07.08.201915:24 Forex Analysis & Reviews: Fractal analysis for major currency pairs as of August 7

Hello, dear colleagues.

For the Euro/Dollar pair, the price is in the correction zone from the upward cycle of August 1 and the continuation of the upward movement is expected after the breakdown of 1.1234. 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 continuation of the downward movement is expected after the breakdown of 0.9735. 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 of August 5, the development of this structure is expected after the breakdown of 119.45 and the level of 118.22 is the key support. For the Pound/Yen pair, we continue the development of the falling structure from July 31 and it is possible after the price passage of the range of 128.30 – 127.85.

Forecast for August 7:

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 resumption of the upward trend is possible after the breakdown of 1.1234. In this case, the goal is 1.1259. We consider the level of 1.1284 as a potential value for the top, 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 in the H1 scale are: 0.9854, 0.9816, 0.9797, 0.9737, 0.9706, 0.9673 and 0.9641. The price is in the adjustment zone from the downward structure on August 1. The resumption of the downward movement is expected after the breakdown of 0.9737. In this case, the target is 0.9706 and in the area of 0.9706 – 9637 is the short-term downward movement, as well as consolidation. The potential value for the bottom is the level of 0.9641, upon reaching which we expect consolidation, as well as a rollback to the top.

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: 0.9736 Take profit: 0.9707

Sell: 0.9704 Take profit: 0.9675

For the Dollar/Yen pair, the key levels in the H1 scale are: 107.62, 107.20, 106.72, 105.71, 105.14, 104.44 and 104.00. We follow the downward structure from August 1. We expect the continuation of the downward movement after the breakdown of 105.71. In this case, the target is 105.14 and near this level is the price consolidation. The breakdown of the level of 105.14 should be accompanied by a pronounced downward movement. The goal is 104.45. We consider the level of 104.00 as a potential value for the bottom, upon reaching which, we expect a correction.

Leaving the correction zone is expected after the breakdown of 106.72. The goal is 107.20. The range of 107.20 – 107.62 is the key support for the downward structure.

The main trend is the downward structure of August 1.

Trading recommendations:

Buy: 106.72 Take profit: 107.20

Buy: 107.22 Take profit: 107.62

Sell: 105.69 Take profit: 105.15

Sell: 105.13 Take profit: 104.46

For the Canadian dollar/Dollar pair, the key levels on the H1 scale are: 1.3444, 1.3393, 1.3354, 1.3329, 1.3280, 1.3256, 1.3212 and 1.3175. We continue to monitor the local upward structure from July 31. The short-term upward movement is expected in the range of 1.3329 – 1.3354 and the breakdown of the last value will lead to a movement to the level of 1.3393, upon reaching which, we expect consolidation and a possible rollback to the bottom. The potential value for the top is the level of 1.3444.

The short-term downward movement is possible in the area of 1.3280 – 1.3256 and the breakdown of the last value will lead to a protracted correction. The goal is 1.3212 and this level is the key support for the top. Its breakdown will allow us to count on the movement to a potential target – 1.3175.

The main trend – local upward structure from July 31.

Trading recommendations:

Buy: 1.3329 Take profit: 1.3354

Buy: 1.3357 Take profit: 1.3392

Sell: 1.3280 Take profit: 1.3256

Sell: 1.3254 Take profit: 1.3214

For the Australian dollar/Dollar pair, the key levels on the H1 scale are: 0.6791, 0.6761, 0.6740, 0.6689, 0.6665 and 0.6641. We follow the downward structure from July 31. The continuation of the downward movement is expected after the breakdown of 0.6689. In this case, the goal is 0.6665, from this range, there is a high probability of leaving the market. We consider the level of 0.6641 as a potential value for the bottom, upon reaching which, we expect a rollback.

The short-term upward movement is possible in the area of 0.6740 – 0.6761 and the breakdown of the last value will lead to an in-depth correction. The target is 0.6790 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: 0.6740 Take profit: 0.6760

Buy: 0.6763 Take profit: 0.6790

Sell: 0.6689 Take profit: 0.6667

Sell: 0.6663 Take profit: 0.6642

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 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. We consider the level of 121.35 as a potential value for the top.

The short-term upward movement is possible in the area of 118.64 – 118.22 and the breakdown of the last value will have a downward trend. The first goal is 117.68.

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: 118.62 Take profit: 118.24

Sell: 118.20 Take profit: 117.72

For the Pound/Yen pair, the key levels on the H1 scale are: 130.86, 130.23, 129.80, 128.98, 128.30 and 127.85. We follow the local downward structure from July 31. The continuation of the downward movement is expected after the passage of the price of the range of 128.30 – 127.85. In this case, the goal is 126.97. We consider the level of 126.19 as a potential value for the bottom, upon reaching which, we expect a rollback to the top.

The range of 129.80 – 130.23 is the key support. Its breakdown will allow counting on the movement to the level of 130.86, which is the key resistance for the subsequent development of the upward trend.

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

Trading recommendations:

Buy: Take profit:

Buy: 130.26 Take profit: 130.84

Sell: 127.85 Take profit: 127.00

Sell: 126.95 Take profit: 126.20