Forex Daily Forecast Aug 07 2019

EURUSD Recovers With Caution! GBPUSD: Consolidates With Downside Bias! USDJPY Bearish Despite Recovery Attempts! AUDUSD: Bearish, Vulnerable To The Downside. USDCAD: Bullish Extend Gains Clears 1.3222 levels

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US -Canada - dollar 659898

EURUSD Recovers With Caution!

The EURUSD remains in a recovery mode as long as 1.1162 broken resistance turned support holds on a daily closing basis. Resistance comes at 1.1218 levels. A daily closing above that level is needed to open 1.1282 levels. A halt is likely. It may test 1.1218 before attempts to break higher. Anyway; above 1.1282 will extend the corrective recovery to 1.1333/1.1369 levels.

Alternatively, a failure to hold above the 1.1218 levels could mean a return to 1.1162 levels. It should turn higher from here. Anyway; below 1.1162 should weaken the recent recovery and turn the focus back on the 1.1100/1.1075 levels. Below that level will reverse risk to the downside to 1.1015 levels.

In conclusion: The EURUSD sees recovery threats above 1.1162 levels with caution. Below 1.1162 faces a fall risk to 1.1100/1.1075 levels before the next move.

Support: 1.1162, 1.1100, 1.1075, 1.1015, 1.0975. 1.0930

Resistance: 1.1218, 1.1282, 1.1333, 1.1369, 1.1410

Forex Daily Forecast Aug 07 2019-EURUSDGBPUSD: Consolidates With Downside Bias!

As long as 1.2220 resistance holds on a daily closing basis. The GBPUSD remains on the downside. Support comes at 1.2142/1.2100 levels. A halt is likely, it may turn up from here. However; below 1.2100 will challenge the psycho level 1.2000. It may test 1.2100 before a lower leg below 1.2000 levels. Anyway, next support comes at 1.1900 levels ahead of 1.1800 levels. On the upside. Above 1.2220 sees recovery threats to 1.2285 levels before another fall.

Very important: The pair consolidates with downside bias within 1.2100/1.2220 range. Despite the pair is building an upside momentum, stability below 1.2220/1.2285 levels could mean a return to 1.2142/1.2100 levels (strong demand zone). On the upside, we need to keep an eye on the 1.2220/1.2285 levels (strong supply zone). Above 1.2285 will pave the way to 1.2370 levels ahead of 1.2480 levels. Momentum indicators show that any recovery below 1.2220/1.2285 will be followed by a strong fall…

Support: 1.2142, 1.2100, 1.2000, 1.1900, 1.1800

Resistance: 1.2220, 1.2285, 1.2370, 1.2480, 1.2570

Forex Daily Forecast Aug 07 2019-GBPUSDUSDJPY Bearish Despite Recovery Attempts!

As long as 106.60 resistance holds on a daily closing basis. The USDJPY remains on the downside to 105.87/105.35 levels. Above 106.60 sees recovery threats to 107.25/107.70 before the next fall…

Support: 105.87, 105.30, 104.63, 103.95, 103.15

Resistance:106.60, 107.25, 107.70, 108.17, 108.75

Forex Daily Forecast Aug 07 2019-USDJPYAUDUSD: Bearish, Vulnerable To The Downside.

As long as 0.6790 resistance holds on a daily closing basis. The AUDUSD remains on the downside to 0.6725 levels ahead of 0.6666 levels. Above 0.6790 faces recovery threats to 0.6850 levels before the next fall…

Support: 0.6725, 0.6666, 0.6600, 06535, 0.6485

Resistance: 0.6790, 0.6850, 0.6900, 0.6948, 0.7018

Forex Daily Forecast Aug 07 2019-AUDUSDUSDCAD: Bullish Extend Gains Clears 1.3222 levels

After 8 failed attempts to breach the 1.3222 levels. The pair managed to take out 1.3222 levels yesterday. Closed around key resistance 1.3280. Now the focus turns to the 1.3280 levels. A halt is likely, it may correct lower – buying opportunity- to 1.3200 levels (strong demand zone). A halt is likely, it should turn higher from here. Anyway; above 1.3280 aims the 1.3340 levels. Furthermore, resistance comes at 1.3410 levels.

On the downside, below 1.3200 levels sees pullback threats to 1.3150/1.3118 levels before another rise…

In conclusion: The USDCAD sees upside threats above 1.3200 levels.

Support: 1.3200, 1.3115, 1.3055, 1.3015, 1.2930

Resistance: 1.3280, 1.3340, 1.3410, 1.3487, 1.3550

Forex Daily Forecast Aug 07 2019-USDCAD

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