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GBP/USD
Brief analysis:
Since September of last year, the dominant trend for the British pound has been a corrective flat pattern that began in November. The structure of this wave segment is complete. The price is confined within a narrow range between several potential reversal levels on a large scale. The ascending movement since January 2 does not possess a reversal level and remains within the bounds of a pullback.
Weekly forecast:
Throughout the upcoming week, we expect the overall sideways movement to continue within a price channel between the support and resistance zones. After attempting to push against the resistance zone, we can anticipate a change in direction, resulting in a decrease in the pound's price towards the calculated support zone. The highest activity is likely towards the end of the following week.
Potential reversal zones:
Resistance:
Support:
Recommendations:
Buy: These transactions have limited potential and can be risky.
Sell: Selling opportunities may arise with smaller lots after confirmed reversal signals near the resistance zone.
AUD/USD
Brief analysis:
In October of the previous year, a bearish wave ended on the primary AUD/USD chart, defining the main price trend on the daily chart. In the counter-wave that began on October 3, a shifting flat pattern forms as the middle part (B), lacking a completed segment in its structure.
Weekly forecast:
In the upcoming days, we can expect the continuation of the overall sideways sentiment. Early in the week, after a potential encounter with the resistance zone, a downward trend is expected, leading to a decrease in the price towards the calculated support zone. Towards the end of the week, the probability of returning to the main trend increases.
Potential reversal zones:
Resistance:
Support:
Recommendations:
Buy: There are no favorable conditions for such transactions in this market.
Sell: After confirmed reversal signals appear near the resistance zone, selling opportunities may be utilized with smaller lots during specific sessions.
USD/CHF
Brief analysis:
On the Swiss franc chart, the primary price movement direction has been set by a bearish wave that started in October of the previous year. The wave structure is complete at the time of analysis. The price has reached the upper boundary of the preliminary target zone. In the past week, the price formed an upward movement with reversal potential, creating conditions for a trend reversal.
Weekly forecast:
Throughout the upcoming week, predominantly sideways movement is expected. A sideways course along the support zone is more likely in the first half of the week. Towards the weekend, we can anticipate a reversal and the beginning of an upward trend.
Potential reversal zones:
Resistance:
Support:
Recommendations:
Sell: These transactions have limited potential and can result in losses.
Buy: After confirmed reversal signals appear in the support zone, they can be used for trading transactions.
EUR/JPY
Brief analysis:
On the EUR/JPY cross-pair chart, an upward wave has developed since early December of the previous year. The price is primarily forming within a sideways range. The wave structure is not complete yet. In the past two weeks, the price underwent a downward correction. The ascending movement since January 3 carries reversal potential.
Weekly forecast:
During the first week, we expect the price to move sideways between zones of opposing directions. A rise to the calculated resistance is more likely in the initial days. Subsequently, we anticipate a reversal and a downward movement. A brief breakout above the upper boundary of the price channel is possible when the trend changes.
Potential reversal zones:
Resistance:
Support:
Recommendations:
Buy: These transactions are quite risky and have limited potential.
Sell: After confirmed reversal signals appear in the resistance zone, they can be used for short-term trading transactions.
AUD/JPY
Brief analysis:
A descending flat pattern defines the direction of price movement for the AUD/JPY cross-pair since March 2022. Its incomplete segment started in the middle of the previous year. The price is moving along the lower boundary of a significant weekly resistance zone. The wave structure lacks a concluding segment.
Weekly forecast:
Early in the upcoming week, we can expect the price to continue moving along the boundaries of the resistance zone. There may be pressure on the zone with a brief breakout of the upper boundary. Subsequently, we can anticipate a change in direction and the start of a downward movement.
Potential reversal zones:
Resistance:
Support:
Recommendations:
Buy: These transactions lack potential.
Sell: Selling opportunities may arise after confirmed reversal signals appear near the resistance zone.
US dollar index
Brief analysis:
The price movement direction on the US dollar index chart is set by a bearish wave that started in October of the previous year. Prices have been drifting sideways along the strong support zone since mid-December, forming an intermediate correction.
Weekly forecast:
The upcoming week is expected to be similar to the previous periods. After reaching the support zone, we can expect a change in direction and a resumption of the upward price trend. The weekly volatility boundaries show the calculated zones of opposing directions.
Potential reversal zones:
Resistance:
Support:
Recommendations:
The period of the dollar's weakness in national currencies will end in the coming days. Short-term transactions to weaken the exchange rate of national currencies against major pairs may become relevant after reversal signals appear in the support zone.
Note: In simplified wave analysis (SWA), all waves consist of 3 parts (A-B-C). Only the last incomplete wave is analyzed at each time frame. Dashed lines represent expected movements.
Attention: The wave algorithm does not consider the duration of instrument 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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