Weekly Forex technical forecast August 31 - September 04


Despite the lateral correction, the main dynamics for this currency pair is still increasing. Last week is interesting because the level of moving averages was tested from top to bottom 4 times in a row. Each time, it bounced upwards. This confirms the strength of the upward trend. In addition, the strength of this dynamic is confirmed by the indicators, each looking up. The investigator can talk about the possibility of upward trade, but trade can only be opened when the price rises above 1.1900.

analytics of EUR/USD for August 31 - September 4

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


For the current stage of the price of the British pound against the American dollar, the key level is 1.3144. Recently, this level has broken through at least 3 times upwards. In two cases, a pullback followed, and the third case is developing now. Interestingly, all the indicators are looking up, and the histogram has all the prerequisites to enter the positive area for the first time in a long time. Thus, we can expect that the current exit to the level is strong and we need to trade up, but the optimal entry point will be close to the designated level.

GBP/USD analytics for August 31 - September 4

GBP/USD analysis by moving averages, RSI and MACD


The main characteristic of the dollar against the Japanese yen is the absence of a clear trend and the propensity of assets to move in the direction of moving averages. If you look at the indicators, they are all close to neutral values and do not show any dynamics. As for price, it shows high volatility, but more importantly, it is the first time in a long time that it has gained a foothold above moving averages. And if you take one of the last candlesticks, a very long shadow downwards was left when testing this area, and then upward movement is made again. Formally, this confirms the possibility of an upward trend, and therefore you can trade up.

USD/JPY analytics for August 31 - September 4

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


The global trend for this currency pair continues to be upward. The trend is the only one that keeps correcting its tilt angle, but the market is certainly growing. The current stage of growth is characterized by the fact that the price is at a local maximum, while the oscillator is already in the overbought area. At the same time, the histogram does not show the possibility of impulse growth at the current stage. Thus, we can expect a slight correction, but then trade up again.

AUD/USD analytics for August 31 - September 4

AUD/USD parsing by moving averages, RSI and MACD


The U.S. dollar against the Canadian dollar is a fairly dangerous currency pair for trading in the coming week. On the one hand, we are talking about the possibility of trading downwards, because the global trend of the currency pair has been forming for a long time and it can be clearly seen by both the price chart and the indicator. In addition, the trend was strengthened last week, when the price was fixed below 1.3142. On the other hand, the downward movement has turned out to be very strong and it is already dangerous to trade in this direction, because we are late behind the market. The only way to trade down is to wait for the price to roll back to the designated level, and then open short contracts.

USD/CAD analytics for August 31 - September 4

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


A dollar vs. the Swiss franc allows you to consider a downwards trade. This is largely due to the provisions of indicators, each of which denies the possibility of growth. The oscillators look down directly and the histogram, although it is above zero, has no upward trend, the overall trend is still downward and approaching zero. We also note that the price has again attempted to fix below 0.9061. Of course, a pullback may follow, but it is now the optimal position to take a risk and open a downside contract.

USD/CHF analytics as of August 31-September 4

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


In general, the U.S. dollar spends a very weak week, but it does not affect trade against the Russian ruble, as the U.S. dollar still continues to strengthen against the Russian ruble. A very important characteristic of the past week is the market's attempt to gain a foothold above the 75.18 level. Not only did the price rise above this level, but the indicators also rose to high enough positions, and the oscillators were overbought. Nevertheless, the rise was followed by a fairly rapid pullback and the price returned below the level. The global trend is not reversed and we can only trade upwards, and the optimal market entry point will be close to the trend line on the chart.

USD/RUB analytics for August 31 - September 4

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


For several weeks in a row, gold has not been able to distance itself much from the 1942.495 level. The level is neutral, which is confirmed by all the indicators. The only exception last week was that the market movement was mainly downward, allowing an additional level of resistance at 1909.434. This level is not fundamental to trading, as we expect the price to start moving slightly upwards from a neutral level.

Gold analytics as of August 31 - September 4

Moving Average, RSI and MACD analysis of Gold

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