Weekly Forex technical forecast July August 17 - 21

EUR/USD


The Euro vs. American dollar is in the upward trend correction stage. The uptrend is broken to the right, but the price development is still taking place within the sideways channel at 1.1697 and 1.1900. All the indicators for the current underlying asset are either close to neutral values or show a local upward tendency. In fact, it coincides with the direction of the main trend, which means that it is possible to consider upward trade options. In this case, the optimal entry point will be as close as possible to the lower level of the side channel boundary

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

GBP/USD


A correction of upward movement also characterizes the current stage of the British Pound price against the U.S. dollar. The uptrend line is broken through to the right and the movement takes place within the sideways channel of 1.2974 and 1.3144. Among the significant things that are important to note on the indicators is that the histogram is at its minimum values for more than 2 months. The oscillators do not show clear instructions and are close to neutral indicators. Taking into account the impact of an uptrend, we can expect the price to move upwards.

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

USD/JPY


The dollar against the Japanese yen continues to show elements of high volatility. If we look at the last weeks, we can draw an upward trend, which is interesting in 2 stages at once. First, the level of moving averages has been broken through. Secondly, the price has strengthened above 106.710. If you look at the indicators, they all show positive dynamics and tendencies for growth. Even the histogram, which is at the local highs, has potential for further growth. Therefore, we can trade on the rise.

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

AUD/USD


The global trend for this asset continues to grow. However, as with most other currency pairs, we can see that the upward trend line was broken through to the right side and now there is a correction. This correction is interesting because now the price has reached the level of moving averages and the level of 0.7510. At the same time, the histogram is already gaining momentum towards growth. Taking into account all the facts mentioned above, we can consider the variants of trading on the rise, especially since the level of moving averages has a rather steep upward slope, which confirms the strength of the trend.

AUD/USD parsing by moving averages, RSI and MACD

USD/CAD


The main detail for consideration of the dollar against the Canadian dollar is that the price continues to show a decline. At the same time, the fall led to the achievement of an essential level of 1.3200. On the one hand, we are talking about a strong trend, but on the other hand, we are talking about a clear divergence, as all indicators are looking up. Considering the presence of divergence and the fact that the price is close to a strong level, we can expect an upward correction movement, which means that we can trade upwards.

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

USD/CHF


In the previous week's review of this currency pair, we talked about some changes, and it remains relevant for the upcoming week. Yes, there was an upward movement from the level 0.9061, but it was not strong enough to form global upward positions. Decreasing dynamics still dominates the market, but the market corrects these dynamics. Therefore, it should be taken into account that the price is close to the specified level again, which means that it is possible to consider variants of upward trade.

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

USD/RUB


The current stage of dollar vs the Russian ruble development allows us to speak about the significance of the level 73.06. We see at least 6 times when the market tested this level, and every time there was some reaction to it. At the same time, if we look at the current stage, the indicators say almost nothing. The oscillator has stuck with the level 50, and the histogram shows very serious fluctuations, which do not speak about any trend. Therefore, it is necessary to give the market time for adaptation. If, within this adaptation, the market will be able to fix itself below the level of 72.50, and below the level of moving averages, then you can trade down. If an upward trend occurs and the price fixes above the level of 74.00, then you can trade up.

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

Gold


The correction, about the possibility of which we warned in the previous brief review, worked out very well in gold. We can say that this correction led to a strong downward movement, reaching the level of moving averages and bouncing upwards. The current stage is interesting because the market has already managed to consolidate above the level of 1942.495. This is the only thing that allows us to consider trading options for the rise, completely ignoring the indicators.
Gold Moving Average, RSI and MACD analysis
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