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Simplified wave analysis and forecast for GBP/USD, AUD/USD, and GOLD on May 7

GBP/USD

The main vector of movement of the pound in the short term is set by the bearish wave of March 13. Over the past month, a complex correctional wave (B) has been forming in it. By the current day, its structure looks complete, and the price of the pair has reached the lower limit of the large-scale resistance zone. The price decline that started 2 days ago has a reversal potential

Forecast:

In the next trading sessions, given the generally flat nature of the movement of the pound, the price is expected to rise again to the resistance zone. The probability of a puncture of its upper limit is not excluded but is unlikely.

Recommendations:

Purchases today can be used only on the smallest TF, in the form of "scalping". When approaching the pound to the reversal zone, it is recommended to start tracking the sale signals of the instrument.

Resistance zones:

- 1.3190 / 1.3220

Support zones:

- 1.3060 / 1.3030

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AUD/USD

Since the end of January, a downward wave structure has been developing on the Aussie chart, correcting the previous segment of the bullish trend. In its last part, from April 25, the middle rolling phase of movement is formed. The wave has the form of a stretched plane.

Forecast:

At the next trading sessions, it is expected to continue the upward trend of the price movement, until its completion within the settlement zone. In the first half of the day, a short-term price rollback is not excluded.

Recommendations:

Sales of "Australian" in the next day will be irrelevant. At the end of oncoming movements, it is recommended to track the emerging signals of your vehicle to purchase a pair.

Resistance zones:

- 0.7080 / 0.7110

Support zones:

- 0.7000 / 0.6970

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GOLD

The price of gold moves to the "South" of the chart by the dominant wave of March 25. Since April 23, the counter wave zigzag began to develop, taking the place of correction (B). The wave has the form of a standard plane, its structure looks complete. Quotes support the lower limit of the resistance zone.

Forecast:

In the next day, a flat mood is likely, with the course moving down from the nearest reversal level. Further, a second attempt to break the upper limit of the flat area is expected.

Recommendations:

Purchases in the next session are not relevant. It is more reasonable to skip the rollback period or reduce the lot in sales to a minimum. In the area of the support zone, it is recommended to track the signals of your vehicle to find the entrance to long positions.

Resistance zones:

- 1305.0 / 1310.0

- 1285.0 / 1290.0

Support zones:

- 1275 / 1270.0

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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