EUR/USD
Analysis:
Since the beginning of the year, the quotation of the main pan-European currency pair has been moving steadily downwards. The structure of the current wave has not been completed by today. The upper boundary of the preliminary target zone is around the 1.108 level. The price has reached intermediate support by the moment.
Forecast:
On the forthcoming European session, an upward pullback is likely, not further than the calculated resistance. At the end of the day, it is possible to expect a change of the vector and another decline. A breakout of the nearest support zone may occur as early as this afternoon.
Potential reversal zones
Resistance:
- 1.1260/1.1290
Support:
- 1.1180/1.1150
- 1.1070/1.1040
Recommendations:
Buying in the euro market still carries higher risks and is not recommended. It is suggested to focus on looking for signals to sell the pair around the estimated resistance.
USD/JPY
Analysis:
Following a prolonged price rise, the chart of the major Japanese yen pair has reached the boundaries of the strong resistance zone of the large timeframe. Since the middle of last month, quotations have been forming an intermediate correction in the form of a shifting plane. This wave lacks a final section.
Outlook:
A general downtrend in the pair's price movement is expected today. In the first half of the day, a short-term rise to the resistance zone is possible. The downside phase may be accompanied by a sharp increase in volatility.
Potential reversal zones
Resistance:
- 114.50/114.80
Support:
- 113.80/113.50
Recommendations:
The Japanese Yen can only be traded today in separate sessions in fractional lots. Buying is premature until the completion of the current wave.
GBP/JPY
Analysis:
The cross-pair market of the British pound against the Japanese yen continues the uptrend that began last March. The unfinished section dates back to October 20. This descending wave is still incomplete. An intermediate correction is forming in its structure.
Outlook:
A continuation of the general downtrend is expected in the next 24 hours. After probable pressure on the support at the forthcoming European session at the end of the day, it is possible to expect the transition of the movement to a lateral plane. An upward price pullback is possible, no further than the resistance area.
Potential reversal zones
Resistance:
- 151.90/152.20
Support:
- 150.90/150.60
Recommendations:
Short-term selling within individual trading sessions is possible today. Buying will be possible only after clear signals of a reversal near the support area.
GOLD
Analysis:
In the short term, there has been a change in the wave pattern of the gold chart. The descending wave that started on November 10 has reversal potential and could be the beginning of a full-fledged correction. In the last days, the price will form an intermediate pullback upwards. After its completion, the general decline will continue.
Outlook:
The upward movement vector is expected to end in the near term. In the second half of the day, there is a high probability of a reversal formation and resumption of a bearish price movement in the area of calculated resistance.
Potential reversal zones
Resistance:
- 1815.0/1820.0
Support:
- 1780.0/1875.0
Recommendations:
There are no buying conditions in the gold market today. It is best to refrain from buying until there are clear selling signals around the calculated resistance.
Explanation: In simplified wave analysis (SVA), waves consist of 3 parts (A-B-C). The last unfinished wave is analysed. The solid arrow background shows the structure formed. The dotted arrow shows the expected movements.
Attention: The wave algorithm does not take into account the duration of the instrument movements over time!
