FX.co ★ Simplified wave analysis and forecast for GBP/USD, AUD/USD, USD/CHF, GOLD on June 9

GBP/USD

Analysis:

The upward trend in the main pair of the British pound sets the direction of the trend since the spring of last year. A correction is formed in the wave structure. The price is located in the area of the intermediate resistance zone. The incomplete wave from May 10 has the form of a shifting plane. Its ascending section from June 4 has a reversal potential.

Forecast:

Today, the price of the pair expects a general lateral movement vector. After a likely attempt to put pressure on the resistance zone, you should wait for a reversal, and the price moves down to the lower border of the price corridor.

Potential reversal zones

Resistance:

- 1.4200/1.4230

Support:

- 1.4100/1.4070

Recommendations:

Trading on the British pound market today is possible only in the framework of individual trading sessions with a reduced lot. Purchases of the pair are more promising.

AUD/USD

Analysis:

The chart has been dominated by bullish momentum since last year. Since February 25, the price has been forming a horizontal correction along the lower border of the strong resistance zone. The unfinished part of this wave has been reported since May 10. In its structure, the middle part (B) is nearing completion.

Forecast:

In the first half of the day, you can expect a flat nature of the movement, with an upward vector. By the end of the day, in the area of the calculated resistance, there is a high probability of a reversal and the beginning of the price move down.

Potential reversal zones

Resistance:

- 0.7770/0.7800

Support:

- 0.7700/0.7600

Recommendations:

Trading on the Australian dollar market today can only be successful within the intraday. It is recommended to sell the instrument from the resistance zone.

USD/CHF

Analysis:

The unfinished section of the dominant bearish trend of the Swiss franc major started on April 1. Over the past month, the price has been forming a hidden correction along with strong support. Its structure now looks complete. The descending section of the chart from June 3 has a high wave level and may be the beginning of part (C).

Forecast:

Over the next day, the price is expected to move between the nearest zones in the opposite direction. In the European session, pressure on the support zone is likely. In the second half of the day, you can expect a price rise up to the resistance area.

Potential reversal zones

Resistance:

- 0.9000/0.9030

Support:

- 0.8940/0.8910

Recommendations:

Trading against the trend is risky and not recommended. It is optimal to refrain from entering the pair's market until the pullback is completed and look for sell signals at its end.

GOLD

Analysis:

On the gold chart, the formation of an upward wave from February 26 continues. In a more significant wave model, this section corrects the trend. The price is located in the area of a wide resistance zone of a large TF. In the structure of this wave, a hidden correction was completed on June 4. Further up, a potentially reversal design develops.

Forecast:

In the next sessions, the probability of a flat with a descending vector is high. The decline is likely no further than the estimated support. At the end of the day or tomorrow, you can expect an activation, a reversal, and a second attempt to break through the resistance zone.

Potential reversal zones

Resistance:

- 1905.0/1910.0

Support:

- 1880.0/1875.0

Recommendations:

There are still no conditions for selling on the gold market. It is recommended to look for buy signals at the end of the upcoming pullback.

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!