Simplified wave analysis and forecast for EUR/USD, GBP/USD, USD/JPY and Gold on May 2

EUR/USD

The unfinished wave pattern on the euro chart is downward, starting from March 20th. In this case, it is necessary to take into account the correctional nature of the whole structure in a larger wave model. The wave completed the first 2 parts. Since April 12, the last phase of the movement develops, in which the bullish correction is approaching the end.

Forecast:

Yesterday's exchange rate change has not yet been confirmed by the reversal signals on the chart, so the chance of a re-rise to the resistance zone remains. By the end of this week, several blocks of important data are expected to be released, which can cause a sharp increase in volatility.

Recommendations:

In the conditions of the expected change in the direction of the intersessional trend, euro purchases become high-risk. Before the appearance of clear reversal signals, it is recommended to refrain from trading, tracking the signals of your vehicle in order to find the entrance to the sale of the pair.

Resistance zones:

- 1.1230 / 1.1260

Support zones:

- 1.1090 / 1.1060

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GBP/USD

As part of the short-term analysis, the last wave construction begins on March 13 and moves to the "south" of the chart. The structure of the wave has changed in recent days. The upward section of April 25 exceeded the wave level of the rollback, which makes it the final part of the complex correctional model of March 21. The price reached a wide reversal zone, but no reversal signals were formed.

Forecast:

The release of a block of important news in the next session can cause a sharp rise in volatility. Without confirmation of the completion of the current bullish wave before the change, of course, it is possible to extend the price up to the next zone.

Recommendations:

Buying the pound today can be very risky. In the control resistance zones, it is recommended to track the reversal signals to find the entry into the sales of the pair.

Resistance zones:

- 1.3190 / 1.3220

- 1.3090 / 1.3120

Support zones:

- 1.2970 / 1.2940

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USD/JPY

The current wave model of the yen is rising, from March 25. On April 12, the correctional part (B) is formed in it. Since the end of last week, a counter rollback of the wrong kind has developed within its framework.

Forecast:

At the upcoming trading sessions, the current flat design is expected to be fully completed, then the formation of a reversal and the beginning of a price decline. The last expected stage can be shifted to the next day.

Recommendations:

Yen purchases are possible today, but only as part of the intraday strategy with a reduced lot. In the area of resistance, it is recommended to monitor the emerging signals to sell the pair.

Resistance zones:

- 111.90 / 112.20

Support zones:

- 110.90 / 110.60

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Gold

Gold price quotes from March 25 formed a short-term trend. In its framework, on April 23, the formation of a counter wave zigzag began. The analysis of its wave level indicates the continuation of the price rise.

Forecast:

Gold price quotes from March 25 formed a short-term trend. In its framework, on April 23, the formation of a counter wave zigzag began. The analysis of its wave level indicates the continuation of the price rise.

Recommendations:

Current sales of gold should be fixed at the first reversal signals. After confirming the exchange rate change, it is recommended to start tracking the instrument purchase signals.

Resistance zones:

- 1305.0 / 1310.0

- 1285.0 / 1290.0

Support zones:

- 1270 / 1265.0

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Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A – B – C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.

Note: The wave algorithm does not take into account the duration of tool movements over time.

The material has been provided by InstaForex Company - www.instaforex.com