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01.07.202410:58 Forex Analysis & Reviews: Weekly forecast based on simplified wave analysis of EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on July 1

Tyto informace jsou v rámci marketingové komunikace poskytovány retailovým i profesionálním klientům. Neobsahují investiční rady a doporučení, nabídky k nebo žádosti o účast na jakékoli transakci nebo strategii spojené s finančními nástroji a neměly by tak být chápány. Předchozí výkon není zárukou ani predikcí budoucího výkonu. Instant Trading EU Ltd. neručí a nezodpovídá za přesnost nebo úplnost poskytnutých informací, ani za ztrátu vyplývající z jakékoliv investice na základě analýzy, předpovědi nebo jiných informací poskytnutých zaměstnancem společnosti nebo jiným způsobem. Úplné znění Odmítnutí odpovědnosti je k dispozici zde.

EUR/USD

Analysis:

Since July last year, the direction of euro price fluctuations has been set by a downward wave algorithm. Lines drawn through the extremums on the chart show a "horizontal pennant" figure, which has not yet been completed. The upward segment from April 16 has no reversal potential and remains within the current wave model.

Forecast:

The euro currency price is expected to continue its flat, sideways movement in the coming days. There is a high chance of a halt and the formation of reversal conditions in the area of the calculated support. The upward vector movement of the euro is expected to begin by the end of the week.

Exchange Rates 01.07.2024 analysis

Potential Reversal Zones

Resistance:

  • 1.0860/1.0910

Support:

  • 1.0660/1.0610

Recommendations:

  • Sales: Possible with a reduced volume size within individual sessions, with potential not exceeding the support zone.
  • Purchases: These can be used in trades after your trading systems (TS) generate corresponding reversal signals.

USD/JPY

Analysis:

Since December last year, a dominant, currently incomplete upward wave has set the direction of price fluctuations for the Japanese yen major. The final part (C) of the wave has been forming over the past two months. This movement has entered its final phase.

Forecast:

During the upcoming weekly period, the upward price movement of the major is expected to continue, with the prospect of rising to the calculated resistance zone. In the first few days, a sideways flat movement is more likely. A short-term decline, not exceeding the support boundaries, cannot be ruled out.

Exchange Rates 01.07.2024 analysis

Potential Reversal Zones

Resistance:

  • 162.50/163.00

Support:

  • 159.40/158.90

Recommendations:

  • Sales: Carry a high degree of risk, which may lead to losses.
  • Purchases: May become the main focus for trading deals in the coming days. It is safer to reduce the trading lot.

GBP/JPY

Analysis:

Since early May this year, the short-term price movement of the GBP/JPY pair has been set by an upward wave. The quotes have reached the boundaries of a strong potential reversal zone on the weekly timeframe. Analysis of the structure shows its incompleteness.

Forecast:

In the upcoming weekly period, the upward movement of the cross is expected to continue until it contacts the calculated resistance zone. A reversal is highly likely to follow. The price movement of the pair downwards is limited by the calculated support zone.

Exchange Rates 01.07.2024 analysis

Potential Reversal Zones

Resistance:

  • 204.50/205.00

Support:

  • 201.90/201.40

Recommendations:

  • Purchases: Can be used with fractional volumes within individual sessions. The calculated resistance limits the potential.
  • Sales: Trading is premature until the corresponding confirmed reversal signals appear in the resistance area.

USD/CAD

Analysis:

This year, the upward wave formed on the Canadian dollar chart creates an opposing corrective flat. Quotes have been moving in a sideways price corridor for the third month. Analysis of the current wave structure shows its incompleteness. The price is approaching the upper boundary of the potential reversal zone on the daily chart.

Forecast:

In the coming days, continued downward movement is expected until the calculated zone is reached. After that, a bounce upward from the support boundaries is likely. The resistance zone represents the maximum expected upper level of the pair's weekly volatility.

Exchange Rates 01.07.2024 analysis

Potential Reversal Zones

Resistance:

  • 1.3800/1.3850

Support:

  • 1.3610/1.3560

Recommendations:

  • Sales: Possible intraday with fractional volumes, but not beyond the calculated support.
  • Purchases: Can be considered for trading only after confirmed reversal signals appear in the support area.

NZD/USD

Brief Analysis:

The New Zealand dollar has been moving downward within the dominant bearish wave since last summer. The wave's extremes on the price chart form a "horizontal pennant." At the time of analysis, the bullish segment from April 19 remains within the boundaries of an internal correction. Within this framework, a downward pullback has been forming in recent weeks.

Weekly Forecast:

In the next couple of days, continued downward movement is expected. A change in the movement direction to sideways is anticipated in the calculated support zone, forming conditions for a reversal. An upward price movement is likely in the week's second half.

Exchange Rates 01.07.2024 analysis

Potential Reversal Zones

Resistance:

  • 0.6180/0.6230

Support:

  • 0.6040/0.5990

Recommendations

  • Purchases: Have limited potential and may be risky.
  • Sales: This can be used in trading after the appearance of corresponding reversal signals in the resistance zone.

Gold

Analysis:

Gold prices have been moving predominantly horizontally since April this year. The downward plane is forming in place of a correction of the previous bullish trend. The price is pressing against the upper boundary of the sideways corridor formed on the chart over the past two months.

Forecast:

Pressure on the support zone may end in the next few days. Afterward, a reversal and resumption of price growth can be expected. The highest activity of price fluctuations is expected closer to the weekend.

Exchange Rates 01.07.2024 analysis

Potential Reversal Zones

Resistance:

  • 2380.0/2395.0

Support:

  • 2300.0/2285.0

Recommendations:

  • Sales: Have limited potential and may be unprofitable.
  • Purchases: According to your trading system, they can be considered the main direction of transactions after the appearance of corresponding reversal signals in the support area.

Explanations: In simplified wave analysis (SWA), all waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed on each timeframe. Dotted lines indicate expected movements.

Attention: The wave algorithm does not account for the duration of instrument movements over time!
Isabel Clark
analytik InstaForexu
© 2007–2024

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