analysis:

The direction of the Australian dollar's trend since mid-March is set by the rising wave of the daily timeframe. 2 weeks ago, the price reached the lower limit of the strong resistance zone. An intermediate correction was formed along with it. The price rise that started today may be the beginning of a reversal pattern.

Forecast:

Today, the general sideways vector of price movement is likely. The recovery is expected to be completed in the next session. Then you can wait for a reversal and a decrease in the pair's rate to the support zone.

Potential reversal zones

Resistance:

- 0.6900/0.6930

Support:

- 0.6820/0.6790

Recommendations:

Today, trading the "Aussie" in the market is possible only in the intraday style. It is more reasonable to reduce the lot. It is safer to refrain from trading until the entire correction is complete, with the search for buy signals in the area of settlement support.

Exchange Rates 12.06.2020 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 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!

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

Isabel Clark,
Analytical expert of InstaForex
© 2007-2022
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