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  • Monday 3 August 2020

    Forex Weekly Setups, 3rd August to 7th August 2020

    Its August, the women's month we wish all the ladies the best this Month as we celebrate this Month of great trading opportunities as we expect a dollar pullback after a very sad month for the currency.

    Fundamental Analysis
    This week we have a lot of Fundamental activities as we are the starts of new trading month whereby we will have most of the employment data being released.

    Technical Setups
    Below is a number of potential Trade setups for this week.

    The dollar yen pair has closed on a bullish note last Friday which left a bullish outside bar formation indicating a bullish run on the pair for the upcoming week and the best part is that it is also confirmed by our harmonic pattern scanner tool.

    Dollar Index
    The dollar index has taken a magnificent slide as it has been greatly sold in the past four weeks, we are currently looking forward to see more selling in the dollar index this week as the dollar index has broken our 61.8 Fibonacci level and will eventually drop towards the green marked zone before swinging back up.

    Euro Dollar has been aggressively bullish as it heads towards the OTE fibonacci level, currently level 1.18200 stands as a minor resistance and if broken we much likely to see price pushing up.

    AudNzd is currently on a bullish trend in which we currently going to see price pushing up on a bullish trend. until price reaches the green marked zone.

    We believe that this article will help simplify you your trading week, please leave questions on the comments section below and we will be very happy assist where possible.

    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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