24.08.202110:15 Forex Analysis & Reviews: Simplified wave analysis and forecast for GBP/USD, AUD/USD, USD/CHF, GOLD on August 24

GBP/USD

Analysis:

On the chart of the British pound, the incomplete wave pattern is ascending, starting from July 20. In the wave structure the middle part (B) is nearing completion. On August 20, an ascending section began towards the final part (C) of the current wave.

Forecast:

Today, the price is expected to move between the nearest zones. In the European session a short-term decrease to the support area is possible. Price growth is more likely by the end of the day.

Potential reversal zones

Resistance:

- 1.3790/1.3820

Support:

- 1.3700/1.3670

Recommendations:

Trading on the British pound market today is possible only with a small lot within individual trading sessions. Selling looks risky. Purchases at the support area are more promising.

AUD/USD

Analysis:

Since the end of February, a downward correction has been forming on the chart of the Australian dollar. Currently, the wave looks completed, but signals of an imminent course change are not expected. On August 20, the upward movement began towards the reversal direction. It may be a starting point of a full-fledged correction.

Forecast:

Today, a general upward vector is expected on the chart. The resistance zone shows the lower limit of a potential reversal zone of a larger TF. In the European session a short-term downward price rebound is assumed.

Potential reversal zones

Resistance:

- 0.7300/0.7330

Support:

- 0.7210/0.7080

Recommendations:

Today, trading on the pair's market is possible only within the intraday style with a reduced lot. Sales can be unprofitable.

USD/CHF

Analysis:

Since mid-June, a complex descending horizontal plane has been developing on the chart of the Swiss franc. At the moment, Its structure does not look complete. Quotes formed a narrow price corridor.

Forecast:

A completion of the downward rebound, the formation of the reversal and a price rise to the resistance area are expected by the end of the day.

Potential reversal zones

Resistance:

- 0.9180/0.9210

Support:

- 0.9110/0.9080

Recommendations:

Today, trading on the franc market is very risky. Short-term purchases from the support zone are possible. It is optimal to refrain from entering the pair's market until the current wave ends.

GOLD

Analysis:

Since August 9, a large-scale upward movement with strong reversal potential has started on the gold chart. The price is approaching the lower limit of the strong reversal zone.

Forecast:

In the near future, gold prices will rise up to the resistance zone. In the European session, a rebound to the support area is likely.

Potential reversal zones

Resistance:

- 1825.0/1830.0

Support:

- 1795.0/1790.0

Recommendations:

Today, sales can be unprofitable on the gold market. It is recommended to monitor signals for the instrument buying in the area of the support zone. The potential growth is limited by the calculated resistance.

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

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