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FX.co ★ Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY on April 20

Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY on April 20

EUR/USD

Analysis:

On the chart of the pan-European currency for the entire past year, the main vector of movement is set by an upward wave. Since the beginning of the current year, the price has been adjusted. The bullish section from March 31 is approaching the limit level, above which the movement will go beyond the correction.

Forecast:

The upward trend is expected to continue in the near future. Before the final upward dash, a flat is likely. A short-term decline to the support zone is not excluded.

Potential reversal zones

Resistance:

- 1.2120/1.2150

Support:

- 1.2050/1.2020

Recommendations:

Trading transactions in the euro market today are more secure within the intraday. Until there are clear reversal signals, sales are premature. It is more reasonable to reduce the lot size.

Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY on April 20

AUD/USD

Analysis:

The Australian dollar chart is dominated by bullish momentum. Its last section started on April 1. The price is approaching the lower limit of a strong potential reversal zone.

Forecast:

In the coming day, there is a high probability of the end of the current price growth. In the area of resistance, you can expect the formation of a reversal and the beginning of a rebound of the course down. The boundaries of the expected daily price range are indicated by the calculated zones.

Potential reversal zones

Resistance:

- 0.7830/0.7860

Support:

- 0.7760/0.7730

Recommendations:

Purchases of the Australian dollar remain a priority. It is worth considering the limited potential for a price rise. Sales are risky and not recommended.

See also: Start Forex trading with a European level broker!
Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY on April 20

GBP/JPY

Analysis:

On the pair's chart, short-term fluctuations are set by the descending wave algorithm of February 25. The wave is corrective and has a complex structure in the form of a shifting plane. The ascending section from April 16 has not yet gained a reversal potential.

Forecast:

The local price rally is expected to end in the next trading sessions. During the European session, the formation of a reversal and a decrease in the pair's price is likely.

Potential reversal zones

Resistance:

- 152.00/152.30

Support:

- 151.20/150.90

Recommendations:

Trading on the pair's market today is possible only within the framework of individual trading sessions, with a fractional lot. Before the appearance of clear reversal signals, priority should be given to the pair's purchases.

Simplified wave analysis and forecast for EUR/USD, AUD/USD, GBP/JPY on April 20

Explanation: In 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 tool movements in time!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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