FX.co ★ Fractal analysis of major currency pairs for August 5

Forecast for August 5:

Analytical review of currency pairs on the H1 scale:

For the Euro/Dollar pair, the key levels are: 1.1920, 1.1896, 1.1874, 1.1854, 1.1844, 1.1830, 1.1808, and 1.1798. We are following the development of the upward structure from July 23. At the moment, the price is close to the cancellation of this structure, which requires a breakdown of 1.1830, with the initial target at 1.1808. For the time being, we consider the level of 1.1798 as a potential value for the downward structure from July 30, near which consolidation is expected.

A short-term upward movement is possible in the 1.1844 - 1.1854 corridor. A breakout of the last value will lead to a deep correction with the target at 1.1874. The subsequent development of the upward structure from July 23 will be possible upon the breakout of this level, with the initial target at 1.1896.

The main trend is the upward structure from July 23, the stage of deep correction.

Key levels of structure development:

Upward resistance: 1.1855 Target: 1.1872

Upward resistance: 1.1876 Target: 1.1896

Downward resistance: 1.1830 Target: 1.1808

Downward resistance: 1.1807 Target: 1.1798

For the Pound/Dollar pair, the key levels are: 1.4066, 1.4037, 1.3967, 1.3934, 1.3893, 1.3864, 1.3813, and 1.3781. Here, we are following the development of the July 20 upward structure. A short-term upward movement, as well as consolidation, is expected in the 1.3934 - 1.3967 corridor. The breakout of the last value should be accompanied by a pronounced upward movement with the target at 1.4037. We consider the level of 1.4066 as a potential value for the high. Upon reaching this, we expect consolidation, as well as a rollback to the low.

A short-term downward movement is expected in the 1.3893 - 1.3864 corridor. A breakdown of the last value will lead to a deep correction with the target at 1.3813. The 1.3813 - 1.3781 range is the key support for the upward structure from July 20.

The main trend is the upward structure from July 20.

Key levels of structure development:

Upward resistance: 1.3935 Target: 1.3966

Upward resistance: 1.3969 Target: 1.4035

Downward resistance: 1.3892 Target: 1.3866

Downward resistance: 1.3862 Target: 1.3815

For the Dollar/Franc pair, the key levels are: 0.9122, 0.9094, 0.9082, 0.9053, 0.9039, 0.9025, 0.9011 and 0.8988. We are following the development of the downward structure from July 20. At the moment, the price is in a correction. The range 0.9082 - 0.9094 is the key support for the downward structure, its passage by the price will encourage the development of an upward trend with the potential target at 0.9122.

A short-term downward movement is possible in the 0.9053 - 0.9039 corridor. The breakdown of the last value will encourage further development of a downward trend from July 20 with the initial target at 0.9025 and price consolidation in the 0.9025 - 0.9011 corridor. We consider the level of 0.8988 as the potential value for the low, from which we expect a rollback to the high.

The main trend is the downward cycle from July 20, the stage of correction.

Key levels of structure development:

Upward resistance: 0.9083 Target: 0.9093

Upward resistance: 0.9096 Target: 0.9122

Downward resistance: 0.9053 Target: 0.9040

Downward resistance: 0.9037 Target: 0.9025

For the Dollar/Yen pair, the key levels are: 110.45, 110.29, 109.92, 109.72, 109.42, 109.22, 108.74, 108.51, and 108.19. Here, the price has formalized a fairly pronounced potential for the August 4 high. A short-term upward movement is expected in the 109.72 - 109.92 corridor. A breakdown of the last value will lead to a pronounced upward movement with the target at 110.29. We consider the level of 110.45 as a potential value for the high. Upon reaching this, we expect consolidation, as well as a rollback to the bottom.

A short-term downward movement is expected in the 109.42 - 109.22 corridor. The breakdown of the last value will be conducive to the subsequent development of the downward structure from July 23, with the target at 108.74 and price consolidation in the range of 108.74 - 108.51. The potential value for the low is 108.19.

The main trend is the downward structure from July 23, building up potential for high from August 4.

Key levels of structure development:

Upward resistance: 109.72 Target: 109.92

Upward resistance: 109.94 Target: 110.29

Downward resistance: 109.42 Target: 109.22

Downward resistance: 109.18 Target: 108.74

For the Canadian dollar/US dollar pair, the key levels are: 1.2741, 1.2691, 1.2631, 1.2594, 1.2495, 1.2459, 1.2420, 1.2364, 1.2327, and 1.2240. We are following the medium-term downward structure from July 19. At the moment, the price is in correction and has formed a potential high from July 30. The development of the upward structure from July 30 is expected upon the breakout of 1.2594, with the initial target at 1.2631 and consolidation near this level. The breakout of 1.2631 should be accompanied by a pronounced upward movement with the target at 1.2691. We consider the level of 1.2741 as a potential value for the high. Upon reaching this, we expect a rollback to the low.

A short-term downward movement is possible in the range of 1.2495 - 1.2459. The breakdown of the last value will dispose to the subsequent development of the downward structure from July 19, with the initial target at 1.2420.

The main trend is the downward structure from July 19, the stage of deep correction.

Key levels of structure development:

Upward resistance: 1.2594 Target: 1.2630

Upward resistance: 1.2632 Target: 1.2690

Downward resistance: 1.2495 Target: 1.2462

Downward resistance: 1.2457 Target: 1.2365

For the Australian dollar/US dollar pair, the key levels are: 0.7482, 0.7467, 0.7442, 0.7425, 0.7388, 0.7370, 0.7345, and 0.7291. We are following the upward structure from July 21. A short-term upward movement is expected in the 0.7425 - 0.7442 corridor. A breakout of the last value will lead to a pronounced upward movement, with the target at 0.7467 and price consolidation in the 0.7467 - 0.7482 corridor.

A short-term downward movement is expected in the 0.7388 - 0.7370 corridor. A breakdown of the last value will lead to a deep correction with the target at 0.7345, a key support for the high.

The main trend is the downward structure from July 6, the stage of correction.

Key levels of structure development:

Upward resistance: 0.7426 Target: 0.7441

Upward resistance: 0.7443 Target: 0.7467

Downward resistance: 0.7388 Target: 0.7371

Downward resistance: 0.7369 Target: 0.7346

For the Euro/Yen pair, the key levels are: 130.51, 130.28, 129.93, 129.67, 129.15, 128.82, 128.52, and 128.21. We are following the development of the downward structure from July 29. At the moment, the price is in a correction. The continuation of the downward movement is expected after the breakdown of 129.15, with the target at 128.82 - the breakdown of which will allow us to count on a movement to the level of 128.52, with consolidation near this level. We consider 128.21 as a potential value for the low. Upon reaching this level, we expect a rollback upward.

A short-term upward movement is possible in the 129.67 - 129.93 corridor. A breakdown of the last value will encourage the formation of an upward structure with the initial potential target at 130.28.

The main trend is the downward structure from July 29, the stage of correction.

Key levels of structure development:

Upward resistance: 129.68 Target: 129.91

Upward resistance: 129.95 Target: 130.28

Downward resistance: 129.15 Target: 128.84

Downward resistance: 128.80 Target: 128.55

For the Pound/Yen pair, the key levels are: 155.18, 154.29, 153.41, 153.03, 152.46, 151.45, 151.04, 150.34, and 150.05. Here, we are following the development of the medium-term upward structure from July 20. At the moment, the price is in a deep correction and is forming a potential low from July 29. The upward movement is expected to resume after the breakout of 152.46, with the initial target at 153.03. Passing by the price of the noise range 153.03 - 153.41 will lead to the development of a pronounced upward movement, with the target at 154.29 and consolidation near this level. We consider 155.18 as a potential value for the high. Upon reaching this, we expect a rollback to the low.

A short-term downward movement is possible in the range of 152.45 - 151.04. A breakdown of the last value will lead to the development of a downward structure from July 29, with the target at 150.34 and price consolidation in the 150.34 - 150.05 corridor.

The main trend is the medium-term upward structure from July 20, the stage of deep correction.

Key levels of structure development:

Upward resistance: 152.48 Target: 153.03

Upward resistance: 153.42 Target: 154.27

Downward resistance: 151.45 Target: 151.06

Downward resistance: 151.02 Target: 150.36