For the euro/dollar pair, the main development of the downward structure from July 21 is expected after the breakdown of the level of 1.1678. The level of 1.1842 is the key support. For the pound/dollar pair, we expect the continuation of the downward movement after the breakdown of the level of 1.3044.
The level of 1.3136 is the key support. For the dollar/franc pair, the price is in the correction from the ascending structure. The level of 0.9112 is the key support. For the dollar/yen pair, the price is forming a pronounced potential for the top of July 31.
The level of 106.20 is the key resistance, while the level of 105.33 is the key support. For the euro/yen pair, we are following the ascending structure from July 24. The main movement is expected after the breakdown of the level of 125.11.
The level of 123.82 is the 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 5:
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 forms the potential for the downward movement from July 31st. CThe 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: 1.3175, 1.3136, 1.3110, 1.3044, 1.2996, 1.2943, 1.2876 and 1.2832. Here, the price is in a correction and forms a potential for a downward cycle from July 31. The downward movement is expected to continue after the breakdown of the level of 1.3044. In this case, the target is 1.2996. The breakdown of which will lead to the development of a downward cycle. Here, the first target is 1.2943. Overcoming the level of 1.2943 should be accompanied by a pronounced downward movement to the level 1.2876.
We consider the level of 1.2832 as a potential value for the bottom. Upon reaching which, we expect consolidation, as well as an upward pullback. The range of 1.3110 – 1.3136 is the key support for the downward structure and the price passing this range will lead to the formation of a local upward structure. In this case, the potential target is 1.3175.
The main trend is the upward cycle from July 14, the stage of correction
Trading recommendations:
- Buy: 1.3110 Take profit: 1.3134
- Buy: 1.3137 Take profit: 1.3175
- Sell: 1.3044 Take profit: 1.2996
- Sell: 1.2994 Take profit: 1.2944
The key levels for the dollar / franc pair on the H1 scale are: 0.9340, 0.9297, 0.9275, 0.9240, 0.9187, 0.9146 and 0.9112. Here, we are following the ascending structure from July 31. At the moment, the price is in correction. We expect the upward movement to resume after the breakdown of the level of 0.9187. In this case, the first target is 0.9240. The breakdown of which will allow us to count on the movement to 0.9275. Price consolidation is in the range of 0.9275 – 0.9297. For the potential value for the top, we consider the level of 0.9340. Upon reaching which, we expect consolidation, as well as a downward pullback.
A short-term downward movement is possible in the range of 0.9146 – 0.9112, hence we expect a key upward reversal. The breakdown of the level of 0.9112 will lead to the cancellation of the upward structure. In this case, the potential target is 0.9055.
The main trend is the upward structure of July 31
Trading recommendations:
- Buy : 0.9188 Take profit: 0.9240
- Buy : 0.9242 Take profit: 0.9275
- Sell: 0.9110 Take profit: 0.9055
- Sell: Take profit:
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: 1.3374, 1.3338, 1.3315, 1.3280, 1.3248, 1.3230 and 1.3189. Here, we are following the development of the downward structure from July 30. The continuation of the downward movement is expected after the breakdown of the level of 1.3280. In this case, the target is 1.3248. Price consolidation in the range of 1.3248 – 1.3230. We consider the level of 1.3189 as a potential value for the bottom. Upon reaching which, we expect an upward pullback.
A short-term upward movement is possible in the range of 1.3315 – 1.3338. The breakdown of the last value will lead to a deep correction. Here, the target is 1.3374. This is the key support level for the downward structure.
The main trend is the downward cycle from July 30
Trading recommendations:
- Buy: 1.3315 Take profit: 1.3338
- Buy : 1.3340 Take profit: 1.3374
- Sell: 1.3280 Take profit: 1.3248
- Sell: 1.3230 Take profit: 1.3190
The key levels for the Australian dollar / dollar pair on the H1 scale are : 0.7231, 0.7206, 0.7147, 0.7113, 0.7081. 0.7037 and 0.7007. Here, the price forms a potential for a downward movement from July 31. At the moment, the price is close to the cancellation of this structure, for which a breakdown of the level of 0.7206 is required. In this case, the first potential target is 0.7231. The downward movement is expected.
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.
The main trend is the formation of potential for the low of July 31, deep correction
Trading recommendations:
- Buy: 0.7206 Take profit: 0.7230
- Buy: Take profit:
- Sell : 0.7145 Take profit : 0.7115
- Sell: 0.7110 Take profit: 0.7085
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. We consider the level of 126.32 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 124.37 – 123.82. The latter being 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.
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