Forecast for August 3:
Analytical overview of currency pairs on the H1 scale:
The key levels for the euro / dollar pair on the H1 scale are: 1.1911, 1.1842, 1.1805, 1.1733, 1.1678, 1.1613 and 1.1568. Here, the price is forming a potential for the downside movement from July 31st. The continuation of the downward movement is expected after the breakdown of the level of 1.1733. In this case, the target is 1.1678. There is consolidation near this level. The breakdown of the level of 1.1678 will lead to a pronounced downward movement. Here, the target is 1.1613. For the potential value for the bottom, we consider the level of 1.1568. Upon reaching which, we expect consolidation, as well as an upward pullback.
A short-term upward movement is possible in the range of 1.1805 – 1.1842. The breakdown of the last level will encourage the formation of an upward structure. Here, the potential target is 1.1911.
The main trend is the formation of a potential for a downward movement from July 31
Trading recommendations:
- Buy: 1.1805 Take profit: 1.1840
- Buy: 1.1844 Take profit: 1.1910
- Sell: 1.1733 Take profit: 1.1680
- Sell: 1.1676 Take profit: 1.1615
The key levels for the pound / dollar pair on the H1 scale are 1.3189, 1.3145, 1.3054, 1.2996 and 1.2943. Here, the price is in a correction from the upward trend of July 14.
A short-term upward movement possible in the range of 1.3145 – 1.3189, is not yet considered further targets for the top. The level of 1.3054 is the key support for the upside and breaking through this will lead to a movement to the level of 1.2996. For the potential value for the bottom, we consider the level of 1.2943, to which we expect the initial conditions for the downward cycle to be formed.
The main trend is the upward cycle from July 14, the stage of correction
Trading recommendations:
- Buy: 1.3145 Take profit: 1.3187
- Buy: Take profit:
- Sell: 1.3054 Take profit: 1.2998
- Sell: 1.2994 Take profit: 1.2944
The key levels for the dollar / franc pair on the H1 scale are: 0.9275, 0.9240, 0.9217, 0.9171, 0.9127, 0.9102 and 0.9055. Here, we are following the building up for the July 31st. The continuation of the upward movement is expected after the breakdown of the level of 0.9171. In this case, the target is 0.9217. Price consolidation is in the range of 0.9217 – 0.9240. We consider the level of 0.9275 as a potential value for the top. Upon reaching which, we expect a downward pullback.
A short-term downward movement is possible in the range of 0.9127 – 0.9102. The breakdown of the last value will encourage the development of a downward structure. In this case, the potential target is 0.9055.
The main trend is the upward potential for the high from July 31
Trading recommendations:
- Buy : 0.9172 Take profit: 0.9217
- Buy : 0.9219 Take profit: 0.9240
- Sell: 0.9127 Take profit: 0.9104
- Sell: 0.9100 Take profit: 0.9057
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 31st 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: 1.3556, 1.3522, 1.3497, 1.3460, 1.3441, 1.3401, 1.3378, 1.3351 and 1.3327. Here, price is forming potential for the July 29 upward cycle. The continuation of the upward movement is expected after the price passes the noise range 1.3441 – 1.3460. In this case, the target is 1.3497. Price consolidation is in the range of 1.3497 – 1.3522. For the potential value for the top, we consider the level of 1.3556. Upon reaching which, we expect a downward pullback.
A short-term downward movement is possible in the range of 1.3401 – 1.3378. The breakdown of the last value will lead to a deep correction. Here, the target is 1.3351. This is a key support level for the upward structure and its breakdown will lead to a movement to a potential target of 1.3327.
The main trend is the formation of initial conditions for the top from July 29
Trading recommendations:
- Buy: 1.3460 Take profit: 1.3497
- Buy : 1.3498 Take profit: 1.3520
- Sell: 1.3400 Take profit: 1.3378
- Sell: 1.3376 Take profit: 1.3351
The key levels for the Australian dollar / dollar pair on the H1 scale are: 0.7231, 0.7178, 0.7155, 0.7113, 0.7081. 0.7037 and 0.7007. Here, the price forms the potential for the downward movement from July 31st. A short-term downward movement is expected in the range of 0.7113 – 0.7081. The breakdown of the last level will lead to a pronounced downward movement. Here, the target is 0.7037. We consider the level of 0.7007 as a potential value for the bottom. Upon reaching which, we expect consolidation, as well as an upward pullback.
A short-term upward movement is possible in the range of 0.7155 – 0.7178. The breakdown of the last value will encourage the formation of an upward structure. In this case, the potential target is 0.7231.
The main trend is the formation of potential for the bottom of July 31
Trading recommendations:
- Buy: 0.7155 Take profit: 0.7176
- Buy: 0.7180 Take profit: 0.7230
- Sell : 0.7111 Take profit : 0.7083
- Sell: 0.7079 Take profit: 0.7040
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 July 24 upward structure. A short-term upward movement is expected in the range of 124.81 – 125.11. The breakdown of the last value will lead to a pronounced upward movement. Here, the target is 125.54. There is consolidation in the range of 125.54 – 125.80. For the potential value for the top, we consider the level of 126.32. Upon reaching which, we expect a downward pullback.
A short-term downward trend is expected in the range of 124.37 – 123.82. The last level is the key support for the upside.
The main trend is the upward structure from July 24
Trading recommendations:
- Buy: 124.81 Take profit: 125.10
- Buy: 125.14 Take profit: 125.54
- Sell: 124.30 Take profit: 123.85
- Sell: Take profit:
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
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services to individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment. #theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
