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02.03.202212:01 Forex Analysis & Reviews: Simplified wave analysis forecast for EUR/USD, USD/JPY, GBP/JPY, GOLD on March 2

EUR/USD

Analysis:

The direction of the price movement of the European currency since January last year is set by a bearish trend. The downward segment of the chart from February 4 went beyond the correction of the upward segment from November 24. Thus, at this turn, the intermediate correction was completed and a new wave started at a downward rate. At the time of analysis, the price has reached intermediate support.

Forecast:

In the coming days, a price rebound is expected from the current levels to the area of the calculated resistance. Then we should wait for a return to the bearish rate.

Potential reversal zones

Resistance:

- 1.1160/1.1190

Support:

- 1.1090/1.1060

Recommendations:

Today, euro trading is possible only within the framework of individual sessions with a small lot. It is safer to refrain from entering the market until the upcoming recovery is completed.

Exchange Rates 02.03.2022 analysis

USD/JPY

Analysis:

Since January last year, the trend direction of the main pair of the Japanese yen has been set by an upward wave. Since the beginning of this year, the quotes have reached the lower limit of strong resistance, along which the quotes form a flat correction.

Forecast:

The general lateral movement vector is expected to continue the next day. An upward course is likely in the first half of the day. In the area of the calculated resistance at the end of the day, you can count on a reversal and the beginning of a decline.

Potential reversal zones

Resistance:

- 115.50/115.80

Support:

- 114.80/114.50

Recommendations:

Trading on the yen market today is possible in the form of short "pipsing" transactions. Sales will become safe after the appearance of confirmed reversal signals in the resistance area.

Exchange Rates 02.03.2022 analysis

GBP/JPY

Analysis:

Analysis of the structure of the dominant upward trend of the pound/yen pair shows that its unfinished section started at the end of November last year. Since the beginning of January, the price in correction forms a flat wave zigzag. Currently, the quotes have reached a large-scale support zone.

Forecast:

In the coming trading sessions, the completion of the downward movement rate is expected. In the second half of the day, the formation of a reversal and the beginning of price growth is likely. If the exchange rate changes, an increase in volatility and a puncture of the lower border of the support zone are not excluded.

Potential reversal zones

Resistance:

- 153.90/154.20

Support:

- 152.80/152.50

Recommendations:

There are no conditions for sale on the pair's market today. It is recommended to monitor the emerging reversal signals to buy a pair.

Exchange Rates 02.03.2022 analysis

GOLD

Analysis:

As a result of the price rise, the gold price reached the lower limit of the potential reversal zone of the weekly scale. Since February 24, quotes have been forming a downward correction. The structure of this wave lacks the final section.

Forecast:

In the near future, it is expected to complete the upward movement vector and create conditions for a price decline. The calculated support demonstrates the lower bound of the probable daily course of the pair.

Potential reversal zones

Resistance:

- 1940.0/1945.0

Support:

- 1910.0/1905.0

Recommendations:

Today, short-term fractional lot sales from the resistance zone are possible on the gold market.

Exchange Rates 02.03.2022 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 take into account the duration of the movements of the instrument 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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