The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
EUR/USD
Analysis:
The price decline from March 9 on the chart of the European currency in its wave level reached the level of the H4 scale. The price has reached the upper limit of the potential reversal zone. Since yesterday, a price pullback has been forming up.
Forecast:
The formation of an upward correction is expected in the next day. In the event of a breakthrough in the nearest resistance zone, the euro quotes can reach the far upper zone today.
Potential reversal zones
Resistance:
- 1.1180/1.1210
- 1.1070/1.1100
Support:
- 1.0990/1.0960
Recommendations:
The market is forming a correction in the main direction of the euro, so purchases can be quite risky. It is better to lower the lot. The best tactic is to refrain from trading during the rise, with tracking the best selling points of the pair.
AUD/USD
Analysis:
The global trend of the Australian currency in the last 2 years looks to the "south" of the chart. Its last section started at the beginning of this year. The price has now reached the upper limit of the intermediate support zone. On the small scale of the chart, conditions were formed for the start of the rollback.
Forecast:
In the coming day, a flat mood of movement in the form of a "sideways" is expected. An ascending vector is not excluded. The price can rise no further than the calculated resistance. You can expect a return to the downward rate at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 0.6070/0.6100
Support:
- 0.5980/0.5950
- 0.5860/0.5830
Recommendations:
Purchases of "Aussie" are not relevant today. It is recommended to stay out of the pair's market during the price pullback up. When the exchange rate changes, sales of the instrument will be promising.
GBP/JPY
Analysis:
The movement of the pair since the middle of December last year is set by a descending wave. The wave structure is formally complete. Preliminary reduction goals have been achieved. Quotes are located within a strong reversal zone. Sideways movements of the last 3 days create conditions for the beginning of a price pullback up.
Forecast:
Today, the pair's market is expected to see a general upward trend in the price movement. The upper resistance zone shows the maximum expected level of price growth in the coming days.
Potential reversal zones
Resistance:
- 131.30/131.60
- 130.30/130.60
Support:
- 129.30/129.00
Recommendations:
The potential for sales in the pair's market is exhausted. Trading is only possible within the intraday trading style. In the upcoming sessions, purchases are a priority.
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 expected movements - dotted.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.