Technical analysis of GBP/USD for August 21, 2019

Overview:The GBP/USD pair continues to move downwards from the zone of 1.2287. The GBP/USD pair movement was debatable as it took place in a downside channel for a while. But, the market showed signs of instability between the levels of 1.2122 and 1…

Trading plan for EURUSD on 08/21/2019

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The main event – minutes of the Fed in the evening at 19:00 London time.

The main news: Trump puts pressure on the Fed, demanding to lower the rate and offers to lower the capital gains tax. Trump is trying to spur economic growth, despite the fact that the US economy is already in very good shape.

EURUSD: the euro stopped ahead of the strong support levels of 1.1065 and 1.1025.

We keep sales from 1.1160, stop in a breakeven.

Possible sales on a breakdown of 1.1065 and 1.1025 down. Stop at 45 points in a 4-digit.

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GBP/USD approaching resistance, potential drop!

GBPUSD is approaching our first resistance where we might be seeing a drop below this level.Entry: 1.2205Why it’s good : Horizontal swing high resistance, 23.6% Fibonacci retracement, 61.8% Fibonacci extensionStop Loss : 1.2254Why it’s good : Horizonta…

USD/CAD pulled back right below key resistance!

Price pulled back below resistance and drop is in progress.Entry: 1.33060Why it’s good : 61.8% Fibonacci extension, 76.4% & 61.8% Fibonacci retracement, horizontal swing high resistanceStop Loss : 1.33470Why it’s good : 61.8% Fibonacci extensionTak…

USD/JPY approaching resistance, potential drop!

USDJPY is approaching 1st resistance at 106.71, potential drop could occur!Entry :106.71Why it’s good : horizontal pullback resistance61.8% Fibonacci extension38.2% Fibonacci retracement
Take Profit : 105.73Why it’s good : 61.8% Fibonacci retracement61…

Brexit rhetoric to put pressure on GBP, buying on dips

The pound sterling climbed sharply higher during New York trading on Tuesday as political factors dominated the currency.The UK government has insisted that the Northern Ireland backstop needs to be taken out of the EU Withdrawal Agreement in order to …

Calm before the storm: the markets are waiting for the speech of J. Powell, expectations for CAD and JPY are exactly the

On Tuesday, API reported a more significant than expected reduction in oil reserves, which allowed Brent to rise above $60 per barrel. As concerns about the approaching recession increase, raw materials usually lose value, as the recession is always accompanied by a decline in demand, so markets do not expect strong numbers from the EIA today, and support for commodity currencies after yesterday’s publication will be short-lived.

Much more important is the answer to the question of where the Fed will move. The recession is still not considered inevitable if the Fed does not wait for official confirmation and will take measures to stimulate the US economy immediately. Trump insists on this – on Tuesday, he said that the Fed should lower the rate by 1%, which will give a “huge explosion of growth.” In turn, Trump is ready to carry out additional tax cuts to stimulate the economy, explaining this possibility by the fact that problems are accumulating around the world and the US can improve its economic situation through additional incentives.

On Wednesday morning, investors are confident of a quarter percent rate cut in September and at least one more cut before the end of the year. This is less than Trump wants, but more than expected 3 months ago.

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As usual, there is no good solution. The Fed’s preventive actions may provoke additional panic, as consumer sentiment will deteriorate sharply, that is, the markets will react based on historical experience, which says that a reduction in rates is tantamount to a movement towards recession. Accordingly, the reverse option, in which the Fed will pull to the last, will maintain the illusion of stability, but next year, it can lead to the rapid development of the crisis, and the collapse will be deeper than if the Fed began to act in advance.

There is no consensus in the markets, not even a rough understanding of what scenario will be chosen. In this regard, J. Powell’s speech at the Jackson Hole symposium on Friday could have the most serious consequences if the head of the Fed decides to outline the immediate strategy.

Until Friday, the markets will be in a state of expectation, volatility is expected to be low, and trade will go mainly in the range.

USDCAD

The Canadian dollar is based on the still stable oil, the absence of falling demand in the US and good domestic demand supporting inflation. For all key indicators, the Bank of Canada is enough to keep abreast, there is no need for urgent intervention, but the latest data show that Canada will not remain aloof from a possible recession.

Sales in the manufacturing industry in Canada fell in June by 1.2% after rising 1.6% a month earlier, the largest drop in petroleum and coal industry, the decreased utilization rate of production capacity by 0.9%.

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Today, the Bureau of Statistics will publish data on consumer inflation for July, a decrease is expected from 2.0% to 1.7%, which is below the target of the Central Bank of Canada. The expected decline caused primarily by a decrease in the prices of petroleum products, however, if the drop will affect core inflation, the growth of the USDCAD can be accelerated.

The resistance of 1.3343/45 is still holding, but this is only until the first negative data. The chances of staying in the range are declining, the support has moved to the border of the channel of 1.3280, any pair decline is more logical to use for purchases and wait for a breakthrough of resistance with a target of 1.3564.

USDJPY

The yen is fiercely resisting the strengthening, but its fate is largely beyond the capabilities of the Central Bank of Japan. The Central Bank, through its head Kuroda, has repeatedly voiced its determination to introduce a new package of stimulus measures if necessary, but this is rather a psychological method, since rates in Japan are already in negative territory, and demand for the yen can increase sharply in the event of a fall in commodity prices or stable signs of approaching recession.

Until Friday, the yen is likely to remain in the range of 106.15-106.96, the probability of a break down will remain higher under any scenario after the speech of J.Powell.

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GBP/USD: plan for the European session on August 21. The volatility of the pound will continue to be very high

To open long positions on GBP/USD, you need:

As long as there is a confrontation between the British Prime Minister and EU leaders, the volatility of the pound will remain quite high. The bulls managed to maintain the support of 1.2084 yesterday, although everything spoke in favor of the continuation of the bearish trend. At the moment, the target of the pound buyers is the resistance of 1.2192, the breakthrough of which will lead to the continuation of the upward correction, and the data on the UK economy can support this trend, which will update the highs of 1.2240 and 1.2337, where I recommend taking the profits. If the opposition gains a negative character, the pressure on the pound will return. In this scenario, it is best to look for long positions on a false breakdown from support 1.2135 or buy from larger lows in the area of 1.2084 1.2044.

To open short positions on GBP/USD, you need:

Sellers need to form a false breakdown in the resistance area of 1.2192, which will increase the pressure on the pair and lead to the resumption of the bearish trend in the area of the lows of 1.2135 and 1.2084, where I recommend taking the profit. If buyers manage to cope with the maximum of 1.2192 in the first half of the day, then it is best to expect GBP/USD sales to rebound from the resistance of 1.2240, or sell the pound from a larger monthly maximum of 1.2337. The report of the Federal Reserve System from the July meeting of the Committee will also affect the GBP/USD pair in the afternoon.

Indicator signals:

Moving Averages

Trading above 30 and 50 moving averages indicates the probability of returning the market to buyers of the pound.

Bollinger Bands

The growth will be stopped near the upper limit of the indicator 1.2205, while the downward trend may rest against the lower limit in the area of 1.2100.

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Description of indicators

  • MA (moving average) 50 days – yellow
  • MA (moving average) 30 days – green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20

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EUR/USD: plan for the European session on August 21. Buyers continue positioning before the publication of Fed protocols

To open long positions on EURUSD, you need:

From a technical point of view, nothing has changed. Buyers returned to the market after yesterday’s support update of 1.1068, and all are also focused on the large resistance of 1.1095-1.1105, a breakthrough of which will strengthen the demand for the euro and lead to an update of a larger maximum of 1.121, where I recommend taking profit. However, the main goal of the bulls is the area of 1.1153, which will allow to build a new upward trend in the euro. In the scenario of EUR/USD decline in the morning, in the absence of important fundamental statistics, it is best to return to long positions to rebound from a minimum of 1.1068, or slightly lower, from the area of 1.1028.

To open short positions on EURUSD, you need:

Today, the whole focus will be shifted to the minutes of the Fed from the July meeting, so it is unlikely to expect a major growth of the euro in the morning. This scenario will allow the bears to build a false breakdown in the resistance area of 1.1105, which will lead to an update of last week’s low, as well as to its probable breakdown, which yesterday was not possible. A further target for sellers will be the support levels of 1.1028 and 1.0990, where I recommend fixing the profit. The absence of important news in the morning may also allow EUR/USD to get above the resistance of 1.1105. In this scenario, it is best to open short positions by rebounding from the highs of 1.1130 and 1.1159.

Indicator signals:

Moving Averages

Trading is conducted in the area of 30 and 50 moving averages, which indicates the lateral nature of the market.

Bollinger Bands

The break of the lower limit of the indicator in the area of 1.1075 will strengthen the bearish trend, and the break of the upper one in the area of 1.1110 will lead to an upward correction.

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Description of indicators

  • MA (moving average) 50 days – yellow
  • MA (moving average) 30 days – green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20

The material has been provided by InstaForex Company – www.instaforex.com

Overview of GBP/USD on August 21st. Forecast according to the “Regression Channels”. Amicably disperse will not work: Tusk

4-hour timeframe

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Technical data:

The upper channel of linear regression: direction – down.

The lower channel of linear regression: direction – down.

The moving average (20; smoothed) – sideways.

CCI: 77.7873

Donald Tusk did not waste time and, without much thought and deliberation, he immediately rejected the “generous offer” proposal of Boris Johnson to remove the “backstop” clause from the Brexit agreement. We didn’t expect anything else. Moreover, even Boris Johnson himself did not expect that Tusk would suddenly change his mind and approve new negotiations. Thus, formally, Johnson took a step towards the European Union, and the European Union refused to resume negotiations since London did not make any real proposals for consideration. For the UK and the British pound, it is still important not to quarrel between the leaders of the EU and the Kingdom, but to resume the work of the Parliament, which has been on vacation in recent weeks. It is with the resumption of its work associated with many events and processes that will be very important for the whole Brexit. First, market participants are waiting for a vote of no confidence in Boris Johnson from Jeremy Corbyn, who has already been announced. Further, the fork of possible scenarios will depend on whether the Parliament will support the vote. If so, the process of firing Johnson will begin, who may simply refuse to leave his post. Then, politicians will have to turn to Queen Elizabeth II with a request to remove Johnson from his duties, which has never been in the history of Great Britain. If Johnson remains at the head of the state, the new season of series “Promoting Tough Brexit Through Parliament” will begin. The first season was called “Promotion of Theresa May’s deal through Parliament.” In this case, it will be interesting to observe the actions of Boris Johnson, who can suspend the work of Parliament and call new parliamentary elections. As you can see, the autumn for the British pound will be very hot. So far, the pound/dollar pair is slightly above the moving average, which gives it a little peace of mind and security. Bears still took a break but did not leave the market. We believe that the pound can resume its decline at any time, and technical indicators will help to determine this point.

Nearest support levels:

S1 – 1.2146

S2 – 1.2115

S3 – 1.2085

Nearest resistance levels:

R1 – 1.2177

R2 – 1.2207

R3 – 1.2238

Trading recommendations:

The GBP/USD pair corrected for the moving average and resumed its slight upward movement. Thus, long positions formally remain relevant to the targets of 1.2207 and 1.2238. However, it is not recommended to open long positions with big lots. The mood of the currency market at any time can change back to “bearish”.

In addition to the technical picture, fundamental data and the time of their release should also be taken into account.

Explanation of illustrations:

The upper linear regression channel – the blue line of the unidirectional movement.

The lower linear regression channel – the purple line of the unidirectional movement.

CCI – the blue line in the indicator regression window.

The moving average (20; smoothed) – blue line on the price chart.

Murray levels – multi-colored horizontal stripes.

Heiken Ashi is an indicator that colors bars in blue or purple.

The material has been provided by InstaForex Company – www.instaforex.com

Overview of EUR/USD on August 21st. Forecast according to the “Regression Channels”. The focus of the market: minutes of

4-hour timeframe

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Technical data:

The upper channel of linear regression: direction – down.

The lower channel of linear regression: direction – sideways.

The moving average (20; smoothed) – down.

CCI: -42.8266

On August 21, the EUR/USD currency pair began a new round of upward correction to the moving average line. Today, as yesterday, no important macroeconomic publications are planned in the States and the eurozone. Late in the evening, the minutes of the last FOMC meeting will be released. However, as we have already pointed out to traders before, these protocols rarely cause a market reaction. The thing is that the protocols usually contain information that market participants already know. Accordingly, the publication of the protocol turns into a loud enough event, but almost meaningless. What can we expect from the FOMC protocol today? From our point of view, nothing special. The Fed, led by Jerome Powell, made it clear that Trump would not follow suit and thoughtlessly cut rates too. If macroeconomic indicators continue to deteriorate, then we will be talking about a new easing of monetary policy. While this is not the case, Powell and the company will leave monetary policy unchanged. The only thing that can be learned from the evening publication is the mood of each member of the monetary committee. Although their attitude can be understood from the individual interviews. For example, the last speaker was the head of the Boston Fed Eric Rosengren. He said that he is not ready to support the further reduction of the key rate, as he sees no signs of deterioration of the macroeconomic situation in the United States over the past month. Rosengren also believes that it is dangerous to reduce the cost of loans and stimulate the population to lend at this time. “I want to make sure that we are going in the direction of slowing the economy before voting for a rate cut,” Rosengren concluded. The euro/dollar is still prone to fall. Only overcoming the resistance will break the euro for some time.

Nearest support levels:

S1 – 1.1047

S2 – 1.0986

S3 – 1.0925

Nearest resistance levels:

R1 – 1.1108

R2 – 1.1169

R3 – 1.1230

Trading recommendations:

The euro/dollar pair started a new round of correction. Thus, it is recommended to wait for the reversal of the Heiken Ashi indicator down, which will indicate the completion of the correction, and sell the euro with the targets of 1.1047 and 1.0986. Purchases of the euro/dollar pair are still fraught with increased risks.

In addition to the technical picture, fundamental data and the time of their release should also be taken into account.

Explanation of illustrations:

The upper linear regression channel – the blue line of the unidirectional movement.

The lower linear regression channel – the purple line of the unidirectional movement.

CCI – the blue line in the indicator window.

The moving average (20; smoothed) – blue line on the price chart.

Murray levels – multi-colored horizontal stripes.

Heiken Ashi is an indicator that colors bars in blue or purple.

The material has been provided by InstaForex Company – www.instaforex.com

Forecast for EUR/USD on August 21, 2019

EUR/USD

The euro yesterday once again noted the low of August 16th and bounced off it, up into the range of expectations of the conference in Jackson Hole – 1.1066-1.1120. On the daily chart, the signal line of the Marlin oscillator is more pronounced in the growing position, but this growth occurs in the zone of negative numbers – in the zone of the decline of the promising trend.

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On the four-hour chart, Marlin is already in the growth zone. Now, the euro can be expected at least at the upper limit of the consolidation range of 1.1120. The exit of the price above the level will open the target represented by the MACD line in the area of 1.114.

The main scenario remains – the subsequent price drift under the current consolidation and the decline of the euro to the Fibonacci level on the daily chart of 138.2% at the price of 1.0980.

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Forecast for GBP/USD on August 21, 2019

GBP/USD

In the first half of Tuesday, the pound lost more than 60 points, but soared up in the afternoon, showing a range growth of 120 points. As a result, the pound consolidated above the target level of 1.2154 (Fibonacci level of 238.2%), which opens the target for the next Fibonacci level of 223.6% at the price of 1.2230. This level converges at one point with the price channel line of the daily timeframe. The Marlin oscillator is in the growth zone – it has a positive value of 0.0005.

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On the lower H4 chart, the price is above the red indicator balance line and the MACD line showing the trend direction turns up. The signal line of the Marlin oscillator also returned to the growth zone. We are waiting for the price at 1.2230.

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Forecast for USD/JPY on August 21, 2019

USD/JPY

Yesterday, the dollar lost against the Japanese yen amid general pressure on the US currency, but today in the Asian session, it almost blocked yesterday’s decline, the price remains in the range of Monday. Technically, the reversal was expressed by the support of the balance line on the four-hour chart, which means maintaining the balance in growth. The signal line of the Marlin oscillator still went into the zone of trend decline, but the MACD line turns up, which also indicates an upward vector of market sentiment.

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On the daily chart, the price went above the price channel line, the Marlin oscillator is growing, but still remains in the zone of decline. The existing potential of the dollar may be enough to reach the target level of 107.28 – the MACD line on the daily.

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Fractal analysis for major currency pairs as of August 21

Hello, dear colleagues.

For the Euro/Dollar pair, the price is in the correction zone and the expressed structure for the top is expected to reach the level of 1.1124. For the Pound/Dollar pair, the price has issued the local structure of August 20 and the continuation of the movement is expected after the breakdown of 1.2185. For the Dollar/Franc pair, the subsequent development of the upward trend from August 13 is expected after the breakdown of 0.9816 and the level of 0.9745 is the key support. For the Dollar/Yen pair, the continuation of the upward movement is expected after the breakdown of 106.91 and the level of 105.64 is the key support. For the Euro/Yen pair, the level of 117.58 is the key resistance for the subsequent development of the downward structure from August 13. For the Pound/Yen pair, the subsequent development of the upward structure from August 12 is expected after the breakdown of 129.70 and the level of 127.94 is the key support.

Forecast for August 21:

Analytical review of the currency pairs in H1 scale:

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For the Euro/Dollar pair, the key levels in H1 scale are 1.1124, 1.1102, 1.1073, 1.1062, 1.1032 and 1.1011. The price is in correction from the downward structure on August 13. The short-term downward is expected in the range of 1.1073 – 1.1062 and the breakdown of the last value will lead to a pronounced movement. The target is 1.1032 and near this level is the consolidation of the price and hence the probability of going into correction is high. The potential value for the downward trend is the level of 1.1032.

The breakdown of the level of 1.1107 will lead to the formation of a pronounced potential for the top. In this case, the first target is 1.1124 and consolidation is near this level.

The main trend is the downward cycle of August 13, the stage of correction.

Trading recommendations:

Buy 1.1108 Take profit: 1.1122

Buy Take profit:

Sell: 1.1060 Take profit: 1.1035

Sell: 1.1030 Take profit: 1.1011

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For the Pound/Dollar pair, the key levels on the H1 scale are 1.2263, 1.2219, 1.2203, 1.2184, 1.2149, 1.2131 and 1.2105. The price forms a local structure for the subsequent development of the upward trend. The continuation of the upward movement is expected after the breakdown of 1.2185. In this case, the target is 1.2203 and consolidation is near this level. The passage of the price of the range of 1.2203 – 1.2219 should be accompanied by a pronounced upward movement. The target is 1.2263 and we expect a rollback to the bottom from this level.

The short-term downward movement is possible in the area of 1.2149 – 1.2131 and the breakdown of the last value will lead to a prolonged correction. The target is 1.2105 and this level is the key support for the upward structure.

The main trend is the local structure for the top from August 20

Trading recommendations:

Buy: 1.2185 Take profit: 1.2203

Buy: 1.2220 Take profit: 1.2260

Sell: 1.2147 Take profit: 1.2133

Sell: 1.2129 Take profit: 1.2105

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For the Dollar/Franc pair, the key levels in the H1 scale are 0.9949, 0.9923, 0.9883, 0.9854, 0.9816, 0.9768, 0.9745, and 0.9714. We follow the upward structure from August 13. The continuation of the upward movement is expected after the breakdown of 0.9816. In this case, the target is 0.9854 and in the area of 0.9854 – 0.9883 is the short-term upward movement, as well as consolidation. The breakdown of the level of 0.9883 should be accompanied by a pronounced upward movement. The target is 0.9923. We consider the level of 0.9949 as a potential value for the top, upon reaching which, we expect consolidation, as well as a pullback to the bottom.

The short-term downward movement is possible in the area of 0.9768 – 0.9745 and the breakdown of the last value will lead to an in-depth correction. The target is 0.9714 and this level is the key support for the top.

The main trend is the upward cycle of August 13.

Trading recommendations:

Buy: 0.9816 Take profit: 0.9854

Buy: 0.9856 Take profit: 0.9881

Sell: 0.9768 Take profit: 0.9747

Sell: 0.9743 Take profit: 0.9715

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For the Dollar/Yen pair, the key levels in the H1 scale are 108.62, 108.14, 107.45, 106.91, 106.35, 105.94, 105.64 and 105.01. We continue to follow the upward structure from 12. The continuation of the upward movement is expected after the breakdown of 106.91. In this case, the target is 107.45 and consolidation is near this level. The breakdown of 107.45 should be accompanied by a pronounced upward movement. The target is 108.14. We consider the level of 108.62 as a potential value for the top, upon reaching which, we expect a rollback to the bottom.

The range of 105.94 – 105.64 is the key support for the top. Its passage at the price will have to develop a downward movement. In this case, the target is 105.01.

The main trend: building potential for the top of August 12.

Trading recommendations:

Buy: 106.91 Take profit: 107.43

Buy: 107.47 Take profit: 108.14

Sell: Take profit:

Sell: 105.62 Take profit: 105.04

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For the Canadian dollar/Dollar pair, the key levels on the H1 scale are 1.3445, 1.3422, 1.3385, 1.3361, 1.3337, 1.3288, 1.3265, 1.3240 and 1.3194. We follow the development of the local upward structure from August 9. At the moment, the price has issued a local structure for the top from August 19. The continuation of the upward movement is expected after the breakdown of 1.3337. In this case, the target is 1.3361 and in the area of 1.3361 – 1.3385 is the consolidation. A breakdown of the level of 1.3385 will allow us to count on movement towards a potential target of 1.3422, upon reaching this level, we expect consolidation in the area of 1.3422 – 1.3444, as well as a pullback to the bottom.

The short-term downward movement is possible in the area of 1.3288 – 1.3265 and the breakdown of the last value will lead to an in-depth correction. The target is 1.3240 and this level is the key support for the top.

The main trend is the local upward structure of August 9, the local structure of August 19.

Trading recommendations:

Buy: 1.3337 Take profit: 1.3360

Buy: 1.3387 Take profit: 1.3422

Sell: 1.3288 Take profit: 1.3266

Sell: 1.3264 Take profit: 1.3240

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For the Australian dollar/Dollar pair, the key levels on the H1 scale are 0.6967, 0.6922, 0.6902, 0.6869, 0.6843, 0.6803, 0.6762, 0.6733 and 0.6675. We follow the development of the upward structure from August 7 and the price has issued a small potential for the top from August 14. The resumption of the upward movement is expected after the breakdown of 0.6803. In this case, the first target is 0.6843 and in the area of 0.6843 – 0.6869 is the short-term upward movement, as well as consolidation. The breakdown of the level of 0.6870 should be accompanied by a pronounced upward movement. The target is 0.6902 and in the area of 0.6902 – 0.6922 is the consolidation. We consider the level of 0.6967 as a potential value for the top, upon reaching which, we expect a rollback to the bottom.

A consolidated movement is expected in the area of 0.6762 – 0.6733 and the breakdown of the level of 0.6733 will lead to the development of a downward structure. In this case, the potential target is 0.6675.

The main trend is the upward structure of August 7, the stage of correction.

Trading recommendations:

Buy: 0.6805 Take profit: 0.6840

Buy: 0.6844 Take profit: 0.6867

Sell: 0.6760 Take profit: 0.6736

Sell: 0.6730 Take profit: 0.6680

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For the Euro/Yen pair, the key levels on the H1 scale are 119.40, 118.65, 118.22, 117.58, 117.16 and 116.54. We are following the development of the local capacity for the bottom from August 13. The short-term downward movement is expected in the range of 117.58 – 117.16. The breakdown of the last value will allow counting on the movement to the potential target of 116.54 and consolidation is near this level.

The short-term upward movement is expected in the area of 118.22 – 118.65 and the breakdown of the last value will have to form an upward structure for the top. The first target is 119.40.

The main trend is the formation of a local downward structure from August 13.

Trading recommendations:

Buy: 118.22 Take profit: 118.62

Buy: 118.70 Take profit: 119.40

Sell: 117.56 Take profit: 117.18

Sell: 117.14 Take profit: 116.55

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For the Pound/Yen pair, the key levels on the H1 scale are 132.17, 131.23, 130.57, 129.66, 127.94, 127.33, 126.48 and 125.57. We follow the development of the upward structure from August 12. The short-term upward movement is expected in the range of 129.00 – 129.66 and the breakdown of the last value will lead to a pronounced upward movement. The target is 130.57 and in the area of 130.57 – 131.23 is the short-term upward movement, as well as consolidation. We consider the level of 132.17 as a potential value for the top, upon reaching which, we expect consolidation, as well as a rollback to the bottom.

The short-term downward movement is possible in the area of 127.94 – 127.33 and the breakdown of the last value will have to develop a downward structure. The first target is 126.48. We consider the level of 125.57 as a potential value.

The main trend is the formation of the potential for the top of August 12.

Trading recommendations:

Buy: 129.67 Take profit: 130.55

Buy: 130.60 Take profit: 131.20

Sell: 127.30 Take profit: 126.50

Sell: 126.44 Take profit: 125.60

The material has been provided by InstaForex Company – www.instaforex.com

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Technical market overview:The EUR/USD pair keeps trading below the 61% Fibonacci retracement at the level of 1.1111 in a narrow horizontal range. The local low was made at the level of 1.1066. The next technical support is located at the level of 1.103…

Trading plan for EURUSD for August 21, 2019

Technical outlook:The EUR/USD pair is consolidating between 1.1060 and 1.1120 as expected and discussed yesterday. The single currency may face resistance around 1.1120 zone and reverse lower towards 1.1020 soon. Only a push above 1.1170/80 from here w…