Technical analysis of the currency market for the coming week, August 10-14. As part of this analytical review we will consider the main trading opportunities on key underlying ass" />

Weekly Forex technical forecast July August 10 - 14

EUR/USD


Euro continues to develop within the uptrend against the American dollar. Last week's trading allows us to speak about a correction within the sideways movement, although with a fairly wide range of price spreads. The growth stopped at 1.1900, and the correction is made from 1.1697. At the same time, if you look at the histogram, it actually confirms the correction, because the indicator is on neutral values and the dynamics does not show. Taking into account the fact that the price is close to the trend line, and the last analyzed candlestick left a long shadow downwards, we can expect upward movement to the designated level.

analysis of EUR/USD by moving averages, RSI and MACD

GBP/USD


The British pound, like the euro, is strengthening its position against the American dollar. Similarly, we say that the last week is characterized by correction rather than trend, however, there is a reason to think about the future prospects of this currency pair. First of all, we note the fact that all indicators are already looking down, and most of them are already in the negative zone. In addition, the price has already broken through the trend level and moved down. In this regard, the level of 1.2974 will be critical. Which way from the designated level the market will start moving, in that direction and it is possible to trade. The goal is the nearest indicated level on the chart.

analysis of GBP/USD by moving averages, RSI and MACD

USD/JPY


Last week led to a significant growth of the dollar against the Japanese yen, within which the asset price rose above 105.170. In fact, we can speak about some upward trend, as all indicators are in the positive area and have potential for further growth. Therefore, it is possible to consider options for upward trade, but this trade is unlikely to be impulsive and prolonged.

analysis of USD/JPY by moving averages, RSI and MACD

AUD/USD


This currency pair is still developing in an upward trend. However, if you look at the indicators, you can talk about a downtrend, because the indicators are close to neutral values. The trend line is very important. On the chart we have marked at least six points, when this line was tested, first from above, then from below. Whenever this was followed by the market reaction, which confirms the importance of this level. Taking into account all the factors mentioned above, we can consider upward trading options.

AUD/USD parsing by moving averages, RSI and MACD

USD/CAD


The dollar against the Canadian dollar after reaching the level of 1.3268 turned around and made an upward movement. This movement is interesting because it is an actual divergence working out. Prior to that, the price had filed, but all the indicators were looking up. The upward movement resulted in the currency pair price being above 1.3334. We have been talking about the importance of this level for the underlying asset under consideration for several months. The market is trying to consolidate itself above this level, so we follow the market and also try to trade up from this level.

analysis of USD/CAD by moving averages, RSI and MACD

USD/CHF


The dollar is still developing in a downward trend against the Swiss franc. The current market situation is interesting, which allows to think about further options for opening an upward trade. This is what makes you think about the figure that is being formed in the market. The current stage can identify the figure as a "double bottom". If we have really correctly identified this figure, the key indicator for it will be the level 0.9218. If the market fixes above this level, we trade up.

analysis of USD/CHF by moving averages, RSI and MACD

USD/RUB


The dollar against the Russian ruble continues to develop within the uptrend. Interestingly, the uptrend is not confirmed by oscillators, which mostly develop in neutral values. Yes, there are some outputs in the overbought area, but they are insignificant. The current stage is interesting because the market has left a very long shadow downwards, but hasn't managed to get fixed below the level of 73.06 and according to the histogram it shows again the attempt to enter the positive area. Taken together, it once again confirms the upward trend and allows trading upwards.

analysis of USD/RUB by moving averages, RSI and MACD

Gold


Last week again allowed to earn a lot on gold. However, now there are prerequisites to stop trading or try to take a downward correction movement. First of all, we note the fact that the histogram is looking down, despite the evident rise in the price of the precious metal. Second, if you look at the oscillator, it has been developing for a long time either in the overbought area or very close to this area. Therefore, given the fact that the price is above the moving average for a long time, we can assume that the market will probably need a correction. Therefore, it is possible to consider options of trading downwards.

Gold Moving Average, RSI and MACD analysis
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