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Wave analysis

03.09.202109:45 Forex Analysis & Reviews: Simplified wave analysis and forecast for GBP/USD, USD/JPY, USD/CHF, USD/CAD on September 3

GBP/USD

Analysis:

An upward wave zigzag has been developing on the chart of the main pair of the British pound since mid-July. The first two parts (A-B) are fully formed. The quotes have reached the boundaries of a strong resistance zone. The price must be corrected, after which the active growth of the exchange rate will continue.

Forecast:

In today's first half of the day, there is a high probability of a flat mood and movement, mainly in the lateral plane. A break below the support zone is unlikely. You can wait for the activation and resumption of the upward movement vector.

Potential reversal zones

Resistance:

- 1.3870/1.3900

Support:

- 1.3800/1.3770

Recommendations:

There are no conditions for selling the British pound on the market today. It is recommended to monitor emerging signals for the purchase of the instrument in the area of the support zone.

USD/JPY

Analysis:

The main wave structure on the Japanese yen chart is ascending from January 13. Since the end of March, the price has been correcting, forming a shifting plane. As part of the final part, an upward pullback was formed.

Forecast:

In the first half of the day, you can expect the price to move sideways along the support zone. The probability of an increase in volatility, a reversal, and a resumption of price growth increases.

Potential reversal zones

Resistance:

- 110.40/110.70

Support:

- 109.70/109.40

Recommendations:

Today, trading transactions on the Japanese yen market are possible only within the framework of individual sessions with a small lot. Purchases from the support zone are more promising.

USD/CHF

Analysis:

The wave structure that was not completed at the time of analysis on the Swiss franc chart is descending, with a reference point on June 18. The wave has the form of a shifting plane. The final part is missing in the structure.

Forecast:

Today, the sideways flat, lasting for the past month, is expected to continue. At the European session, there is a possibility of a decline in the support area. You can count on a change of the vector and a rise in the price in the area of the upper limit of the price corridor.

Potential reversal zones

Resistance:

- 0.9180/0.9210

Support:

- 0.9110/0.9080

Recommendations:

Trading on the franc market in the next day will be possible only in the form of short-term transactions from the boundaries of the price channel. Today, profit-taking purchases in the resistance area are more promising.

USD/CAD

Analysis:

A downward stretched plane continues to develop on the chart of the Canadian dollar major. The final part (C) is formed in the wave structure. The price continues to decline after the formation of an intermediate pullback.

Forecast:

Today, a general downward vector of price fluctuations is expected. The calculated support shows no lower limit of the expected price move for the next day. In the next session, a short-term price increase in the resistance area is not excluded.

Potential reversal zones

Resistance:

- 1.2570/1.2600

Support:

- 1.2500/1.2470

Recommendations:

Today, trading on the "Canadian" market is possible only within the intraday with a fractional lot. There are no conditions for purchases.

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!

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Isabel Clark,
Analytical expert of InstaSpot
© 2007-2024

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