26.04.201911:31 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/JPY and Gold on April 26

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Simplified wave analysis and forecast for EUR/JPY and Gold on April 26

EUR/JPY

The dominant trend direction of the cross since the beginning of the year is directed upwards. The last short-term wave counts from March 22, forming the beginning of the final part (C) of the main wave. In this model, from April 12, the price forms a corrective part (B). Large-scale support has been achieved.

Forecast

On the M15/M30 chart, the beginning of the hidden correction was formed, which lacks the final rise. Today there is a high probability of the general flat mood of the movement. The current price rise is expected no further than the calculated resistance.

Recommendations

There are no signals of the fast change in the day trend, so buying a pair is quite risky and can be used when trading only during trading sessions. For longer trades at the end of the current correction, it is necessary to track the sell signals of the instrument.

Resistance zones:

- 124.80 / 125.10

Support zones:

- 123.80 / 123.50

Gold

The direction of the price trend in recent weeks was set by the downward wave of March 35, which in the larger bearish wave became the final part (C). The price is within the boundaries of a strong support zone for the senior TF.

Forecast:

The price rise, which began on April 23, has a small reversal potential, which may grow after the upcoming pullback. The reversal and change of the price movement vector are likely in the next day.

Recommendations:

In the area of settlement support, trading in the style of "intraday" should start tracking the signals of the sale. Supporters of a longer trade are recommended to refrain from entering the market until the confirmation of the change in the direction of the international trend.

Resistance zones:

- 1285.0 / 1290.0

Support zones:

- 1270 / 1265.0

Explanations for the figures: Waves in the simplified wave analysis consist of 3 parts (A – B – C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.

Attention: Wave algorithm does not take into account the duration of tool movements over time.

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