Weekly Technical Forecast (FX)

Here are today's directional views from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you. Like what you see? Feel free to forward this to a friend!

Weekly Technical Forecast (FX) August 3, 2020

Here are today's directional views from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you. Like what you see? Feel free to forward this to a friend!   EUR/USD   USD/JPY   GBP/USD   AUD/USD

Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.

EUR/USD ST: the upside prevails.   Pivot: 1.1560   Our preference: long positions above 1.1560 with targets at 1.2000 & 1.2130 in extension.   Alternative scenario: below 1.1560 look for further downside with 1.1380 & 1.1250 as targets.   Comment: technically the RSI is above its neutrality area at 50.

USD/JPY ST: under pressure.   Pivot: 108.15   Our preference: short positions below 108.15 with targets at 104.20 & 102.40 in extension.   Alternative scenario: above 108.15 look for further upside with 109.65 & 111.20 as targets.   Comment: a break below 104.20 would trigger a drop towards 102.40.

GBP/USD ST: aim @ 1.3515.   Pivot: 1.2760   Our preference: long positions above 1.2760 with targets at 1.3205 & 1.3515 in extension.   Alternative scenario: below 1.2760 look for further downside with 1.2470 & 1.2245 as targets.   Comment: the RSI is bullish and calls for further upside.

AUD/USD ST: the upside prevails.   Pivot: 0.6960   Our preference: long positions above 0.6960 with targets at 0.7390 & 0.7510 in extension.   Alternative scenario: below 0.6960 look for further downside with 0.6780 & 0.6650 as targets.   Comment: the RSI lacks downward momentum.

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