GBP / USD outlook for the current day
The ascending wave of the major currency British pound shows signs of an early completion. The structure of the wave is formed, while the preliminary recovery goals were already achieved. Since mid-September, a downward construction is formed in order to meet the major trend. Its wave level exceeds the pullback frame of the last part of the dominant wave.
The analysis of the bearish wave structure shows the development of the middle part of the trend (B). Since November 3, the final part of the corrective recovery is moving upwards. The initial estimate of the target area allows us to expect for price growth in the size of price figure to its lower limit.
At the next session for today, it is expected that the price will move the pair down. Towards the end of the day, the probability of a reversal and recovery to the major trend vector increases.
Boundaries of resistance zones:
- 1.3370 / 1.3400
Boundaries of support zones:
- 1.3300 / 1.3270
Overview of AUD / JPY with the forecast for the current day
The daily scale of the cross currency pair Australian dollar / Japanese yen indicates the formation of the bullish wave since last June. The rate of short-term price movement is set by the downward wave of September 21.
By the end of last week, the price had reached the minimum level of elongation near the potential reversal zone. Since the structure of the wave is not yet complete, nothing more than a rollback is expected. Its scope is limited by the calculated resistance zone.
The possible direction of the price movement in the coming sessions is towards the upward rate. The return to the descending vector is probably at the end of the day or the next day.
Boundaries of resistance zones:
- 85.00 / 85.30
Boundaries of support zones:
- 84.30 / 84.00
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 and most of the impulses. On each considered time frame the last and incomplete wave is analyzed.
The areas marked on the graphs are indicated by the calculation areas in which the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a trade transaction, you need to confirm the signals of your trading systems.
* The presented market analysis is informative and does not constitute a guide to the transaction.