Sunday, 5 August 2018

Forex Weekly Setups, August 6th to August 10th

We gave an excellent setup last week on UsdJpy and EurJpy in which we believe that profits were made. this week we will be having a quite choppy week as we have seen the USD drop on friday as they unemployment results were poor according to our expectations on the dollar. This week we will be looking to trade based on the dollar weakness.

On our watch will be the RBNZ Interest Rate Decision(NZD) and The RBA Interest Rate Decision(AUD) which will cause these pairs to drop this week based on pull backs which will be caused by these events.

UsdCad

The Canadian dollar has been showing too much strength during the last 3 weeks as we have seen a drop of plus 300 pips on the UsdCad pair. Price rests on a confluence support which consist the 100MA and Trendline  rejection at support.



NzdUsd

Its a good buying ground for traders who are looking forward into going Long on NzdUsd as we looking forward to the shortening of the Dollar Index. On the chart attached below we have a bullish divergence which signals a strong buying strength on the pair. we will recommend to Buy after a break above 0.68250 resistance area.

NB: please note we having an Interest Rate Decision on Wednesday which will cause a possible pullback on the pair.



XauUsd

Gold has broke below the 1220 support level last week which has caused the market to reach 1206 on Friday which price made a strong buy hours before the US employment news which caused a further gain in Gold. Price is on a strong Buy zone as shown by red arrow representation.

We looking for price to reach back to 1220 this week and we will only buy if above 1220 with stops @ 1211 .


Gold Has a Bullish Divergence on the daily chart which is the same level represented by red arrow on the above W1 chart, we looking for more buy pressure to kick in.





EurAud

EurAud has finally broke lower as expected, we will be looking forward to selling it at 1.57380. signal will be given on our Premium Group.




UsdChf

We on a good position to sell UsdChf as it rests on the 0.99450 resistance zone.

We believe that this forecast will assist you and make this week a most productive week. for further questions and assistance please post on the comment box below.

Sifiso Nkwanyana

Author & Editor

I hope you have recieved all the information you seek and thank you once more for browsing our website we hope to hear from you soon.

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