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09.02.202210:44 Forex Analysis & Reviews: GBP/USD, AUD/USD, USD/CHF, USD/CAD simplified wave analysis and outlook for February 9

GBP/USD

Analysis:

The bullish wave of the English pound sterling, which started at the end of November, broke the trend of the previous year, putting the trend back on an upward trajectory. The final part of the wave (C) started on January 27. The price has been moving horizontally all last week, forming an intermediate pullback.

Outlook:

A sideways move is likely in the first half of the current day, with the price moving down to the support area. At the end of the day or tomorrow we can expect a reversal and resumption of the pair's bullish course.

Potential reversal zones

Resistance:

- 1.3610/1.3640

Support:

- 1.3510/1.3480

Recommendations:

Opening short positions during a flat may lead to losses. It is recommended to refrain from trading the pound until the price decline is over, tracking buy signals on its end.

Exchange Rates 09.02.2022 analysis

AUD/USD

Analysis:

The Aussie dollar's trendsetting downtrend wave has reached the reversal zone of the large timeframe. Its structure looks complete. The ascending wave has the reversal potential and may be the beginning of a new section of the main up-trend.

Outlook:

In the coming day, the price is expected to move from support levels to the resistance zone area. There is a strong potential reversal zone around the 73rd price figure, from which a deeper correction can be expected.

Potential reversal zones

Resistance:

- 0.7200/0.7230

Support:

- 0.7130/0.7100

Recommendations:

Opening long positions is recommended on the pair's chart today. Signals are best tracked around the estimated support. It is safer to reduce the trading lot.

Exchange Rates 09.02.2022 analysis

USD/CHF

Analysis:

The Swiss franc chart has continued to form a downtrending plane since June. The incomplete section from January 13 is directed upwards. The middle part (B) is developing in the wave structure in the last decade.

Outlook:

In the near future, the flat movement is expected to continue in the price corridor between the nearest counter zones. In the first half of the day downward vector is more likely. By the end of day, it is possible to expect resumption of price growth and price rise to the resistance zone.

Potential reversal zones

Resistance:

- 0.9280/0.9310

Support:

- 0.9220/0.9190

Recommendations:

Trading in the franc market today is only possible with fractional lots as part of the intraday. It is worth closing trades at the first sign of a reversal.

Exchange Rates 09.02.2022 analysis

USD/CAD

Analysis:

Since last May an upward wave started in the market of the main Canadian dollar pair. By now its structure does not look formed. The incomplete section from January 13 is directed upward. The middle part of the wave, which lacks the final section at the moment of analysis, is developing in the last decade.

Outlook:

The coming trading sessions are expected to complete the upward flat, form a reversal and resume the downward price move. The calculated support shows the lower boundary of the price move for the current day.

Potential reversal zones

Resistance:

- 1.2730/1.2760

Support:

- 1.2660/1.2630

Recommendations:

It is recommended to refrain from trading the pair until there are confirmed sell signals around the resistance area. When opening trades, it is worth considering the limited potential of the forthcoming decline.

Exchange Rates 09.02.2022 analysis

Explanation: In simplified wave analysis (SVA), waves consist of 3 parts (A-B-C). The last unfinished wave is analysed. The solid arrow background shows the structure formed. The dotted arrow shows the expected movements.

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

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Isabel Clark,
Analytical expert of InstaSpot
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