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GBP/USD
Analysis:
The short-term rate of the British currency is set by the rising wave from March 18. As part of its last part, an incorrect correction has been formed since the beginning of June. Its structure looks complete. Yesterday's rise has a reversal potential and may be the beginning of a new section of the trend.
Forecast:
Today, we expect a mostly upward mood of the pair's movement. At the current session, short-term pressure on the support zone is likely. The active growth phase can be expected by the end of the day.
Potential reversal zones
Resistance:
- 1.2710/1.2740
Support:
- 1.2610/1.2580
Recommendations:
Today, there are no conditions for selling the pound. In the area of calculated support, it is recommended to track reversal signals for entering long positions.
AUD/USD
Analysis:
Within the framework of the dominant upward wave of the Australian dollar in the last 2 weeks, a stretched horizontal plane is formed. The price is within the strong zone of potential acceleration of a large TF.
Forecast:
Within the framework of the dominant upward wave of the Australian dollar in the last 2 weeks, a stretched horizontal plane is formed. The price is within a strong zone of potential acceleration.
Potential reversal zones
Resistance:
- 0.6960/0.6990
Support:
- 0.6880/0.6850
Recommendations:
Trading the Australian dollar in the market today is possible only within the intraday. Priority should be given to purchases. It is more reasonable to reduce the lot size.
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 the arrows shows the formed structure, and the dotted one shows the expected movements.
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.
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