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FX.co ★ Simplified wave analysis and forecast of EUR/USD, USD/JPY, USD/CAD, GBP/JPY for July 7

Simplified wave analysis and forecast of EUR/USD, USD/JPY, USD/CAD, GBP/JPY for July 7

EUR/USD

Analysis:

The direction of short-term trends in the European currency market since July last year is set by a downward correction wave. Its structure looks formed. The upward wave structure of June 18 has a reversal potential. In the last two weeks, the middle part (B) has been developing within its framework.

Forecast:

In the coming day, a flat price movement is expected in the corridor between the nearest counter zones. In the first half of the day, a downward movement vector is more likely. A change in the exchange rate and price growth can be expected by the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1.1870/1.1900

Support:

- 1.1790/1.1760

Recommendations:

Until the current decline is completed, trading on the euro market is risky and can be unprofitable. It is recommended to refrain from entering the pair's market until clear buy signals appear.

Simplified wave analysis and forecast of EUR/USD, USD/JPY, USD/CAD, GBP/JPY for July 7

USD/JPY

Analysis:

The direction of the price movement of the Japanese yen since January 6 is set by an upward wave. The price has reached the lower limit of a strong resistance zone of a large TF. The price decline that began a week ago has a strong reversal potential.

Forecast:

In the coming day, the price of the pair is expected to move flat in the lateral plane between the calculated zones. In the first half of the day, a bullish mood is more likely. A return to the downward rate can be expected at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 111.00/111.30

Support:

- 110.30/110.00

Recommendations:

Purchases on the Japanese yen market today are unpromising. They should reduce the trading lot. It is proposed to pay attention to the search for signals for the sale of the pair in the area of the calculated resistance.

Simplified wave analysis and forecast of EUR/USD, USD/JPY, USD/CAD, GBP/JPY for July 7

USD/CAD

Analysis:

The chart of the main pair of the Canadian dollar is dominated by a downward trend. Since March 18, a hidden upward correction has been forming in the structure. Its structure is close to completion. The price has reached the boundaries of the potential reversal zone. There are no signals of a course change on the chart yet.

Forecast:

Today, a general flat mood of movement along the resistance zone is expected. In the second half of the day, the probability of a reversal and the beginning of a price decline increases.

Potential reversal zones

Resistance:

- 1.2460/1.2490

Support:

- 1.2370/1.2340

Recommendations:

The potential for price growth has been exhausted for today. Trading on the pair's market is not recommended until clear sell signals appear.

Simplified wave analysis and forecast of EUR/USD, USD/JPY, USD/CAD, GBP/JPY for July 7

GBP/JPY

Analysis:

After the downward correction that ended on June 21, the beginning of an upward wave is formed on the pair's chart. A corrective zigzag has been developing in its structure in the last three weeks. The movement has entered the final phase.

Forecast:

In the upcoming trading sessions, the price of the pair is expected to move in the price corridor between the nearest counter zones. After an attempt to grow, then you should wait for a reversal and a decline in the support area. After that, the price growth will resume.

Potential reversal zones

Resistance:

- 153.10/153.40

Support:

- 152.20/151.90

Recommendations:

Trading today is possible only within the framework of individual trading sessions with a fractional lot. After the appearance of clear signals on the chart, it is recommended to focus on buying the pair.

Simplified wave analysis and forecast of EUR/USD, USD/JPY, USD/CAD, GBP/JPY for July 7

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 pair's 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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