An interesting technical pattern has formed on USD/CAD. The currency retained the 1.2715 local support. I expect a downward trend soon. I’ll sell USD/CAD after it fixes below the 1.2700 round level. The pair may move to the 1.2665 local support.
EUR/USD has retained the 1.1830-1.1845 local offer zone. It caused a correction. The technical pattern is ambiguous for me now. I expect the further correctional movement. I’m going to sell EUR/USD after it fixes below the 1.1280 local support. The pair may move ti 1.1740.
My yesterday’s expectations for EUR/USD were confirmed. The report on retail sales in the USA is at the center of attention today (12:30 GMT). It seems to me that before the publication of statistics, the currency will be traded in the 1.1730-1.1775 range. I plan to open positions from these marks.
I’ll sell the pair, if the price fixes below 1.1730. It may move to 1.1690-1.1675.
I’ll buy, if it fixes above 1.1775. It may move to 1.1830-1.1845.
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The USD/CHF pair was traded aggressively yesterday. At the same time, the current technical pattern indicates a possible correction. The price held the key resistance level at 0.9750. I’d sell it after the breakthrough and retest of the 0.9710 level. The pair may move to the 0.9670 mirror support. The risk will be reduced, since this transaction is countertrend.
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There is an upward trend on USD/JPY now. Reducing tensions on the Korean peninsula and a positive report on retail sales in the US support USD. I’ll buy USD/JPY, if the price fixes above the 111.00 round level. The pair may move to 111.50-111.75. Potential entry points to the market may appear within a few days.
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There’s a correction on AUD/USD. Buyers prevail on this pair at the moment. The trading instrument has the potential for the further growth. I plan to wait for retest of the 0.7845 mirror support level. I’ll look for the entry points to the market to open long positions when the price reaches this mark. The pair may move to 0.7875-0.7900.
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Another political scandal in the White House and the published FOMC protocols pressure the US dollar. The demand for US currency has weakened. Bears dominate on USD/JPY. I’ll sell this pair if the price holds the 110.20-110.30 mark. The goal for taking profit is 109.70. The currency can reach a round level of 109.00 in the medium term.
USD/CAD is correcting after a sharp fall during yesterday’s trading. I plan to wait for the retest of the 1.2665-1.2680 offer zone. I’ll open short positions if the price holds this mark. The pair may move to 1.2630-1.2600.
The technical pattern on majors is ambiguous now. The market is waiting for additional drivers. The key event of the week is the summit in Jackson Hole, which will be held from 24 to 26 August. The publication of important economic reports is not planned for today. I plan to open transactions from the key levels. Potential entry points to the market may appear within a few days.
USD/JPY
Support: 108.65, 108.00
Resistance: 109.40, 110.00
I expect a correction on USD/JPY if the price fixes above the 109.40 level. The pair may move to the 110.00 round level.
EUR/USD
Support: 1.1725, 1.1675
Resistance: 1.1765, 1.1825
I’ll buy the pair if it fixes above the 1.1765 local resistance. It may move to 1.1800.
I’ll open short positions if it fixes below 1.1725. It may move to 1.1675.
USD/JPY retained the 108.70 key level and it caused a correction. The price is testing the 109.45 local resistance now. I think that the correction may continue. I’ll buy the pair if it fixes above 109.45. USD/JPY may move to 109.90-110.30. Entry points may emerge during the next several days.
GBP/USD has been consolidating in the 1.2840-1.2900 range for a quite a long time already. The price is testing the lowest limit of this range. I expect a downward trend on this pair. I’ll sell GBP/USD after the breakthrough and retest on the 1.2840 mark. The nearest goal for taking profit is the 1.2800 round level.
My yesterday’s assumptions on GBP/USD were confirmed. The trading instrument may reduce further. I will sell the pair after the retest of already mirror resistance - 1.2810. It may move to 1.2750. I plan to use the trailing stop when tracking the position.
There is an interesting technical pattern on AUD/USD. Bears prevail on it since the beginning of this week. It’s consolidating now. I expect a further drop of AUD/USD quotes. I’ll sell it, if the price fixes below the 0.7885 local support. It may move to 0.7865-0.7850.
Aggressive sales were observed on EUR/USD the last Friday. The Fed chairman Janet Yellen hasn’t announced specific plans for the monetary policy at the Jackson-Hole summit. It pressured the US currency. I expect a technical correction now. I’ll sell EUR/USD if the price fixes below the 1.1915 local support. The pair may move to 1.1870.
GBP/USD has closed the morning gap and is testing the 1.2920 local resistance. It seems to me that it has the potential for further correction. I’ll buy the pair after the price fixes above the 1.2920 level. It may move to 1.2950-1.2975. I’ll use a trailing stop for this position.
The bullish sentiment prevails on NZD/USD. I’ll open transaction in the current trend direction. I’ll buy the pair after the retest of the 0.7260 mirror support. It may move to 0.7315-0.7335. I’ll use a trailing stop.
The technical pattern on USD/JPY is ambiguous now. The pair is in flat. The demand for safe currencies is at a fairly high level. At the same time, I don’t exclude a correction of the USD/JPY quotes. I plan to open transactions from the key levels.
I’ll sell it, if the price fixes below 108.40. The goal for taking profit is the 108.00 round level.
I’ll buy the pair if the price fixes above the 108.85 local resistance. The goal for its movement is 109.30.
Potential entry points into the market may appear during several days.
There were aggressive sales on USD/JPY yesterday. The positive data on the consumer confidence index supported the US dollar. It seems to me that the correction on USD/JPY may continue. I plan to wait for the retest of the 109.50-109.75 level. I’ll open long positions if the price reaches this zone. The pair may move to 110.25.
