07.05.202009:47 Forex Analysis & Reviews: Simplified wave analysis of EUR/USD, AUD/USD, and GBP/JPY on May 7

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EUR/USD

Analysis:

The direction of movement of the European currency is set by the upward wave from March 20. On April 24, the final part of the wave (C) started. Within its framework, an internal correction has been formed over the past week. It is nearing completion.

Forecast:

In the next trading sessions, the current decline is expected to end, the formation of a reversal, and the beginning of a price rise. If the exchange rate changes, volatility may increase. A short-term puncture of the lower support border is not excluded.

Potential reversal zones

Resistance:

- 1.0890/1.0820

Support:

- 1.0810/1.0780

Recommendations:

Selling euros today is risky and can lead to losses. It is recommended to track signals for buying the instrument in the settlement support area.

AUD/USD

Analysis:

The price rise that started on March 19 set a new dominant rate for the Australian dollar. The last section in the direction of the trend started on May 4.

Forecast:

In the coming day, the general upward mood of the movement is expected. In the European session, a short-term decline is possible, without breaking the lower support limit. The upper limit of the expected daily course shows the calculated resistance.

Potential reversal zones

Resistance:

- 0.6510/0.6540

Support:

- 0.6420/0.6390

Recommendations:

In the pair market, sales today are unpromising. It is recommended to keep track of all the emerging reversal signal for entering a long position.

GBP/JPY

Analysis:

The potential of the rising wave that started on March 18 is so high that it allows us to talk about a change in the medium-term course of the trend. Over the past month, the price formed a correction to the first section of the wave. The wave is nearing completion. The price entered the zone of a potential large-scale reversal.

Forecast:

In the next trading sessions, the end of the bearish mood of the movement, a reversal, and the beginning of a price rise is expected. When the exchange rate changes, it is possible to increase volatility, with a puncture of the lower border of the settlement support.

Potential reversal zones

Resistance:

- 132.40/132.70

Support:

- 131.50/131.20

Recommendations:

Today, trading on the pair's market is only possible within the framework of intraday. Due to the expected low level of downward movement, sales can be risky. It is recommended that you focus on purchasing for 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 arrows shows the formed structure, and the dotted ones show the expected movements.

Note: The wave algorithm does not take into account the duration of the tool movements in time!

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