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EUR/USD
Analysis:
The main pair of the European currency has been forming a "descending pennant" since last summer. Currently, wave (C) is developing. In early May, the price bounced off the upper boundary of a significant potential reversal zone on the weekly timeframe. The correction structure appears complete, but there are no signals of an imminent reversal on the chart.
Forecast:
The euro is expected to move within a narrow corridor between the nearest opposing zones in the coming week. In the initial days, pressure may be on the resistance zone, with a brief breach of its upper boundary not ruled out. Subsequently, a reversal and resumption of the downward trend are anticipated.
Potential Reversal Zones
Recommendations:
USD/JPY
Analysis:
Since December last year, an ascending wave algorithm has determined the overall price movement of the major pair of Japanese yen. The structure analysis shows the formation of a corrective part in late April. The upward segment from May 2nd represents an intermediate pullback. After its completion, another decline is expected.
Forecast:
A slight upward movement is expected at the beginning of the week, with the price reaching the calculated resistance boundaries. A sideways movement is likely in this zone, forming conditions for a direction change. A decline might begin closer to the weekend.
Potential Reversal Zones
Recommendations:
GBP/JPY
Analysis:
In recent years, the dominant direction in the GBP/JPY pair has been an ascending wave. Its ongoing segment started in December last year. Since late April, a corrective part (B) has been forming, resembling a shifting plane.
Forecast:
Expect a flat movement at the start of the week, with a potential downward vector not exceeding the calculated support boundaries. The bullish trend will likely resume in the week's second half. A volatility spike may occur during the release of economic data.
Potential Reversal Zones
Recommendations:
USD/CAD
Analysis:
Since September last year, USD/CAD has been drifting sideways. The wave's extremes form a "descending pennant." The structure does not indicate completion. Last week, the pair moved into a flat intermediate pullback.
Forecast:
At the beginning of the week, an upward price movement is likely, with the upper boundary indicated by the calculated resistance. A direction change is likely toward the weekend, with a potential price decline within the weekly period down to the calculated support.
Potential Reversal Zones
Recommendations:
NZD/USD
Brief Analysis:
Since late April this year, NZD/USD has been forming a bullish wave. At the end of last week, a corrective pattern, a "shifting plane," began forming within the wave. The descending section from May 16th has reversal potential.
Weekly Forecast:
A bullish movement is likely at the beginning of the week, with the upper boundary indicated by the calculated resistance. In the second half, the likelihood of a direction change increases, with a price decline expected within the weekly period down to the calculated support.
Potential Reversal Zones
Recommendations:
Gold
Analysis:
Since September last year, gold has been following a bullish wave algorithm. Since December, a corrective from the lower boundary of a significant resistance zone has been forming. The wave extremes form a "shifting plane," lacking a final part.
Forecast:
After likely pressure on the resistance zone, a reversal and a downward movement are expected in the coming days. Active decline is more probable by the end of the week, coinciding with the release of significant economic news.
Potential Reversal Zones
Recommendations:
Explanation:
In simplified wave analysis (SWA), all waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed for each timeframe. Expected movements are shown with a dashed line.
Note: The wave algorithm does not account for the duration of instrument movements over 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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