After yesterday's breakthrough of strong support today, we can expect a counter pullback of the price on the chart. Most likely part of the resistance zone will be completed.
EUR / USD pair
On the daily scale of the euro since September last year, a corrective bullish wave is being formed. Until recently, it developed as a standard plane but it took the form of a descending triangle this week.
The last wave is bearish starting from March 20th and its structure is not yet complete. Since April 12, the final part (C) has developed.
Forecast:
Before the final downward movement in the coming sessions, the probability of a flat rollback remains and possibly with a rising vector. The reference point of lifting the limit is the zone of resistance.
Recommendations:
The descending wave has stepped into the final phase, therefore, trading against its trend is irrelevant. The upcoming traffic is recommended to use in entering the sales of the pair on more favorable terms.
Resistance zones:
- 1.1190 / 1.1220
Support areas:
- 1.1090 / 1.1060
GBP / USD pair
On the chart from March 13, the pound is forming a downward wave. In the last wave model of daytime timeframe, it will take the place of correction. The final part (C) is developing in the wave structure to the current day.
Forecast:
After yesterday's breakthrough of strong support, we can expect a counter pullback of the price today. The most likely part of its completion is the resistance zone.
Recommendations:
Purchases against the dominant fall in the course are very risky. When the price approaches the reversal settlement zone, it is recommended to track the signals of your vehicle for sale to the pound.
Resistance zones:
- 1.2930 / 1.2960
Support areas:
- 1.2850 / 1.2820
AUD / USD pair
The directions of the intraday trends of the Aussies fit into the algorithm of the unfinished bearish wave of January 31. On April 17, the final part (C) started. After breaking through a strong support level, the beginning of a small-scale rising wave appeared on the chart.
Forecast:
In the near future, a strong price level will become the point of attraction for the price of the pair. Today, there is a high probability that the current decline will be transferred to the side area, the upper boundary of which is the calculated resistance zone.
Recommendations:
Despite the possible price increase, purchases are not recommended. Given the rich news background, there is a high probability of increased volatility of the pair in the market today. In the area of resistance, it is suggested to follow the reversal signals with the prospect of opening deals for sale.
Resistance zones:
- 0.7050 / 0.7080
Support areas:
- 0.7000 / 0.6970
- 0.6850 / 0.6820
Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A – B – C). The last incomplete wave has been analyzed. Zones show the areas where it will most likely to turn. The arrows indicate the wave marking according to the method used by the author, as well as, the formed background with a solid background. The expected movements are dotted.
Note: The wave algorithm does not take into account the duration of tool movements over time.
