FX.co ★ Simplified wave analysis and forecast for EUR/USD, USD/JPY, GBP/JPY, GOLD on October 4

EUR/USD

Analysis:

In the market of the major pair, the quotes of the European currency continue their decline in the downward planes that have been forming since the beginning of the year. The wave structure looks complete by the current day. The price has reached the potential reversal zone of the senior TF.

Forecast:

Today, the price is expected to move between the opposite zones. In the first half of the day, a bullish vector is more likely. By the end of the day, you can expect the price to return to the support zone.

Potential reversal zones

Resistance:

- 1.1640/1.1670

Support:

- 1.1570/1.1540

Recommendations:

Today, trading transactions on the euro are possible only within the framework of individual trading sessions in fractional lots. There are no conditions for purchases. The optimal selling zone is the calculated resistance.

USD/JPY

Analysis:

On the Japanese yen chart, the direction of price movements is set by the descending wave algorithm of March 31. Its structure lacks the final part. Quotes move along a strong resistance zone of a large scale. The price decline that began on September 29 has a reversal potential and may be the beginning of the final part of the main wave.

Forecast:

Today, the general flat mood of the movement is most likely. In the first half of the day, you can expect a price increase to the resistance zone. A return to the bearish rate is possible.

Potential reversal zones

Resistance:

- 111.40/111.70

Support:

- 110.70/110.40

Recommendations:

Trading on the Japanese yen market today is possible only within the intraday with a reduced lot. Sales are not recommended until clear reversal signals appear.

GBP/JPY

Analysis:

The unfinished wave model on the chart of the pound/yen pair is ascending from July 19. The first two parts (A-B) are fully formed in the wave structure. The price rise that began on September 21 has a reversal potential. Since the beginning of October, the price has been adjusted.

Forecast:

During the upcoming sessions, you can expect the completion of the flat price movement and a return to the growth rate. Calculated zones indicate the boundaries of the expected daily range.

Potential reversal zones

Resistance:

- 151.30/151.60

Support:

- 150.30/150.00

Recommendations:

There are no conditions for sale on the pair's market. It is recommended to monitor all emerging signals to purchase the instrument in the settlement support area.

GOLD

Analysis:

On a large-scale chart, the direction of the gold movement since August last year is set by a bearish wave. Since the end of February, the price has been forming an upward correction. Within its framework, an upward wave zigzag has been developing since August 9.

Forecast:

The price movement in the next day will be limited to the settlement zones of the opposite direction. At the European session, there is a high probability of a decline to the lower border of the corridor. An increase in volatility and the beginning of growth can be expected by the end of the day or tomorrow.

Potential reversal zones

Resistance:

- 1770.0/1775.0

Support:

- 1745.0/1740.0

Recommendations:

There are no conditions for selling on the gold market today. It is recommended to monitor emerging purchase signals in the settlement support area.

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!