27.08.202009:57 Forex Analysis & Reviews: Fractal analysis of main currency pairs on August 27, 2020

Outlook on August 27:

Analytical overview of currency pairs on the H1 scale:

The key levels for the euro/dollar pair on the H1 chart are 1.1884, 1.1846, 1.1824, 1.1775, 1.1749, 1.1729, 1.1695 and 1.1641. The development of a downward cycle from August 18 is being followed here. A short-term downward movement is expected in the range of 1.1775 - 1.1749. Now, the price passing through the noise range 1.1749 - 1.1729 should be accompanied by a downward movement to the level 1.1695. Price consolidation is possible around this level. We consider the level of 1.1641 as a potential value for the bottom; upon reaching this level, an upward pullback should be expected.

A consolidated movement is possible in the range of 1.1824 - 1.1846 and breaking through the last value will lead to a deep correction. The target is 1.1884, which is the key support level for the downward structure from August 18.

The main trend is the formation of a descending structure from August 18

Trading recommendations:

Buy: 1.1848 Take profit: 1.1884

Buy: 1.1887 Take profit: 1.1960

Sell: 1.1775 Take profit: 1.1749

Sell: 1.1729 Take profit: 1.1695

The key levels for the pound/dollar pair are 1.3343, 1.3319, 1.3255, 1.3230, 1.3174, 1.3145 and 1.3114. The development of a small upward cycle from August 24 is being followed here. Now, a short-term upward movement is expected in the range of 1.3230 - 1.3255. Breaking through the last value should be accompanied by an upward movement. The target is 1.3319. We consider the level 1.3343 as an upward potential value. Upon reaching which, we expect a consolidated movement and a downward pullback.

A short-term downward movement is possible in the range of 1.3174 - 1.3145, If the last value breaks down, there will be a deep correction. The target is 1.3114, which is the key support for the top.

The main trend is the upward cycle of August 24

Trading recommendations:

Buy: 1.3230 Take profit: 1.3252

Buy: 1.3257 Take profit: 1.3319

Sell: 1.3174 Take profit: 1.3146

Sell: 1.3144 Take profit: 1.3115

The key levels for the dollar/franc pair are 0.9278, 0.9221, 0.9199, 0.9169, 0.9142, 0.9088, 0.9065 and 0.9045. The formation of the upward structure from August 18 is being followed here. Moreover, a short-term upward movement is expected in the range 0.9142 - 0.9169, breaking through the last value will lead to the level of 0.9199. At the moment, short-term upward movement and consolidation are in the range of 0.9199 - 0.9221. We consider the level of 0.9278 as a potential value for the top; upon reaching this level, we expect a downward pullback.

A short-term downward movement is possible in the range of 0.9088 - 0.9065. The key support for the top is the level of 0.9045. The price passing through this level will encourage the development of a downward trend. In this case, the potential target is 0.9007.

The main trend is the formation of an upward structure from August 18

Trading recommendations:

Buy : 0.9142 Take profit: 0.9169

Buy : 0.9171 Take profit: 0.9199

Sell: 0.9088 Take profit: 0.9065

Sell: 0.9064 Take profit: 0.9046

The key levels for the dollar/yen pair are 107.62, 107.25, 106.96, 106.57, 106.32, 105.79, 105.52 and 105.20. We are following the development of the upward structure from August 19. Currently, the price is in correction and is close to the cancellation of the upward trend, which requires a breakdown of the level of 105.79. In this case, the first target is 105.52. The level of 105.20 is considered as a potential value for the bottom. On the other hand, the upward movement is expected to continue after the breakout of 106.32. In this case, the first target is 106.58. The breakdown of which, in turn, will lead to a movement to the level of 106.96. There is a short-term upward movement, as well as consolidation in the range of 106.96 - 107.25. We consider the level of 107.62 as a potential value for the top. Upon reaching which, we expect a consolidated movement, as well as a downward pullback.

The main trend is the upward structure from August 19, deep correction stage.

Trading recommendations:

Buy: 106.32 Take profit: 106.55

Buy : 106.58 Take profit: 106.94

Sell: 105.77 Take profit: 105.55

Sell: 105.50 Take profit: 105.25

The key levels for the USD/CAD pair are 1.3239, 1.3200, 1.3178, 1.3129, 1.3096, 1.3078, 1.3048, 1.3029 and 1.2994. Here, we define the subsequent targets for the downside movement from the local structure on August 24. The downward movement is expected to continue after the breakdown of 1.3129. In this case, the target is 1.3096. Price consolidation is in the range of 1.3096 - 1.3078. Now, breaking through the level of 1.3078 will lead to a strong movement. The target is 1.3048. Meanwhile, price consolidation is in the range of 1.3048 - 1.3029. We consider the level of 1.2994 as a potential value for the bottom; upon reaching this level, we expect an upward pullback.

A short-term upward movement is possible in the range of 1.3178 - 1.3200, the last value is the key support for the downward structure and its breakdown will encourage the formation of initial conditions for the top. The potential target here is 1.3239.

The main trend is the local descending structure of August 24

Trading recommendations:

Buy: 1.3178 Take profit: 1.3200

Buy : 1.3203 Take profit: 1.3237

Sell: 1.3129 Take profit: 1.3096

Sell: 1.3078 Take profit: 1.3048

The key levels for the AUD/USD pair are 0.7338, 0.7309, 0.7295, 0.7270, 0.7255, 0.7221, 0.7206, 0.7181 and 0.7143. We are following a small upward cycle from August 21. A short-term upward movement is expected within the levels of 0.7255 - 0.7270 and breaking through the last value will lead to a pronounced movement. The target is 0.7295. On the other hand, there is consolidation in the range of 0.7295 - 0.7309. We consider the level of 0.7338 as a potential value for the top. Upon reaching which, we expect a downward pullback.

A short-term downward movement is expected in the range of 0.7221 - 0.7206. The breakdown of the last value will lead to a deep correction. Here, the target is 0.7181. This is the key support level for the upward structure from August 21 and the price passing through this level will favor the development of a downward trend. The potential target is 0.7143.

The main trend is the upward cycle of August 21

Trading recommendations:

Buy: 0.7255 Take profit: 0.7270

Buy: 0.7272 Take profit: 0.7295

Sell : 0.7220 Take profit : 0.7207

Sell: 0.7205 Take profit: 0.7183

The key levels for the euro/yen pair are 127.13, 126.73, 126.55, 126.21, 125.98, 125.69, 125.08, 124.87, 124.53 and 124.29. We are following the upward structure from August 21. The price is currently in a correction. The upward movement is possible to continue after the breakdown of 125.69. In this case, the first target is 125.98. A short-term upward movement is expected in the range of 125.98 - 126.21. The breakdown of the last value will lead to a pronounced upward movement. Here, the target is 126.55. There is consolidation in the range of 126.55 - 126.73. Meanwhile, we consider the level of 127.13 as a potential value for the top. Upon reaching which, we expect a downward pullback.

The range of 125.08 - 124.87 is the key support for the top and the price passing through this range will encourage the development of a downward trend. In this case, the target is 124.53. For the potential value for the bottom, we consider the level of 124.29. Upon reaching which, we expect consolidation.

The main trend is the upward structure from August 21, the correction stage.

Trading recommendations:

Buy: 125.70 Take profit: 125.98

Buy: 125.98 Take profit: 126.20

Sell: 125.08 Take profit: 124.88

Sell: 124.85 Take profit: 124.53

The key levels for the pound/yen pair are 141.78, 141.31, 140.67, 140.11, 139.57, 139.31, 138.91 and 138.26. We are following the formation of the upward structure from August 24. The upward movement is expected to continue after breaking down the level of 140.11. In this case, the target is 140.67. There is consolidation near this level and the breakdown of the level of 140.68 will lead to a strong movement. Here, the target is 141.31. We consider the level 141.78 as a potential value for the top and upon reaching which, consolidation and a downward pullback are expected.

A short-term downward movement is possible in the range of 139.57 - 139.31, breaking through the last value will lead to a deep correction. The target is 138.91, which is the key support level for the top.

The main trend is the formation of potential for the upward movement of August 24

Trading recommendations:

Buy: 140.11 Take profit: 140.65

Buy: 140.70 Take profit: 141.30

Sell: 139.57 Take profit: 139.31

Sell: 139.27 Take profit: 138.91