06.08.201917:52 Forex Analysis & Reviews: Fractal analysis of the main currency pairs as of August 6

Hello, dear colleagues.

For the Euro/Dollar pair, the price is in the correction zone from the upward cycle of August 1. For the Pound/Dollar pair, we mainly expect the development of corrective upward movement, as well as the formation of initial conditions for the top. For the Dollar/Franc pair, the price is in the correction zone from the downward cycle on August 1 and the level of 0.9816 is the key resistance for the top. For the Dollar/Yen pair, the main trend development is expected after the breakdown of 105.71. For the Euro/Yen pair, the price forms the initial conditions for the top from August 5 and the development of this structure is expected after the breakdown of 119.85. For the Pound/Yen pair, the price is in the correction zone from the downward structure on July 31, forming the potential for the top and the level of 130.23 is the key resistance.

Forecast for August 6:

Analytical review of the currency pairs in H1 scale:

For the Euro/Dollar pair, the key levels on the H1 scale are: 1.1284, 1.1259, 1.1234, 1.1162, 1.1145 and 1.1120. The price is in the correction zone from the upward structure on August 1. The upward trend may resume after the breakdown of 1.134. In this case, the target is 1.1259. The potential value for the top is the level of 1.1284, upon reaching which we expect consolidation, as well as a rollback to the bottom.

The short-term downward movement is possible in the area of 1.1162 – 1.1145 and the breakdown of the last value will lead to a protracted correction. The goal is 1.1120 and this level is the key support for the top.

The main trend is the upward structure from August 1, the stage of correction.

Trading recommendations:

Buy 1.1234 Take profit: 1.1258

Buy 1.1261 Take profit: 1.1284

Sell: 1.1162 Take profit: 1.1146

Sell: 1.1144 Take profit: 1.1122

For the Pound/Dollar pair, the key levels on the H1 scale are: 1.2254, 1.2192, 1.2158, 1.2099, 1.2069 and 1.2021. We follow the downward cycle of July 19, as well as the local downward structure of July 31. The short-term downward movement is expected in the range of 1.2099 – 1.2069 and the breakdown of the last value will allow us to count on the movement to the potential target – 1.2021, from this level, we expect a correction.

The short-term upward movement is possible in the area of 1.2158 – 1.2192 and the breakdown of the last value will lead to the formation of initial conditions for the top. The potential target is 1.2254.

The main trend is the downward cycle of July 19, the local structure of July 31.

Trading recommendations:

Buy: 1.2158 Take profit: 1.2191

Buy: 1.2194 Take profit: 1.2254

Sell: 1.2099 Take profit: 1.2070

Sell: 1.2067 Take profit: 1.2025

For the Dollar/Franc pair, the key levels on the H1 scale are: 0.9854, 0.9816, 0.9797, 0.9746, 0.9706 and 0.9673. The price is in the correction zone from the downward structure on August 1. The resumption of the downward movement is expected after the breakdown of 0.9746. In this case, the target is 0.9706. The potential value for the bottom is the level of 0.9673, upon reaching which we expect consolidation, as well as a rollback up.

The short-term upward movement is possible in the area of 0.9797 – 0.9816 and the breakdown of the last value will lead to an in-depth correction. The goal is 0.9854 and this level is the key support for the downward structure from August 1.

The main trend is the downward structure from August 1, the stage of correction.

Trading recommendations:

Buy: 0.9797 Take profit: 0.9816

Buy: 0.9818 Take profit: 0.9852

Sell: 0.9744 Take profit: 0.9708

Sell: 0.9704 Take profit: 0.9675

For the Dollar/Yen pair, the key levels in the scale of H1 are: 107.98, 107.62, 107.20, 106.48, 105.71, 105.14, 104.44 and 104.00. We follow the formation of a downward structure from August 1. We expect the continuation of the downward movement after the breakdown of 106.48. In this case, the target is 105.71 and the range of 105.71 – 105.14 is the short-term downward movements, as well as consolidation. The breakdown of the level of 105.14 should be accompanied by a pronounced downward movement. The goal is 104.45. The potential value for the bottom is the level of 104.00, upon reaching which we expect a correction.

We expect departure to the correction zone after the breakdown of 107.20. The target is 107.62. The range of 107.62 – 107.98 is the key support for the downward structure.

The main trend is the formation of a downward structure from August 1.

Trading recommendations:

Buy: 107.20 Take profit: 107.60

Buy: 107.62 Take profit: 107.98

Sell: 106.45 Take profit: 105.71

Sell: 105.69 Take profit: 105.20

For the Canadian dollar/Dollar pair, the key levels on the H1 scale are: 1.3324, 1.3297, 1.3256, 1.3224, 1.3175, 1.3156, and 1.3129 1.3102. We continue to monitor the local upward structure of July 31. We expect the upward movement to continue after the breakdown of 1.3224. The target is 1.3256 and near this level is the consolidation. The breakout of the level of 1.3257 should be accompanied by a pronounced upward movement. The goal is 1.3297. The potential value for the top is the level of 1.3324, upon reaching which we expect consolidation, as well as a rollback downwards.

The short-term downward movement is possible in the area of 1.3175 – 1.3156 and the breakdown of the last value will lead to a protracted correction. The goal is 1.3129 and this level is the key support for the top.

The main trend – local upward structure from July 31.

Trading recommendations:

Buy: 1.3225 Take profit: 1.3255

Buy: 1.3257 Take profit: 1.3295

Sell: 1.3175 Take profit: 1.3156

Sell: 1.3153 Take profit: 1.3130

For the Australian dollar/Dollar pair, the key levels on the H1 scale are: 0.6857, 0.6834, 0.6817, 0.6786, 0.6761 and 0.6725. We follow the downward structure of July 31. The short-term downward movement is expected in the range of 0.6786 – 0.6761. The potential value for the downward structure of July 31 is the level of 0.6725, the movement to which is expected after the breakdown of 0.6760.

The short-term upward movement is possible in the area of 0.6817 – 0.6834 and the breakdown of the last value will lead to an in-depth correction. The goal is 0.6857 and this level is the key support for the downward structure.

The main trend is the local downward structure of July 31.

Trading recommendations:

Buy: 0.6817 Take profit: 0.6832

Buy: 0.6835 Take profit: 0.6855

Sell: 0.6786 Take profit: 0.6764

Sell: 0.6760 Take profit: 0.6725

For the Euro/Yen pair, the key levels on the H1 scale are: 120.68, 120.20, 119.85, 119.43, 118.94, 118.64, 118.22 and 117.68. The price forms the expressed initial conditions for the top from August 5. The continuation of the the upward movement is expected after the breakdown of 119.43. In this case, the goal is 119.85 and in the area of 119.85 – 120.20 is the consolidation. The breakdown of the level of 120.20 should be accompanied by a pronounced upward movement. The goal is 120.68. The potential value for the top is the level of 121.35.

The short-term upward movement is possible in the area of 118.94 – 118.64 and the breakdown of the last value will lead to a protracted correction. The goal is 118.22 and this level is the key support for the upward structure.

The main trend – the initial conditions for the top of August 5.

Trading recommendations:

Buy: 119.45 Take profit: 119.85

Buy: 120.20 Take profit: 120.68

Sell: 118.94 Take profit: 118.66

Sell: 118.62 Take profit: 118.24

The short-term upward movement is possible in the area of 129.80 – 130.23 and the breakdown of the last value will lead to a protracted correction. The goal is 130.86 and this level is the key support for the bottom.

The main trend is the local downward structure of July 31, the stage of correction.

Trading recommendations:

Buy: 129.80 Take profit: 130.20

Buy: 130.26 Take profit: 130.84

Sell: 128.95 Take profit: 128.30

Sell: 128.28 Take profit: 127.85