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MT5.com - Comprehensive analysis of movement options for commodity currencies AUD/USD & USD/CAD & NZD/USD (Daily) in August 2020

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Forex Analysis:::2020-08-03

Comprehensive analysis of movement options for commodity currencies AUD/USD & USD/CAD & NZD/USD (Daily) in August 2020

Minor operational scale (Daily)

Last month of summer - a correction option? Options for the development of the movement of AUD/USD & USD/CAD & NZD/USD (Daily) on August 4, 2020.

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Australian dollar vs US dollar

From August 4, 2020, the development of the movement of the Australian dollar AUD/USD will be determined by the development and direction of the breakdown of the boundaries of the 1/2 Median Line channel (0.7115 - 0.7080 - 0.7050) of the Minute operational scale fork - see the animated chart for the details of working out the boundaries of this channel.

A break of the support level of 0.7050 at the lower border of the channel 1/2 Median Line Minute will determine the continuation of the downward movement of the Australian dollar to the equilibrium zone (0.7005 - 0.6935 - 0.6865) of the Minute operational scale fork with the prospect of updating the local minimum 0.6778 and reaching the initial SSL line (0.6690) of the Minor operational scale fork.

If the upper limit of the channel 1/2 Median Line is broken on the Minute operational scale fork - resistance level of 0.7115 - the upward movement will be directed to the goals:

  • initial SSL line (0.7215) of the Minute operational scale fork;
  • control line UTL Minute (0.7245);
  • warning line UWL61. 8 (0.7335) of the Minor operational scale fork.

The AUD/USD movement options from August 04, 2020 are shown on the animated chart.

analytics5f2826c442a3b.jpg

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US dollar vs Canadian dollar

Working out and direction of the range breakdown:

  • resistance level of 1.3435 - control line LTL of the Minute operational scale fork;
  • support level of 1.3315 - local minimum;
  • and it will determine how the movement of the Canadian dollar USD/CAD will develop from August 4, 2020.

The breakdown of the LTL control line of the Minute operational scale fork - resistance level of 1.3435 - will make it relevant to develop the upward movement of the Canadian dollar to the borders of the equilibrium zone (1.3679 - 1.3880 - 1.4075) of the Minor operational scale fork.

If the local minimum is updated - support level of 1.3315 - the downward movement of USD/CAD can be continued towards the goals:

  • warning line LWL61. 8 (1.3170) of the Minute operational scale fork;
  • final line FSL (1.3030) of the Minor operational scale fork;
  • minimum 1.2950;
  • warning line LWL100.0 Minute (1.2810).

Options for USD/CAD movement from August 4, 2020 are shown on the animated chart.

analytics5f2826e1de9d3.jpg

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New Zealand dollar vs US dollar

The further development of the movement of the New Zealand dollar NZD/USD from August 4, 2020 will depend on the development and direction of the breakdown of the range:

  • resistance level of 0.6685 - final Shiff Line of the Minute operational scale fork;
  • support level of 0.6600 - final line of FSL of the Minor operational scale fork.

In case of a breakdown of the final line FSL Minor - support level of 0.6600 - downward movement of the New Zealand dollar may continue to zone equilibrium (0.6495 - 0.6425 - 0.6355) of the Minute operational scale fork with the prospect of reaching the upper limit of ISL61.8 (0.6135) equilibrium zone of the Minor operational scale fork.

The sequential breakdown of the final Shiff Line Minute - resistance level of 0.6685 and the initial line SSL Minute (0.6715), and then updating maximum 0.6753, the upward movement of the NZD/USD will be directed to the warning line UWL38.2 (0.6830) Minor operational scale fork, with the possibility of reaching the price limits of the channel 1/2 Median Line (0.6900 - 0.6960 - 0.7020) of the Minute operational scale fork.

The markup of the NZD/USD movement options from August 4, 2020 is shown on an animated chart.

analytics5f2826fb9e42c.jpg

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The review is compiled without taking into account the news background, the opening of trading sessions of the main financial centers and is not a guide to action (placing "sell" or "buy" orders).

Ratu Taslim
Analyst InstaForex
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