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Wave analysis

29.04.202209:22 Forex Analysis & Reviews: GBP/USD, USD/CHF, USD/CAD simplified wave analysis and outlook for April 29

GBP/USD

Analysis:As a result of more than a year's decline of the English pound exchange rate in a trending downtrend wave, the quotations on the chart have reached the borders of a powerful potential reversal zone of the largest time frame. The structure of this wave looks complete, but there are no signals of an imminent trend change on the chart.Outlook:During the current day, continuation of lateral movement of the price which began yesterday is expected. In the first half of the day, an upward vector is more likely, with rate growth to the borders of the estimated resistance. At the end of the day, probability of reversal and resumption of price decrease is increasing.Potential reversal zonesResistance:- 1.2570/1.2600Support:- 1.2460/1.2430Recommendations:Trade trades in the English pound major market today should be conducted with caution, given the high probability of counter pullbacks. Opening short positions from the resistance zone will be more secure.

USD/CHF

Analysis:The trend direction of the Swiss franc's movement in the main pair since last January is set by an ascending wave. The last section of the wave gave price a powerful momentum, more than 5 price points for the current month. Quotes have reached the lower boundary of the strong resistance zone of the monthly timeframe.Outlook:In the coming trading sessions, price is expected to move sideways between the immediate zones. In the first half of the day, a downward trend is more likely, not beyond the boundaries of the settlement support. By the end of the day, an increase in activity and resumption of bullish movement is expected.Potential reversal zonesResistance:- 0.9750/0.9780Support:- 0.9670/0.9640Recommendations:It is recommended to refrain from entering the pair's market until the current pullback is completed and there are buy signals confirmed by your trading system around the support zone.

USD/CAD

Analysis:The bullish section of the Canadian dollar chart from April 21 exceeded the pullback level of the previous wave, giving rise to a new large scale uptrend section. After breaking through powerful resistance, a counter-correction of the wrong kind began to develop on the chart. The previously broken resistance level turned into support.Outlook:During the current day, the downward movement vector is expected to complete. In the area of support zone, it is possible to expect formation of reversal and renewal of rate growth. If the direction changes, sharp volatility growth is not excluded, with a short-term piercing of the lower support boundary.Potential reversal zonesResistance:- 1.2790/1.2820Support:- 1.2720/1.2690Recommendations:In the Canadian dollar market today, it is recommended to refrain from trading the pair until there are confirmed reversal signals to buy the instrument in the area of estimated support.

Explanation: In simplified wave analysis (SVA), waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed. The solid arrow background shows the structure formed. The dotted arrow shows the expected movements.Attention: The wave algorithm does not take into account the duration of the instrument movements over time!

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Isabel Clark,
Analytical expert of InstaSpot
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