27.08.202010:04 Forex Analysis & Reviews: Simplified wave analysis and forecast for GBP/USD, AUD/USD, and EUR/JPY on August 27

GBP/USD

Analysis:

The scale of the upward wave of the British pound that began in March has already exceeded the level of the daily timeframe. Quotes have now reached the lower limit of the potential large-scale reversal zone. For the entire current month, the price forms a corrective wave that looks more like a shifting plane.

Forecast:

Today, the general flat mood of price fluctuations is expected. The lower limit of the probable decline is shown by the calculated support. Then you can wait for a return to the upward movement rate of the pair.

Potential reversal zones

Resistance:

- 1.3220/1.3250

Support:

- 1.3130/1.3100

Recommendations:

Today, short-term sales of the pound are possible within the intraday. It is safer to wait for the end of the pullback down and look for buy signals in the support area.

AUD/USD

Analysis:

The upward wave of the Australian dollar from March 19 changed the direction of movement on the weekly chart scale. A new long-term trend vector is set. Since the middle of last month, the price has entered the area of the potential reversal zone and formed a shifting plane. The bullish section from March 20 has a reversal potential and can be the beginning of a new wave in the main trend.

Forecast:

In the coming day, you can expect the completion of the price growth of the pair and a pullback down. The lower limit of the decline is the calculated support. By the end of the day, you can expect the resumption of the upward movement rate.

Potential reversal zones

Resistance:

- 0.7260/0.7290

Support:

- 0.7190/0.7160

Recommendations:

In the "Aussie" market, the upward priority of purchases is still maintained. Sales are very risky. We recommend tracking purchase signals in the area of settlement support.

EUR/JPY

Analysis:

Since June 5, an implicit but clearly defined downward wave has been forming in the pair's market. It has the wrong kind of structure, with an elongation of the middle part (B). The price is located in the area of strong resistance. The section from August 13 may be the beginning of the final part (C).

Forecast:

Today, the pair's market is likely to have a general flat mood of movement. In the first half of the day, an upward pullback to the area of the resistance zone is not excluded. The price move down is more likely by the end of the day.

Potential reversal zones

Resistance:

- 125.60/125.90

Support:

- 124.60/124.30

Recommendations:

Trading on the pair's market today is possible within the framework of intraday. After the appearance of clear reversal signals, sell signals are more promising.

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!