The structure of the last upward wave model from May 21 looks complete. The final part of the wave reached the minimum level of elongation, after which it is possible to end the entire wave. The price decline that began on July 19 does not go beyond the correction of its last part (C).
Today, the most likely scenario will be a flat price movement in the corridor between the opposite zones. At the next session, the completion of the move downward and the change of the vector to an upward one is expected. Return to the bearish rate can be expected at the end of the day or tomorrow.
When purchasing "Aussie" today, one should be careful. Sharp pullbacks are possible. When the price approaches the resistance zone, it is recommended to monitor the pair's sell signals.
The latest wave model of the pound/yen pair is directed towards the dominant long-term trend, counting from July 1. Since July 16, the correction movement has been formed in it. The bull wave has entered its final phase.
Before the final completion of the current recovery, a final push is expected today. A reversal is likely in the area of the calculated resistance. The possibility of a short-term puncture of the upper limit cannot be excluded.
Sales of the cross in the morning will be premature. It is recommended to focus on the emerging signals to buy the pair. In the area of the resistance zone, the relevance of purchases will decrease, the priority in trade is likely to change.
Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A-B-C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.
Note: The wave algorithm does not take into account the duration of tool movements over time.
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