USD / CAD review with current day forecast
The direction of the price trend of the major currency, the Canadian dollar is caused by the descending wave, which has been counting since January of last year. Analysis of the structure shows the formation of the final part of the wave (C) from the beginning of May. In its framework, a correction wave is almost complete. The pattern shows incorrect figures and is hidden from the participants. It counts from the end of July and is close to the calculated level of completion.
The ascending trading area from September 8 failed to complete at the time of analysis. The upward move yesterday lead the pair's price closer to the lower border of the resistance zone, in which is expected to complete the entire correction.
This morning, the flat tone of the oscillators is expected. It is possible to cut the trend temporarily, but not beyond the support zone. The active period of growth can be extended until the next day.
Boundaries of resistance zones:
- 1.2410 / 40
Boundaries of support zones:
- 1.2320 / 1.2290
GBP / JPY outlook for the current day
Since October last year, the dominant direction of the price trend of the cross pair GBP/JPY is set by the ascending wave. In the longwave chart, the wave takes the place of correction. Last week, the prices of the pair entered to the preliminary zone framework of the potential reversal, which could become the target.
Since September 15, the counter wave is forming on the chart. Its current wave potential does not allow us to expect for a trend reversal. After the completion of its structure, a second break in the main direction of the pair can be expected.
The nearest trading session is likely to have a common flat tone. As an alternative, the descending trend of indicators is not excluded. The breakthrough on the lower boundary of the support zone is not probable. The growth period is expected at the end of the day or tomorrow.
Boundaries of resistance zones:
- 152.00 / 152.30
Boundaries of support zones:
- 151.10 / 150.80
Explanations to the figures: For simplified wave analysis, a simple waveform is used that combines 3 parts (A; B; C). Of these waves, all kinds of correction are composed mostly of the impulses. On each considered time frame, the last and incomplete wave is analyzed.
The areas marked in the graphs are indicated by the calculation areas in which the probability of change in the direction significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the formed structure, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of tool movements in time. The forecast is not a trading signal! To conduct a trade transaction you need confirmation signals used by your trading systems.