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EUR/USD
Analysis:
The direction of the trend of the European currency since March 20 is set by an upward wave. Starting from April 3, the price forms the final part (C). By now, the price has approached the lower border of the intermediate zone of a potential reversal.
Forecast:
Today, the upward mood of the price movement is expected to continue until its completion. Before the rise, a short-term pullback down is possible. The reversal of the exchange rate and the beginning of the decline is likely closer to the end of the day.
Potential reversal zones
Resistance:
- 1.1020/1.1050
Support:
- 1.0950/1.0920
Recommendations:
Until there are clear reversal signals, the priority direction for trading the euro is to buy the instrument.
AUD/USD
Analysis:
The upward wave of the Australian dollar from March 19 has a high wave level, close to the daily scale of the chart. The wave develops as an impulse and has now reached a zone of strong resistance on a large scale. There are no reversal signals on the chart yet.
Forecast:
Today on the chart, the pair is expected to move mainly in the lateral plane, between the nearest counter zones. On the European side, the end of the move is likely to be down and the upward vector. An attempt to pressure the resistance zone is not excluded. The course reversal can be expected in the afternoon.
Potential reversal zones
Resistance:
- 0.6430/0.6460
Support:
- 0.6360/0.6330
Recommendations:
Trading on the pair market today is only possible with an intraday trading style. Until the appearance of unambiguous reversal signals, purchases are in priority.
GBP/JPY
Analysis:
On the pair's chart, the upward wave from March 19 gave rise to a new short-term trend. The movement is close to the impulse type of movement. Since the end of last week, the price forms a flat correction in the form of a flat corridor.
Forecast:
The current sideways movement of the price is likely to end in the next day. In the area of settlement support, the end of the day is expected to form a reversal and the beginning of the growth of the exchange rate. A breakout of the nearest resistance is possible at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 136.70/137.00
- 135.30/135.60
Support:
- 134.40/134.10
Recommendations:
Selling the pair today is possible only in the intra-session style of trading. It is recommended to focus on searching the area of settlement support for buying signals of the pair.
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.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
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