FX.co ★ Simplified wave analysis and forecast for EUR/USD, AUD/USD, USD/CHF, GBP/JPY on July 30

EUR/USD

Analysis:

According to several signs, the horizontal bearish correction of the European currency chart ended on June 18. The ascending wave model that started then has a reversal potential. If it is confirmed, this will be the beginning of a new wave of the main trend.

Forecast:

On the next day, the price is expected to move to the area of the calculated resistance. In the first half of the day, a short-term decline is possible up to the support zone. Next, we are waiting for the growth of the exchange rate. The active phase of the movement is more likely at the end of the day.

Potential reversal zones

Resistance:

- 1.1920/1.1950

Support:

- 1.1860/1.1830

Recommendations:

Conditions are unfavorable for selling on the European currency market today. It is recommended to track signals for buying a pair at the end of descending pullbacks.

AUD/USD

Analysis:

Until recently, the Australian dollar's main vector of price movements was set by a descending wave. By now, its structure looks complete. The price has reached the upper limit of a strong reversal zone. The upward price movement that began on July 21 at the time of analysis does not have enough wave level to start a reversal.

Forecast:

On the next day, the price is expected to move mainly in the lateral plane. A flat decline to the support area is likely in the European session. You can count on a change of the vector and a price increase to the resistance zone.

Potential reversal zones

Resistance:

- 0.7450/0.7480

Support:

- 0.7370/0.7340

Recommendations:

Trading on the Australian dollar market today is possible only within the framework of individual trading sessions with a fractional lot. Sales are not recommended.

USD/CHF

Analysis:

In the short term, the direction of the price movement of the Swiss franc is set by the descending wave algorithm of June 18. The structure of the wave is not yet complete. The price is approaching the upper limit of a powerful potential reversal zone.

Forecast:

During the current day, a gradual shift of quotes to the area of the support zone is expected. In the first half of the day, there is a possibility of a short-term price rebound up.

Potential reversal zones

Resistance:

- 0.9090/0.9120

Support:

- 0.9030/0.9000

Recommendations:

Today, trading on the franc market is shown only within the intraday. It is recommended to reduce the trading lot. Purchases are riskier.

GBP/JPY

Analysis:

The correction plane has recently ended in the bullish wave dominating the cross chart. The ascending section that began on July 19 shifted the quotes to the area of a strong reversal zone of a large TF. Since yesterday, the price has been lying in a sideways drift.

Forecast:

A flat mood of price fluctuations is expected in the next session, with a shift to the support zone area. The probability of a reversal and a repeated attempt to pressure the resistance zone increases.

Potential reversal zones

Resistance:

- 153.40/153.70

Support:

- 152.50/152.20

Recommendations:

Until clear reversal signals appear, cross-market sales are not recommended. Buy trades are safer from the support zone.

Explanations: In 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. The dotted one shows the expected movements.

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