06.08.202008:39 Forex Analysis & Reviews: Fractal analysis for major currency pairs on August 6

Forecast for August 6:

Analytical overview of currency pairs on the H1 scale:

The key levels for the euro / dollar pair on the H1 scale are: 1.2066, 1.1983, 1.1915, 1.1842, 1.1800, 1.1768 and 1.1693. Here, the price has canceled the development of the descending structure for now and at the moment, we are watching the potential for the top of August 3. The continuation of the upward movement is expected after the breakdown of the level of 1.1915. In this case, the target is 1.1983. There is consolidation near this level. We consider the level of 1.2066 as a potential value for the top. Upon reaching which, we expect a downward pullback.

A retreat into correction is expected after the breakdown of the level of 1.1842. In this case, the target is 1.1800. The range of 1.1800 - 1.1768 is the key support for the top and its passage by the price will encourage the development of a downward trend. In this case, the potential target is 1.1693.

The main trend is the formation of an upward potential from August 3

Trading recommendations:

Buy: 1.1915 Take profit: 1.1980

Buy: 1.1985 Take profit: 1.2060

Sell: 1.1840 Take profit: 1.1800

Sell: 1.1766 Take profit: 1.1705

The key levels for the pound / dollar pair on the H1 scale are: 1.3299, 1.3226, 1.3175, 1.3104, 1.3066, 1.3036 and 1.2981. Here, the price forms a local potential for the upward movement from August 4. The continuation of the upward movement is expected after the breakdown of the level of 1.3175. In this case, the target is 1.3226. There is consolidation near this level. The breakdown of the level of 1.3226 will lead to a pronounced upward movement. Here, the target is 1.3299. There is consolidation near this level.

A short-term downward movement is possible in the range of 1.3104 - 1.3066. The range of 1.3066 - 1.3036 is the key support for the top and the price passing this level will lead to the cancellation of the upward structure. In this case, the potential target is 1.2981.

The main trend is the local structure for the top from August 4

Trading recommendations:

Buy: 1.3175 Take profit: 1.3224

Buy: 1.3228 Take profit: 1.3297

Sell: 1.3102 Take profit: 1.3066

Sell: 1.3035 Take profit: 1.2981

The key levels for the dollar / franc pair on the H1 scale are: 0.9240, 0.9168, 0.9123, 0.9095, 0.9047, 0.9002, 0.8978 and 0.8903. Here, the price canceled the development of the upward structure and at the moment, we are watching the formation of the potential for the downward movement from August 3. The continuation of the downward movement is expected after the breakdown of the level of 0.9047. In this case, the target is 0.9002. Price consolidation is in the range of 0.9002 - 0.8978. For the potential value for the bottom, we consider the level of 0.8903. The movement to which is expected after the breakdown of the level of 0.8978.

A short-term upward movement is possible in the range of 0.9095 - 0.9123. The breakdown of the last value will lead to a deep correction. Here, the target is 0.9168. This is a key support level for the downward structure.

The main trend is the formation of potential for the bottom from August 3

Trading recommendations:

Buy : 0.9095 Take profit: 0.9121

Buy : 0.9124 Take profit: 0.9166

Sell: 0.9045 Take profit: 0.9010

Sell: 0.8978 Take profit: 0.8905

The key levels for the dollar / yen pair on the scale are : 107.99, 107.51, 106.78, 106.19, 105.61, 105.33, 104.91 and 104.21. Here, the price is forming a potential for the July 31 upward cycle. The continuation of the upward movement is expected after the breakdown of the level of 106.19. In this case, the target is 106.78. There is consolidation near this level. The breakdown of the level of 106.80 will lead to the development of a pronounced upward movement. In this case, the target is 107.51. We consider the level of 107.99 as a potential value for the top. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is possible in the range of 105.61 - 105.33. The breakdown of the last value will lead to a deep correction. Here, the target is 104.91. Upon reaching which, we expect consolidation and its breakdown will lead to the cancellation of the upward structure from July 31.

The key trend: building capacity for the top from July 31

Trading recommendations:

Buy: 106.20 Take profit: 106.74

Buy : 106.80 Take profit: 107.50

Sell: 105.60 Take profit: 105.35

Sell: 105.30 Take profit: 104.94

The key levels for the Canadian dollar / US dollar pair on the H1 scale are: 1.3338, 1.3307, 1.3285, 1.3248, 1.3230, 1.3189 and 1.3160. Here, we are following the development of the downward structure from July 30th. The continuation of the downward movement is expected after the price passes the noise range 1.3248 - 1.3230. In this case, the target is 1.3189. For the potential value for the bottom, we consider the level of 1.3160. Upon reaching which, we expect consolidation and an upward pullback.

A short-term upward movement is possible in the range 1.3285 - 1.3307. The breakdown of the last value will lead to a deep correction. Here, the target is 1.3338. This is a key support level for the downward structure.

The main trend is the downward cycle from July 30

Trading recommendations:

Buy: 1.3285 Take profit: 1.3306

Buy : 1.3309 Take profit: 1.3338

Sell: 1.3230 Take profit: 1.3190

Sell: 1.3187 Take profit: 1.3160

The key levels for the Australian dollar / US dollar pair on the H1 scale are : 0.7371, 0.7306. 0.7283, 0.7255, 0.7181, 0.7158, 0.7117 and 0.7078. Here, the price canceled the development of the downward structure, and in this case, we are watching the upward potential from August 3. The continuation of the downward movement is expected after the breakdown of the level of 0.7255. In this case, the target is 0.7283. There is consolidation near this level. A price pass through the noise range of 0.7283 - 0.7306 will lead to a pronounced upward movement. Here, the potential target is 0.7371.

A short-term downward movement is possible in the range of 0.7181 - 0.7158. The breakdown of the last value will lead to a deep correction. Here, the target is 0.7117. This is a key support level for the top.

The main trend is the formation of potential for the top from August 3

Trading recommendations:

Buy: 0.7255 Take profit: 0.7283

Buy: 0.7306 Take profit: 0.7370

Sell : 0.7180 Take profit : 0.7158

Sell: 0.7156 Take profit: 0.7120

The key levels for the euro / yen pair on the H1 scale are: 126.32, 125.80, 125.54, 125.11, 124.81, 124.37 and 123.82. Here, we are following the upward structure of July 24. A short-term upward movement is expected in the range of 125.54 - 125.80. The breakdown of the last value will lead to a movement to the potential target of 126.32. Upon reaching which, we expect a downward pullback.

A short-term downward movement is expected in the range of 125.11 - 124.81. The breakdown of the last value will lead to a deep correction. Here, the target is 124.37. This is a key support level for the top.

The main trend is the upward structure from July 24

Trading recommendations:

Buy: 125.55 Take profit: 125.80

Buy: 125.82 Take profit: 126.30

Sell: 125.10 Take profit: 124.84

Sell: 124.78 Take profit: 124.40

The key levels for the pound / yen pair on the H1 scale are : 140.25, 139.65, 138.95, 138.15, 137.73 and 137.29. Here, we are following the July 17 upward structure. The continuation of the upward movement is expected after the breakdown of the level of 138.95. In this case, the potential target is 139.65. There is consolidation near this level. For the potential value for the top, we consider the level of 140.25. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is possible in the range of 138.15 - 137.73. The breakdown of the last value will lead to a deep correction. Here, the target is 137.29. This is a key support level for the top.

The main trend is the upward structure from July 17

Trading recommendations:

Buy: 138.95 Take profit: 139.60

Buy: 139.70 Take profit: 140.25

Sell: 138.15 Take profit: 137.80

Sell: 137.70 Take profit: 137.30