empty
 
 
04.08.2021 10:34 AM
Simplified wave analysis and forecast for EUR/USD, AUD/USD, USD/CHF, GBP/JPY on August 4

EUR/USD

Analysis:

Over the past year, the direction of short-term trends of the European currency was set by a descending horizontal plane. On a large scale of the chart, this section corrects the trend. The upward movements of June 18 have a reversal potential and can give rise to a new wave at the main rate.

Forecast:

Today, the completion of the sideways mood of the movement is expected, a reversal in the area of the support zone and the beginning of price growth. A breakthrough of the upper limit of the nearest resistance is not excluded in the next day. In this case, the rate rise will continue until the next milestone.

Potential reversal zones

Resistance:

- 1.2000/1.2030

- 1.1920/1.1950

Support:

- 1.1860/1.1830

Recommendations:

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

This image is no longer relevant

AUD/USD

Analysis:

The main direction of the price movement of the Australian dollar since February is set by a downward wave zigzag. By now, the structure looks complete. However, there are no signals of an early end. Since July 21, an upward section has been formed, which does not exceed the level of the intermediate correction to date.

Forecast:

Today, the price is expected to move mainly in the lateral plane between the nearest counter zones. At the European session, pressure on the support zone is likely. The change of the vector can be expected by the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 0.7440/0.7470

Support:

- 0.7370/0.7340

Recommendations:

Today, trading on the Australian dollar market is possible only within the framework of individual sessions, in a fractional lot. Purchases from the support zone are more promising.

This image is no longer relevant

USD/CHF

Analysis:

The downward price movement that started on June 18 with a high wave level gave rise to a new short-term trend. The quotes have reached the upper limit of a powerful potential reversal zone. There are no reversal signals on the chart yet.

Forecast:

The completion of the downward movement vector, the formation of a reversal, and the beginning of price growth are expected during the current day. The resistance zone shows the upper limit of the expected daily course.

Potential reversal zones

Resistance:

- 0.9090/0.9120

Support:

- 0.9030/0.9000

Recommendations:

Today, there are no conditions for sale on the Swiss franc market. Purchases with a reduced lot from the support zone are possible.

This image is no longer relevant

GBP/JPY

Analysis:

The ascending section of the chart from July 19 gave rise to a new wave along the dominant vector of the cross movement. Since the end of last month, the price has been adjusted. The structure of this movement does not look complete. There is a powerful potential reversal zone below the current exchange rate.

Forecast:

Today, a flat is expected: the pair's price is moving in the corridor between the opposite zones. After an attempt to put pressure on the resistance zone, you can wait for a vector change and a decrease in the support area.

Potential reversal zones

Resistance:

- 152.20/152.50

Support:

- 151.30/151.00

Recommendations:

Trading on the pair's market in flat conditions is quite risky and can lead to losses. It is recommended to refrain from entering the pair's market until the end of the entire current decline, with tracking buy signals at its end.

This image is no longer relevant

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!

Isabel Clark,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback