23.07.202010:57 Forex Analysis & Reviews: Simplified wave analysis and forecast for AUD/USD and GBP/JPY on July 23

AUD/USD

Analysis:

The Australian dollar market has been dominated by an upward wave of the daily chart scale since March 19. After the hidden correction was completed, a new section of the main trend was formed from June 12. Yesterday, the price was pushed through a strong resistance. The price is close to the next level within a wide reversal zone of a large scale.

Forecast:

In the coming days, the price is highly likely to be adjusted in the lateral plane. Today, the general downward mood of the movement is likely. In the support area, you can expect a reversal and a second attempt to rise.

Potential reversal zones

Resistance:

- 0.7180/0.7210

Support:

- 0.7100/0.7070

Recommendations:

Trading "Aussie" today is possible within the intraday, according to the expected sequence. When selling, you should be careful because of the likely small potential for decline. Purchasing is the priority.

GBP/JPY

Analysis:

In the short term, the current bearish wave starts on June 8. Over the past month, the price formed a counter correction. At the beginning of this week, the level of strong resistance was broken. There is a high probability of continuing the current rise to the next potential reversal zone.

Forecast:

Today in the first half of the day, a flat mood is expected with a downward vector, not below the support zone. By the end of the day, you can expect a return to the bullish rate. If the nearest resistance is broken, the price growth will continue.

Potential reversal zones

Resistance:

- 137.50/137.80

- 136.50/136.80

Support:

- 135.90/135.60

Recommendations:

In the first half of the day, sales are possible in the pair's market. It is better to reduce the lot. The main focus should be on searching for buy signals in the area of the support zone.

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!