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11.03.202209:31 Forex Analysis & Reviews: Simplified wave analysis and forecast of GBP/USD, AUD/USD, USD/CHF, USD/CAD for March 4

GBP/USD

Analysis:

The direction of short-term fluctuations of the British pound is set by the algorithm of the downward wave of January 13. After the completed correction, a new section on the main course started on March 3. Since the end of last week, the quotes have been in the area of strong support for the senior TF, forming the middle part (B). Its structure at the time of analysis does not look complete.

Forecast:

On the next day, a high probability of continuation of the flat vector of movement is expected. From the support zone, you can expect a reversal and a pullback of the price up to the calculated resistance. The resumption of the price decline is likely at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1.3170/1.3200

Support:

- 1.3060/1.3030

- 1.2970/1.2940

Recommendations:

In the British pound market, trading activity today can lead to a loss of the deposit. It is recommended to refrain from entering the pair's market until confirmed signals for sale appear.

Exchange Rates 11.03.2022 analysis

AUD/USD

Analysis:

In the wave of the weekly scale of the Australian dollar chart, the current wave for today is ascending, from January 28. From the reversal zone since the end of last week, the pair's quotes form the corrective part of the wave. In terms of the structure, it most resembles a horizontal pennant. After its completion, the bullish trend will continue.

Forecast:

On the next day, the price is expected to move mainly in the lateral plane. After possible pressure on the support zone in the first half of the day, you can expect a change of vector and an increase in quotes to the resistance zone. Further, a price pullback is again likely.

Potential reversal zones

Resistance:

- 0.7390/0.7420

Support:

- 0.7320/0.7290

Recommendations:

Trading activity on the Australian dollar market today will be safe only within the framework of individual sessions in the form of "pipsing" transactions in fractional lots. Purchases from the support zone are safer.

Exchange Rates 11.03.2022 analysis

USD/CHF

Analysis:

Several wave structures of different levels are formed simultaneously on the Swiss franc chart. At the end of the descending wave of the daily scale, a bearish structure of the H4 scale has been developing since January 27. Within its framework, the middle part (B) is nearing completion. There are no signals of an imminent reversal on the chart.

Forecast:

An upward course of movement is most likely in the upcoming trading sessions. In the area of the calculated resistance, we can expect the formation of a reversal and the beginning of a price decline. The expected lower limit of the daily course is shown by the calculated support.

Potential reversal zones

Resistance:

- 0.9330/0.9360

Support:

- 0.9260/0.9230

Recommendations:

Today, trading activity in the franc market is associated with increased risk. The potential for purchases is exhausted. Sales will become possible after the appearance of confirmed reversal signals on the chart.

Exchange Rates 11.03.2022 analysis

USD/CAD

Analysis:

Since May last year, the quotes of the major pair of the Canadian dollar have been forming a steady upward trend. The structure of this wave does not show completeness. In the short term, we are interested in the rising wave of January 13. After a complex correction in the form of a stretched plane, the final section (C) started on March 3. In recent days, within its framework, the price has been moving down, forming a pullback.

Forecast:

During the current day, a smooth price movement is expected from the resistance zone to the support zone area. This section runs along with the level of the preliminary target zone.

Potential reversal zones

Resistance:

- 1.2790/1.2820

Support:

- 1.2710/1.2680

Recommendations:

There are no conditions for purchases on the Canadian dollar market. In the area of the calculated resistance, it is recommended to monitor the emerging reversal signals for the sale of the pair.

Exchange Rates 11.03.2022 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!

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Isabel Clark,
Analytical expert of InstaSpot
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