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MT5.com - Simplified wave analysis and forecast for GBP/USD, AUD/USD, and EUR/JPY on August 6

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Forex Analysis:::2020-08-06

Simplified wave analysis and forecast for GBP/USD, AUD/USD, and EUR/JPY on August 6

GBP/USD

Analysis:

The direction of the trend of the British currency continues to be set by the March bullish wave of the instrument. The last section has been reporting since June 29. The price is selected to the lower limit of the preliminary target zone. Its width is more than 2 price figures, so you should not wait for an immediate change of course.

Forecast:

The main course of movement is expected to continue the next day. In the European session, a short-term pullback is possible, no further than the support zone. Breaking the upper limit of the nearest resistance will open the way to the next zone.

Potential reversal zones

Resistance:

- 1.3300/1.3330

- 1.3180/1.3210

Support:

- 1.3100/1.3070

Recommendations:

There are no conditions for selling the pound today. It is recommended to track signals for buying the instrument in the area of settlement support.

analytics5f2ba225d0807.jpg

AUD/USD

Analysis:

On the chart of the Australian dollar since mid-March, the development of an upward wave continues. The current wave level allows you to assign the movement to the weekly scale of the chart. The quotes reached the next intermediate resistance level.

Forecast:

Contact with the resistance zone will probably cause the formation of another correction. In the first half of the day today, a flat character of the movement is expected, with a downward vector. A downward move is likely no further than the support zone. You can expect a return to the main exchange rate at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 0.7320/0.7350

- 0.7230/0.7260

Support:

- 0.7150/0.7120

Recommendations:

Selling a pair is very risky and is not recommended. All attention should be paid to the search for signals to buy the instrument.

analytics5f2ba242ac89f.jpg

EUR/JPY

Analysis:

The main direction of the trend since September last year is set by the algorithm of a flat ascending cross wave. In a larger wave, it takes the place of a correction. Since June 5, a bearish wave with a reversal potential has been forming. In its structure, the middle part (B) is close to completion. Quotes have reached the lower limit of the preliminary completion zone. There are no reversal signals yet.

Forecast:

In the coming day, it is expected to complete the upward movement, adjust the movement, form a reversal and begin to decline. The calculated zones show the most expected limits of the daily course.

Potential reversal zones

Resistance:

- 125.70/126.00

Support:

- 124.50/124.20

Recommendations:

Trading on the cross market today is possible within the intraday style. When purchasing, you should be careful. After the reversal signals appear, it is recommended to sell the pair.

analytics5f2ba26078cb3.jpg

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!

Isabel Clark
Analyst InstaForex
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