FX.co ★ Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY on February 17

EUR/USD

Analysis:

Over the past year, the upward trend of the European currency has shifted the pair's quotes up by 15 price figures. Since the beginning of January, a correction of the last trend area has been formed from the lower border of the resistance zone. The ascending segment from February 5 has a reversal potential and may be the beginning of a new wave at the main rate. In its structure, a flat correction is nearing completion.

Forecast:

In the coming day, the flat mood of the movement is expected to end. Closer to the end of the day, the probability of a reversal and the beginning of a price rise increases. The calculated zone shows the boundaries of the expected daily course.

Potential reversal zones

Resistance:

- 1.2150/1.2180

Support:

- 1.2080/1.2050

Recommendations:

In a flat market, the trading activity can lead to losses. Until clear buy signals appear, transactions in the euro major market are not recommended.

AUD/USD

Analysis:

Since March last year, the upward momentum has led the Australian dollar to the lower limit of a strong reversal zone. Since the beginning of this year, the price has been moving mainly sideways. The structure of the last trend section from December 21 is not complete, it lacks the final part.

Forecast:

In the first half of the day today, a general sideways course is expected in the support area. By the end of the day, the probability of increased volatility and repeated price growth increases. The start of activity can be linked in time to the release of important news blocks.

Potential reversal zones

Resistance:

- 0.7810/0.7840

Support:

- 0.7740/0.7710

Recommendations:

There are no conditions for sales in the Aussie market today. It is recommended to refrain from entering into trading transactions until clear buy signals appear.

GBP/JPY

Analysis:

In the market of the pound/yen pair, the dominant bullish trend moves quotes to the lower border of the preliminary target zone. The section of the wave from December 12 has a pronounced impulse character. Until the current rise is fully completed, you should not expect a change like the movement.

Forecast:

The general upward movement vector is expected to continue in the next trading sessions. In the first half of the day, a sideways course is possible, with a pullback of the price down no further than the support. The active phase of the rise can be expected by the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 150.00/150.30

- 148.30/148.60

Support:

- 147.00/146.70

Recommendations:

There are no conditions for selling on the pair's market. It is recommended to track the signals for buying the instrument at the end of all counter-movements.

Explanation: 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 line shows the expected movements.

Attention: The wave algorithm does not take into account the duration of the tool movements in time!