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MT5.com - Fractal analysis for major currency pairs on August 7

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Forex Analysis:::2020-08-07

Fractal analysis for major currency pairs on August 7

For the euro/dollar pair, we are monitoring the formation of potential for the top of August 3. The level of 1.1915 is the key resistance. For the pound/dollar pair, the price is forming a local structure for the top of August 4. The level of 1.3036 is the key support. For the dollar/franc pair, we are watching the formation of the downward potential from August 3. The level of 0.9047 is the key resistance. For the dollar/yen pair, we expect the continuation of the upward movement after the breakdown of the level of 106.20. The level of 104.92 is the key support. For the euro/yen pair, we expect the further development of an upward trend after the breakdown of 125.80. The level of 124.81 is a key support. For the pound/yen pair, we expect the continuation of the upward movement after the breakdown of the level of 138.95. The level of 137.73 is the key support.

Forecast for August 7:

Analytical overview of currency pairs on the H1 scale:

analytics5f2cf350e7e1b.jpg

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, we are monitoring the upside potential from August 3rd. 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 the price passing this level 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

analytics5f2cf36aa8aaa.jpg

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

analytics5f2cf37d21649.jpg

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 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 consolidated 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 the key support level for the downward structure.

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

Trading recommendations:

Buy : 0.9124 Take profit: 0.9166

Buy : 0.9170 Take profit: 0.9238

Sell: 0.9045 Take profit: 0.9010

Sell: 0.8978 Take profit: 0.8905

analytics5f2cf3907c200.jpg

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 consolidated 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: 105.30 Take profit: 104.94

Sell: 104.90 Take profit: 104.25

analytics5f2cf3a3b6d92.jpg

The key levels for the Canadian dollar / US dollar pair on the H1 scale are: 1.3511, 1.3477, 1.3422, 1.3380, 1.3318, 1.3285 and 1.3230. Here, the price forms a potential for the upward movement from August 5th. The continuation of the upward movement is expected after the breakdown of the level of 1.3380. In this case, the target is 1.3422. There is consolidation near this level. The breakdown of the level 1.3424 will lead to a pronounced upward movement. Here, the target is 1.3477. We consider the level of 1.3511 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 1.3318 - 1.3285, hence the probability of an upward reversal is high. The breakdown of the level of 1.3285 will encourage the formation of a local downward structure. In this case, the potential target is 1.3230.

The main trend is the downward cycle from July 30, the stage of deep correction

Trading recommendations:

Buy: 1.3380 Take profit: 1.3420

Buy : 1.3424 Take profit: 1.3475

Sell: 1.3318 Take profit: 1.3287

Sell: 1.3283 Take profit: 1.3235

analytics5f2cf3ba81d12.jpg

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, we are monitoring the upward potential from August 3. The downward movement is expected to continue after the breakdown of the level of 0.7255. In this case, the target is 0.7283. There is consolidation near this level. The price penetration of the noise range 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

analytics5f2cf3d147075.jpg

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 consolidated movement is expected in the range of 125.11 - 124.81. The breakout of the last value will lead to a deep correction. Here, the target is 124.37. This is the 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: 124.78 Take profit: 124.40

Sell: 124.35 Take profit: 123.85

analytics5f2cf3e6766fb.jpg

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

Daichi Takahashi
Analyst InstaForex
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