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02.08.2021 10:39 AM
Simplified wave analysis and forecast for GBP/USD, USD/JPY, USD/CAD, GOLD on August 2

GBP/USD

Analysis:

After the completed stretched correction plane on the British pound chart, the trend direction since July 20 is set by the ascending wave algorithm. Since the end of last week, the price has been forming a correction from the lower limit of strong resistance.

Forecast:

A downward vector of the exchange rate movement is expected in the coming day, with the generally flat nature of price fluctuations. At the European session, a short-term pullback to the area of the resistance zone is possible.

Potential reversal zones

Resistance:

- 1.3930/1.3960

Support:

- 1.3850/1.3820

Recommendations:

Today, trading transactions on the British pound chart are possible only within the intraday, in a small lot. Until the current decline is completed, purchases are premature.

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USD/JPY

Analysis:

The direction of intraday trends of the Japanese yen in the main pair is set by the ascending wave algorithm of January 6. A correction plane has been formed in its structure since the end of March. The wave is nearing completion. The pair's quotes are located at the upper edge of a wide potential reversal zone.

Forecast:

In the coming days, the price is expected to move in the corridor between the nearest zones. A descending vector is likely in the first half of the day. Further, in the area of the support zone, you can expect a change in the exchange rate and a price increase to the resistance zone.

Potential reversal zones

Resistance:

- 109.70/110.00

Support:

- 109.10/108.80

Recommendations:

Trading on the Japanese yen market today can be safe only within the framework of individual trading sessions. According to the expected sequence, it is better to make transactions from the settlement zones with a reduced lot.

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USD/CAD

Analysis:

The downward trend continues to dominate on the chart of the Canadian dollar major. The unfinished section of the main course is counted from July 19. A hidden correction of the wrong type is nearing completion in its structure.

Forecast:

In the coming day, the price rise is expected to complete, a reversal and the beginning of a price decline. The calculated zones show the expected limits of the daily course.

Potential reversal zones

Resistance:

- 1.2500/1.2530

Support:

- 1.2420/1.2390

Recommendations:

Purchases on the Canadian dollar market are risky and can lead to losses. It is recommended to track signals for selling instruments in the area of the resistance zone.

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GOLD

Analysis:

The global trend of gold is in corrective equilibrium and mainly moves in the lateral plane. The direction of the short-term trend is set by the algorithm of the upward wave from June 17. The final section is missing in the wave structure.

Forecast:

Today, the price pullback is expected to complete, the exchange rate will change in the support area, and the price growth will resume. A breakthrough of the upper limit of the resistance zone within a day is unlikely.

Potential reversal zones

Resistance:

- 1830.0/1835.0

Support:

- 1805.0/1800.0

Recommendations:

Until the end of the current wave, sales on the gold market are not recommended. The main attention is proposed to be paid to the search for signals for the purchase of instruments in the area of the support zone.

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Explanations: 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 consider the duration of the instrument's movements in time!

Isabel Clark,
Analytical expert of InstaForex
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