GBP/USD
Analysis:
For more than a year, the direction of the price movement of the British pound is set by an upward momentum. In recent months, the price has been moving mainly sideways, along the strong resistance of a large scale. The last uncompleted section of the main course has been reporting since May 3. Since the beginning of last week, the quotes form an intermediate correction in the form of a shifting plane.
Forecast:
Today, after attempting to put pressure on the resistance zone, we can expect the formation of a reversal and the beginning of a price decline. The most significant activity is likely at the end of the day or tomorrow. When changing the direction, a short-term puncture of the upper limit of the resistance is not excluded.
Potential reversal zones
Resistance:
- 1.4200/1.4230
Support:
- 1.4100/1.4070
Recommendations:
There are no conditions for buying the pound in its main pair today. In the area of resistance, it is recommended to track the signals for selling the instrument. It is safer to reduce the trading lot.
USD/JPY
Analysis:
Analysis of the Japanese yen chart on a large scale shows the absence of a directional price movement. On the small scale of the chart, the downward movement from May 13 has a reversal potential and may be the beginning of a new bearish wave.
Forecast:
The pair is expected to move in a horizontal corridor between the nearest zones in the coming day. After attempting to put pressure on the support zone in the next session, you can then wait for a change in the vector, with a price increase up to the resistance zone.
Potential reversal zones
Resistance:
- 109.40/109.70
Support:
- 108.80/108.50
Recommendations:
Trading on the Japanese yen market today can only be profitable in individual sessions. Before the appearance of clear reversal signals in the area of the resistance zone, short-term purchases with a fractional lot are possible.
USD/CHF
Analysis:
The short-term bearish trend of April 1 led the Swiss franc quotes to the area of a strong reversal zone of the higher timeframe. There is a need for oncoming traffic. There are no reversal signals on the chart yet.
Forecast:
Today, the instrument's price is expected to move in the lateral plane between the opposite zones. In the next session, pressure on the support zone is not excluded. In the second half of the day, the probability of changing the movement vector is increased.
Potential reversal zones
Resistance:
- 0.9000/0.9030
Support:
- 0.8940/0.8910
Recommendations:
There are no conditions for conducting trade transactions in the franc market today. It is recommended to refrain from trading this pair until clear buy signals appear.
GOLD
Analysis:
In the short term, the direction of the gold exchange rate is set by the upward wave from February 26. The price has reached the lower limit of a strong potential reversal zone. However, the analysis of the wave structure shows its incompleteness. There are also no signals of an imminent change of direction on the chart.
Forecast:
On the next day, the general flat nature of the movement is expected. In the first half of the day, a downward vector is more likely. In the area of the calculated support, a change of course and a second attempt to break up into the area of the reversal zone is expected.
Potential reversal zones
Resistance:
- 1880.0/1885.0
Support:
- 1850.0/1845.0
Recommendations:
Gold sales are very risky and can be unprofitable. It is recommended to refrain from entering the market during the pullback and look for buy signals in the area of the support zone.
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.
Attention: The wave algorithm does not take into account the duration of the tool movements in time!
