Forex analysis review
Forex analysis review |
- EURUSD could start a strong bounce the week starting August 23rd.
- USDCAD reaches our target area but now provides bearish reversal signal.
- Bullish flag in Gold?
- Bullish short-term setup in XRPUSD.
| EURUSD could start a strong bounce the week starting August 23rd. Posted: 21 Aug 2021 03:42 AM PDT EURUSD is in a bearish trend making lower lows and lower highs. There is no reversal signal yet. However the chances of a strong bounce have increased as price is making new lows and the RSI does not follow. This is a sign that the down trend is weakening. Traders need to be cautious and ready for a reversal. This does not mean we buy as price falls.
Green line - major support EURUSD is expected to make a bounce at least towards 1.175-1.18 area. The bullish divergence in the 4 hour chart justifies such a price action at the start of this week. The bullish divergence is evident also in the Daily chart. This should not be ignored.
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| USDCAD reaches our target area but now provides bearish reversal signal. Posted: 21 Aug 2021 03:36 AM PDT In our analysis on USDCAD from August 18th we noted that we remain bullish USDCAD and we are expecting a move to new highs above 1.28. Price delivered and made a new higher high at 1.2947. However on the last trading day of the week the daily candlestick was not so much bullish.
Red line- support Green rectangle- major bullish support USDCAD remains above the red upward sloping trend line support and the key green rectangle support level. Trend remains bullish as long as price is above the green rectangle support. Breaking below the red trend line support we will have our first sign of weakness.
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| Posted: 21 Aug 2021 03:29 AM PDT Gold price continues to slide lower but close and around the $1,780 level. Our expectations for a deeper pull back towards $1,755-45 have not been confirmed. Price however seems to have formed a bullish pattern that could lead to a strong upward move over the next few days.
Green lines - flag pole and bullish channel Black lines - flag Gold price is highly likely to have formed a bullish flag pattern as shown in the chart above. Resistance at $1,790-94 remains key and if bulls manage to break above this level we will have a bullish signal. Support is at $1,770. Breaking below this level will open the way for the pull back we were expecting towards $1,755-45. If the bull flag is activated, then Gold price will have target of $1,850. The material has been provided by InstaForex Company - www.instaforex.com |
| Bullish short-term setup in XRPUSD. Posted: 21 Aug 2021 03:25 AM PDT XRPUSD is making a sideways consolidation formation looking like a triangle pattern. Taking into consideration the short-term bullish trend we are, the chances of breaking higher and moving above $1.30 over the next 24 hours, have increased dramatically.
Blue line - expected path XRPUSD is making higher highs and higher lows. Short-term trend is bullish after the bottom at $0.50 area. Price is now forming a triangle pattern shown in red lines in the chart above. I expect price to eventually break the triangle to the upside and move towards $1.32-$1.36 area first. If this target is achieved, next should be $1.41-$1.45. The material has been provided by InstaForex Company - www.instaforex.com |
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