FX.co ★ Simplified wave analysis and forecast for GBP/USD, USD/JPY, USD/CAD, GOLD on July 27

GBP/USD

Analysis:

A correction stretched plane has been forming on the chart of the main pair of the British pound since February. By now, the wave structure looks complete. The ascending section that began on July 20 has a reversal potential and may be the beginning of a new wave at an ascending rate.

Forecast:

Today, the bullish course of the movement vector is expected to continue. In the first half of the day, a short-term decline in the area of the support zone is possible. The most significant activity can be expected by the end of the day.

Potential reversal zones

Resistance:

- 1.3890/1.3910

Support:

- 1.3780/1.3750

Recommendations:

Trading on the British pound market today is possible only within the framework of individual trading sessions. Sales are very risky and can be unprofitable. Purchases from the support zone with a reduced lot are recommended.

USD/JPY

Analysis:

The direction of the short-term trend of the Japanese yen is set by the algorithm of the rising wave of January 6. A hidden correction of the wrong type has recently been completed in its structure. The ascending wave model that began on July 8 has a reversal potential. It may be the beginning of a new wave in the dominant direction.

Forecast:

In the first half of the day today, there is a high probability of a "sideways" along the support zone. By the end of the day, you can expect activation and price growth up to the resistance zone.

Potential reversal zones

Resistance:

- 110.80/111.10

Support:

- 110.10/109.80

Recommendations:

There are no conditions for selling on the Japanese yen market today. It is recommended to monitor emerging signals for the purchase of the instrument in the support area.

USD/CAD

Analysis:

The chart of the Canadian dollar major has been dominated by a bearish trend since March last year. In the previous six months, a counter correction has been formed in the form of a stretched plane. By now, the structure looks complete. The downward movement that began on July 19 has a reversal potential.

Forecast:

Today, the pair's market can expect a continuation of the sideways movement vector in the corridor between the opposite zones. An upward vector is more likely in the next session. You can expect a change of course at the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1.2610/1.3210

Support:

- 1.2510/1.2480

Recommendations:

Trading on the pair's market today is possible with a reduced lot within the framework of separate trading sessions. Purchases are riskier. It is optimal to refrain from entering the market until the price growth is fully completed and look for sell signals at its end.

GOLD

Analysis:

A downward trend has dominated the gold market since August last year. The incomplete wave on the main course started on June 1. Since June 17, a correction has been forming towards the movement. It looks like a horizontal stretched plane, not completed yet.

Forecast:

In the next day, a mainly sideways price movement rate is expected, with a descending vector. In the next session, a short-term rise in the area of the resistance zone is not excluded.

Potential reversal zones

Resistance:

- 1805.0/1810.0

Support:

- 1775.0/1770.0

Recommendations:

Until the current pullback is completed, purchases on the gold market are risky and may be unprofitable. Short-term sales with a reduced lot are possible.

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 consider the duration of the instrument's movements in time!