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06.09.202109:40 Forex Analysis & Reviews: Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY, GOLD on September 6

EUR/USD

Analysis:

The direction of the short-term trend of the European currency since the beginning of June is set by a descending wave. This wave structure corrects the bullish trend that has been dominant since the end of March. At the moment, the wave structure looks complete. The ascending section from August 20 does not yet have a reversal potential and does not go beyond the correction.

Forecast:

Today, the general upward movement vector is expected to continue. In the first half of the day, a short-term decline to the support area is possible. The calculated resistance runs along the lower border of a strong potential reversal zone.

Potential reversal zones

Resistance:

- 1.1940/1.1970

Support:

- 1.1860/1.1830

Recommendations:

Until there are clear signals of the upcoming reversal, sales in the euro market are premature. On the next day, short-term purchases with a fractional lot from the support zone are possible.

Exchange Rates 06.09.2021 analysis

AUD/USD

Analysis:

The main direction of price fluctuations of the Australian dollar major since March last year is set by the algorithm of a powerful app trend. The ascending section from August 20 gave the start of a new wave at the main rate. The movement has a pronounced impulse character.

Forecast:

A flat pullback to the area of the support zone is likely in the upcoming trading session. At the end of the day or tomorrow, we can expect a resumption of the bullish movement vector, with a breakthrough of the upper limit of the nearest resistance.

Potential reversal zones

Resistance:

- 0.7570/0.7600

- 0.7470/0.7500

Support:

- 0.7400/0.7370

Recommendations:

There will be no conditions for selling on the Australian dollar market the next day. It is recommended to track the signals to purchase the instrument at the end of all oncoming traffic.

Exchange Rates 06.09.2021 analysis

GBP/JPY

Analysis:

On the British pound chart against the Japanese yen, the ascending wave structure from July 19 continues to develop. The final part of the wave (C), which began on August 20, reached the intermediate resistance zone. After the rollback is formed, the wave development will continue upwards.

Forecast:

In the next trading sessions, the price is expected to move sideways within the support zone. We can expect an increase in volatility and a return to the upward movement rate by the end of the day. The calculated resistance shows the upper range of the expected daily stroke.

Potential reversal zones

Resistance:

- 153.00/153.30

Support:

- 151.90/151.60

Recommendations:

Today, it is safer to refrain from trading transactions in the pair's market until the rollback is fully completed. After the appearance of reversal signals in the support area, purchases are recommended.

Exchange Rates 06.09.2021 analysis

GOLD

Analysis:

The vector for the main course of the gold price movement is set by the ascending wave that began on August 9. It has an impulse form with minimal counter-pullbacks. The price reached the boundaries of the intermediate resistance, where the development of a sideways correction began.

Forecast:

On the current day, the "sideways" are expected to continue in a narrow price corridor between the nearest oncoming zones. After the pressure on the resistance zone, you can expect a pullback down to the support zone. The resumption of price growth is likely not earlier than tomorrow.

Potential reversal zones

Resistance:

- 1835.0/1840.0

Support:

- 1815.0/1810.0

Recommendations:

Trading on gold in a correction is risky and can lead to losses. It is recommended to refrain from entering the market of the instrument until clear buy signals appear.

Exchange Rates 06.09.2021 analysis

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!

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Isabel Clark,
Analytical expert of InstaSpot
© 2007-2024
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