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03.12.202110:58 Forex Analysis & Reviews: Simplified wave analysis and forecast of GBP/USD, AUD/USD, USD/CHF, USD/CAD for December 3

GBP/USD

Analysis:

The main direction of movement of the British pound is set by the descending wave algorithm of February 24. In recent weeks, the pair's quotes have been within the boundaries of a powerful reversal zone of the senior TF. In the upward correction wave that started on November 12, the final section is missing.

Forecast:

In the next trading sessions, a sideways mood along the settlement support is most likely. At the end of the day, you can expect an increase in volatility and a change in price direction. During a reversal, a short-term puncture of the lower support boundary is not excluded.

Potential reversal zones

Resistance:

- 1.3350/1.3380

Support:

- 1.3260/1.3230

Recommendations:

Until clear buy signals appear, trading activity on the British pound market can lead to losses. The reference point for the search for buy signals is the calculated support zone.

Exchange Rates 03.12.2021 analysis

AUD/USD

Analysis:

The bearish wave that has dominated since February of this year has brought the Australian dollar quotes to the area of the potential reversal zone of the weekly chart scale. The wave structure currently looks formed, but there are no signals of an imminent reversal on the chart.

Forecast:

The general downward movement vector is expected to continue the next day. We can expect a slowdown in the rate of decline, with a possible short-term pullback to the area of the resistance zone.

Potential reversal zones

Resistance:

- 0.7090/0.7120

Support:

- 0.7020/0.6990

Recommendations:

Trading transactions in the Australian dollar market today are possible only in the form of short-term fractional lot sales. There are no conditions for purchases.

Exchange Rates 03.12.2021 analysis

USD/CHF

Analysis:

The structure of the descending plane that started in June on the Swiss franc chart is gradually becoming complete. Since November 24, the final part (C) has been counting down. Within its framework, an intermediate rollback has been formed in the form of a shifting plane in recent days.

Forecast:

During the current day, the completion of the current sideways flat, the formation of a reversal, and the beginning of a price decline are expected. The lower limit of the expected daily course is shown by the calculated support.

Potential reversal zones

Resistance:

- 0.9220/0.9250

Support:

- 0.9140/0.9110

Recommendations:

Trading transactions on the franc market today are riskier and can be unprofitable. Short-term sales from the resistance zone with a reduced lot are possible.

Exchange Rates 03.12.2021 analysis

USD/CAD

Analysis:

In the short term, a downward wave has started on the chart of the main pair of the Canadian dollar since July. The price has been adjusted upwards for the last month and a half. By now, the pair's quotes have reached the boundaries of a potentially large-scale reversal zone. There are no signals of an immediate change of course on the chart.

Forecast:

In the first half of the day today, an attempt to put pressure on the resistance zone is likely. At the end of the day, you can wait for the movement to move sideways and resume the price decline.

Potential reversal zones

Resistance:

- 1.2850/1.2880

Support:

- 1.2770/1.2740

Recommendations:

The potential for purchases of the Canadian dollar has been exhausted. In the area of the calculated resistance, it is recommended to monitor emerging signals for the sale of the instrument.

Exchange Rates 03.12.2021 analysis

Explanations: 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.

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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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