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02.09.202110:19 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY, GOLD on September 2

EUR/USD

Analysis:

A downward wave correction has been formed on the chart of the European currency since the beginning of the year. Within the last part (C), an intermediate pullback in the form of a shifting plane has been formed over the past month. Its structure is close to completion.

Forecast:

On the next day, the upward movement vector is expected to continue until its completion in the area of the calculated resistance. At the end of the day or tomorrow, you can expect a change in the movement vector and the beginning of a decline in the pair's price.

Potential reversal zones

Resistance:

- 1.1880/1.1910

Support:

- 1.1810/1.1780

Recommendations:

The growth of the euro has a limited potential, so you should be careful when buying. It is most safe for the deposit to refrain from entering the pair's market until clear sell signals appear in the area of the resistance zone.

Exchange Rates 02.09.2021 analysis

AUD/USD

Analysis:

The descending wave algorithm sets short-term trends on the Australian dollar major chart from February 25. The ascending section that began on August 20 has a reversal potential and can be the beginning of a full-fledged correction. The price has reached the lower limit of a strong potential reversal zone.

Forecast:

In the near future, the price movement of this pair is expected to move mainly to the side plane. You can wait for the beginning of the formation of a price pullback down.

Potential reversal zones

Resistance:

- 0.7410/0.7440

Support:

- 0.7340/0.7310

Recommendations:

Buying on the pair's market today can be risky and is not recommended. After the appearance of clear signals of reversals at the end of the day, the possibility of short-term sales will appear.

Exchange Rates 02.09.2021 analysis

GBP/JPY

Analysis:

The beginning of a new large-scale trend has been forming on the chart of the pound vs. yen cross pair since mid-summer. On August 20, the final part (C) of the ascending wave started. After the formation of an intermediate pullback, the wave will continue its development.

Forecast:

In the next trading sessions, the most likely movement scenario will be a sideways flat. A short-term decline is possible, not below the support zone. You can expect the activation and resumption of active price growth.

Potential reversal zones

Resistance:

- 153.00/153.30

- 152.00/152.30

Support:

- 151.20/150.90

Recommendations:

There are no conditions for the sale of the pair today. It is recommended to refrain from entering the pair's market until the upcoming pullback is completed, tracking the emerging reversal signals for buying the instrument.

Exchange Rates 02.09.2021 analysis

GOLD

Analysis:

An ascending wave of a large scale has been forming on the gold chart since the beginning of August. The price has reached the lower limit of the strong zone of the weekly TF. Before the price rise continues, the instrument market should adjust.

Forecast:

On the next day, the price of gold will move mainly in the lateral plane, with a general flat character of the movement. The upper limit of the price corridor is the calculated resistance. A break below the calculated support is unlikely today.

Potential reversal zones

Resistance:

- 1830.0/1835.0

Support:

- 1805.0/1800.0

Recommendations:

Trading in the conditions of the upcoming flat can lead to losses and is not recommended. It is optimal to refrain from entering the instrument's market until the entire current correction is completed.

Exchange Rates 02.09.2021 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 consider the duration of the instrument's movements in time!

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Isabel Clark,
Analytical expert of InstaSpot
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