Simplified wave analysis and forecast for GBP/USD, AUD/USD, USD/CHF, GOLD on August 12

GBP/USD

Analysis:

An upward wave has been forming on the chart of the main pair of the British pound since July 20. Within its framework, quotes are corrected in the last two weeks, forming the middle part of the wave (B). The correction structure is not complete at the time of analysis.

Forecast:

Today, the price is expected to move in the corridor between the nearest counter zones. At the European session, we can expect an attempt to put pressure on the resistance zone. By the end of the day, you can count on a reversal and a decrease in the price to the support area.

Potential reversal zones

Resistance:

- 1.3900/1.3930

Support:

- 1.3820/1.3790

Recommendations:

Today, transactions on the pound market are possible in a fractional lot, within the framework of separate trading sessions. Sales from the resistance zone are more promising. There are no conditions for full-fledged purchases yet.

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AUD/USD

Analysis:

The direction of movement of the Australian dollar in the main pair is set by the bearish wave of February 25. The quotes have reached the upper limit of the strong zone of a large TF, along which a correction plane has been developing in the last three weeks.

Forecast:

Today, the pair's price movement is expected mainly horizontally, within the boundaries of the previously formed price corridor. An upward vector is likely further after the possible pressure on the support zone in the next session.

Potential reversal zones

Resistance:

- 0.7420/0.7450

Support:

- 0.7350/0.7320

Recommendations:

When making trade transactions on the Australian dollar market today, it is more reasonable to reduce the lot, trying not to go beyond the intraday. Sales are riskier and are not recommended.

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USD/CHF

Analysis:

The direction of short-term fluctuations of the Swiss franc chart is set by the downward wave algorithm of June 18. A week ago, an ascending section started towards the main course. At the current moment, its wave level does not go beyond the correction.

Forecast:

Today, the price movement is likely to move to a sideways plane. At the European session, a decline in the support area is not excluded. The probability of a return to the bullish movement vector increases, with the price rising into the area of the resistance zone.

Potential reversal zones

Resistance:

- 0.9250/0.9280

Support:

- 0.9190/0.9160

Recommendations:

Trading in the conditions of the upcoming flat on the franc market today is possible only for supporters of short-term transactions. Purchases are more promising.

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GOLD

Analysis:

The next phase of the dominant downward plane on the market has recently ended on the gold chart. The price rise that began on August 9 has a powerful reversal potential. Before the price continues to rise, it is necessary to complete the correction.

Forecast:

The movement of gold quotes today will occur in the corridor between the nearest counter zones. After the pressure on the resistance zone, the vector is expected to change and decrease to the area of the support zone. The resumption of the bullish course is likely not earlier than tomorrow.

Potential reversal zones

Resistance:

- 1760.0/1755.0

Support:

- 1730.0/1725.0

Recommendations:

Trading in the conditions of the upcoming flat on the gold market is not recommended. It is proposed to pay attention to the search for buy signals in the area of the support zone.

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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!

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

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