Technical analysis for the week 07.08-11.08

In the last week, the EUR/USD formed a nice bearish pin bar in the weekly chart near the critical resistance level at 1.1860.This level is going to provide a significant amount of selling pressure the EURUSD pair and this might even trigger the medium term bearish correction for this pair. In the daily chart, the nearest support level for this pair lies at 1.17461 and traders are expecting a decent bullish bounce on that level. The formation of bullish price action confirmation signal will trigger the long trade of the expert traders. On the contrary, a daily closing of the price below the 1.17461 level will lead this pair towards the major support level at 1.14436.Clusters of support are there near the 1.14436 and the bearish will have a tough time to breach this support level. If the bulls manage to take the lead of this market from 1.14436 then we can expect the completion of a bearish correction. But we might not see such a down fall in the EURUSD pair in this week rather buying at the 1.1761 support level with bullish price action signal seems logical decision.

The GBP/USD pair rejected the critical resistance level at 1.32594 and it sharply fell after the bears took full control of this market. Most of the leading investors are considering this recent bearish movement as a corrective pattern of the medium term bullish rally. The pair is most likely to found strong support level at 1.3000 marks. This level is also reinforced with the 32.8% bullish Fibonacci retracement levels. Most of the professional traders will be looking to execute their long orders with bullish price action confirmation signal. However, a daily closing of the price below the 1.3000 mark will ultimately lead this pair towards the next critical support level at 1.2974.From that level, we might see a decent bullish bounce in the cable towards the 1.3100 mark. But still, there are high chances that the bearish correction will be extended towards the 61.8% retracement levels.

The kiwi bulls are also struggling hard to retain its bullish momentum. The NZD/USD pair rejected the critical resistance level at 0.7445 and currently heading towards the major support level at 0.74479.This level is going to play a major role for the NZD/USD pair since a substantial break of the price below this level will ultimately lead this pair all the way down to 0.7000 support level. However, if the bulls manage to regain their control than we will against see a retest of the high of 27th July 2017.The AUD/USD pair is also in the bearish correction phase and the near term support for this pair is at 0.7876.The optimistic buyer will be looking for bullish price action signal but a daily closing of the price below that level will ultimately lead this pair towards the 0.77756 mark.
See also:
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