FX.co ★ Simplified wave analysis and forecast for GBP/USD, AUD/USD, USD/CHF, GOLD on July 5

GBP/USD

Analysis:

An incomplete wave structure on the chart shows the British pound descending from February 24. The analysis of the wave structure shows that a wave zigzag of the final part (C) is formed. The far support zone shows the upper boundary of the preliminary target zone.

Forecast:

In the coming day, the upward pullback is expected to complete, the formation of a reversal and a return to the bearish movement rate. If the nearest support zone breaks, the decline will continue to the next zone.

Potential reversal zones

Resistance:

- 1.3860/1.3890

Support:

- 1.3770/1.3740

- 1.3670/1.3640

Recommendations:

Conditions for purchases on the British pound market have not yet been created. It is recommended to skip the ascending section and look for a signal to sell the instrument at its end in the area of the calculated resistance.

v

AUD/USD

Analysis:

The chart of the main pair of the Australian dollar has been dominated by an upward trend since March last year. Since the end of February, the price has been forming a counter corrective wave. Its structure has not been completed yet. As part of the last, an intermediate correction is nearing completion.

Forecast:

Today, the price of the pair is expected to move between the nearest zones. An upward course is likely in the first half of the day. In the area of the resistance zone, you can then wait for a reversal and the price moves down.

Potential reversal zones

Resistance:

- 0.7550/0.7580

Support:

- 0.7480/0.7450

Recommendations:

When buying "Aussie" today, you should reduce the lot and be ready to close the deal at the first signals of a reversal. Sales of the instrument from the resistance zone are more promising.

USD/CHF

Analysis:

A complex large-scale correction has recently been completed on the Swiss franc chart. The descending wave structure that began on June 18 has the wrong kind of structure. It has a reversal potential and can be the beginning of a new wave along with the trend.

Forecast:

Today, in the first half of the day, the probability of a general upward movement vector is high. At the end of the day, you can wait for the formation of a reversal and the beginning of the price move down. When changing the course, a short-term puncture of the upper border of the resistance zone is not excluded.

Potential reversal zones

Resistance:

- 0.9280/0.9310

Support:

- 0.9210/0.9180

Recommendations:

Until there are clear reversal signals, sales are not recommended today. When purchasing, you should take into account the limited growth potential. It is safer to use a fractional lot.

GOLD

Analysis:

On the gold chart, the direction of movement of the instrument is set by the bearish wave from August 6 last year. The unfinished section of the main course is counted from June 1. Within its framework, the price has been adjusted upwards in the last three weeks.

Forecast:

In the coming days, the price of gold expects a smooth price increase up to the boundaries of the resistance zone. A short-term rebound to the support area is not excluded in the next trading session.

Potential reversal zones

Resistance:

- 1810.0/1815.0

Support:

- 1780.0/1775.0

Recommendations:

Trading on the gold market today is possible only within the framework of individual trading sessions, in a fractional lot. There are no conditions for selling today. It is optimal to refrain from entering the market of the instrument until the price growth is completed.

Explanations: 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 one shows the expected movements.

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