FX.co ★ Simplified wave analysis and forecast for GBP/USD, USD/JPY, USD/CHF, GOLD on May 14

GBP/USD

Analysis:

The bullish trend continues to dominate on the chart of the major British pound. After the horizontal correction, the price has been forming a reversal pattern in the direction of the main course since May 3. In its structure, the middle part (B) has been formed since the end of last week.

Forecast:

Today, the probability of a general horizontal motion vector is high. In the European session, we can expect a short-term increase to the resistance zone. In the second half of the day, the probability of a return to the downward rate increases.

Potential reversal zones

Resistance:

- 1.4070/1.4100

Support:

- 1.3990/1.3960

Recommendations:

Trading in the British pound carries increased risks. It is recommended to focus on selling, with a reduction in the size of the trading lot. It is better to exit the trades at the first turn signals.

USD/JPY

Analysis:

The last wave that was not completed at the time of the analysis started on April 19. It coincides with the vector of a short-term upward trend. The wave structure looks complete. The price has reached the potential reversal zone.

Forecast:

In the next trading sessions, a "sideways movement" is expected along the resistance zone. By the end of the day, the probability of a reversal increases, followed by a decline in the price in the area of the support zone.

Potential reversal zones

Resistance:

- 109.60/109.90

Support:

- 108.90/108.60

Recommendations:

Trading on the Japanese yen market today is risky and can be unprofitable. Short-term purchases with a reduced lot are allowed until clear reversal signals appear.

USD/CHF

Analysis:

A downward trend has been forming in the Swiss franc major market since the beginning of April. After a short-term correction, a bearish movement has been developing since May 12. With equal probability, this can be either a new wave on the trend or the middle part (B) of the current correction before that.

Forecast:

Today, the pair's chart is expected to show a flat movement mood. In the first half of the day, a downward vector is more likely. In the area of the support zone, a change in the exchange rate and a price pullback up to the resistance zone is expected.

Potential reversal zones

Resistance:

- 0.9080/0.9110

Support:

- 0.9020/0.8990

Recommendations:

The optimal tactic today is to refrain from entering the franc market until there are clear signals of selling the instrument in the area of the calculated resistance.

GOLD

Analysis:

Since August last year, the price of gold has been moving mainly down. Since the end of February, the instrument's rate has been rolling up, forming a correction. The movement is approaching the final phase. The quotes support the intermediate support.

Forecast:

In the first half of the day, the price will continue to move sideways. Within the price range, after an attempt to rise, you can expect a price pullback down. Activation is likely at the end of the day. In case of a successful breakout of the nearest resistance, you can expect a continuation of growth up to the next zone.

Potential reversal zones

Resistance:

- 1875.0/1880.0

- 1840.0/1845.0

Support:

- 1815.0/1810.0

Recommendations:

In the near future, there will be no conditions for selling on the gold market. It is recommended to monitor all emerging signals for the purchase of the instrument.

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!