Fractal analysis for major currency pairs as of August 17

Dear colleagues.

For the EUR / USD pair, the price is in the correction zone. The level of 1.1455 is the key support for the downward cycle from August 8. For the GBP / USD pair, we expect the continuation of the movement downward. We are wait after passing the price of the noise range of 1.2684 - 1.2655. For the USD / CHF pair, the subsequent goals for the top were determined from the upward structure on August 14. For the USD / JPY pair, the upward trend is expected after passing the price of the noise range of 110.91 - 111.10. For the EUR / JPY pair, the price forms a local downward structure from August 14. The development of this level is expected after the breakdown of 124.82. For the GBP / JPY pair, the price also forms a local structure for the bottom of August 14. The downward movement is expected after the breakdown of 139.86.

Forecast for August 17:

Analytical review of currency pairs in the scale of H1:

analytics5b7623e34ccd8.png

For the of EUR / USD pair, the key levels on the scale of H1 are: 1.1539, 1.1455, 1.1399, 1.1365, 1.1282, 1.1245, 1.1172, 1.1133 and 1.1043. Here, we continue to follow the downward cycle from August 8. At the moment, the price is in correction. Short-term downward movement is possible in the area of 1.1282 - 1.1245. The breakdown of the last value should be accompanied by a pronounced downward movement towards the level of 1.1172. In the area of 1.1172 - 1.1133 is the consolidation of the price. The potential value for the bottom is the level of 1.1043, the movement toward which we expect after the breakdown of 1.1131.

Consolidated traffic is possible in the area of 1.1365 - 1.1399. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.1455. This level is the key support for the downward structure. Its breakdown will lead an upward movement. In this case, the target is 1.1539.

The main trend is a local downward structure from August 8, the correction stage.

Trading recommendations:

Buy: 1.1401 Take profit: 1.1452

Buy 1.1457 Take profit: 1.1537

Sell: 1.1244 Take profit: 1.1174

Sell: 1.1132 Take profit: 1.1045

analytics5b7623f2af10a.png

For the GBP / USD pair, the key levels on the scale of H1 are 1.2907, 1.2825, 1.2763, 1.2727, 1.2684, 1.2655, 1.2601 and 1.2561. Here, we continue to follow the local downward cycle from August 7. The continuation of the downward movement is expected after passing the price of the noise range 1.2684 - 1.2655. In this case, the target is 1.2601. The potential value for the bottom is the level of 1.2561, after which we expect consolidation in the area of 1.2601 - 1.2561.

Short-term upward movement is possible in the area of 1.2727-1.2763. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2825. This level is the key support for the bottom. Passing by the price will lead to form the initial conditions for the top. In this case, the potential target is 1.2907 .

The main trend is the local downward structure of August 7.

Trading recommendations:

Buy: 1.2727 Take profit: 1.2760

Buy: 1.2765 Take profit: 1.2822

Sell: 1.2655 Take profit: 1.2604

Sell: 1.2658 Take profit: 1.2562

analytics5b7623ff68023.png

For the USD / CHF, the key levels on the scale of H1 are: 1.0043, 1.0012, 1.0001, 0.9985, 0.9962, 0.9949, 0.9932 and 0.9900. Here, we clarified the subsequent goals from the upward structure on August 14. The continuation of the upward movement is expected after the breakdown of 0.9985. In this case, the target is 1.0001. In the area of 1.0001 - 1.0012 is the consolidation of the price. Break of the level 1.0012 will allow us to count on the movement towards the potential target of 1.0043, from this level we expect a pullback downwards.

Short-term downward movement is possible in the area of 0.9962 - 0.9949. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.9932. This level is the key support for the top.

The main trend is the formation of the upward structure of August 14.

Trading recommendations:

Buy: 0.9985 Take profit: 1.0000

Buy: 1.0014 Take profit: 1.0040

Sell: 0.9960 Take profit: 0.9952

Sell: 0.9946 Take profit: 0.9934

analytics5b76241115be4.png

For the USD / JPY, the key levels on a scale are: 112.41, 112.23, 111.73, 111.49, 111.10, 110.91, 110.43, 110.11 and 109.76. Here, we consider the upward structure of August 13 as medium-term initial conditions, the development of which is expected after passing the price of the noise range 110.91 - 111.10. In this case, the first target is 111.49. In the area of 111.49 - 111.73 short-term upward movement, as well as is the consolidation of the price. The level 111.75 break should be accompanied by a pronounced upward movement towards the potential target of 112.41, upon reaching this level we expect consolidation in the area of 112.23 - 112.41.

Level 110.43 is the key support for the upward structure of August 13. Its breakdown will lead to the development of a downward movement. In this case, the first target is 110.11. The potential value for the bottom is the level of 109.76.

The main trend: medium-term upward structure of August 13.

Trading recommendations:

Buy: 111.11 Take profit: 111.47

Buy: 111.52 Take profit: 111.70

Sell: 110.41 Take profit: 110.13

Sell: 110.08 Take profit: 109.78

analytics5b7624212b353.png

For the CAD / USD pair, the key levels on the scale of H1 are: 1.3270, 1.3220, 1.3181, 1.3124, 1.3095, 1.3077 and 1.3047. Here, the price forms a local structure for the development of the upward movement of August 15. The continuation of the upward movement is expected after the breakdown of 1.3181. In this case, the target is 1.3220. Near this level is the consolidation of the price. The potential value for the top is the level of 1.3270, the movement towards which we expect after the breakdown of 1.3222.

The correction is expected after the breakdown of 1.3124, the target is 1.3095, the range 1.3095 - 1.3077 is the key support for the top. Passing by the price will lead a downward tendency. In this case, the target is 1.3047.

The main trend is the formation of a local upward structure of August 15.

Trading recommendations:

Buy: 1.3181 Take profit: 1.3220

Buy: 1.3222 Take profit: 1.3268

Sell: 1.3122 Take profit: 1.3097

Sell: 1.3075 Take profit: 1.3049

analytics5b76242fac431.png

For the AUD / USD pair, the key levels on the scale of H1 are: 0.7373, 0.7305, 0.7260, 0.7173, 0.7132, 0.7080, 0.7046 and 0.6978. Here, we follow the development of the downward structure of August 9. Short-term downward movement is possible in the area of 0.7173 - 0.7132. The breakdown of the last value should be accompanied by a pronounced downward movement. Here, the target is 0.7080. In the area of 0.7080 - 0.7046 is the consolidation of the price. The potential value for the bottom is the level of 0.6978, upon reaching which we expect a rollback to the top.

Short-term upward movement is possible in the area of 0.7260 - 0.7305. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.7373. This level is the key support for the downward structure.

The main trend is the downward structure of August 9.

Trading recommendations:

Buy: 0.7261 Take profit: 0.7303

Buy: 0.7306 Take profit: 0.7370

Sell: 0.7173 Take profit: 0.7134

Sell: 0.7130 Take profit: 0.7082

analytics5b76243e15086.png

For the of EUR / JPY, the key levels on the scale of H1 are: 128.04, 127.02, 126.28, 125.72, 124.82, 124.12, 123.33 and 122.77. Here, the price forms a local structure for the bottom of August 14. The continuation of the movement downwards is expected after the breakdown of 124.82. In this case, the target is 124.12. Near this level the is the consolidation of the price. The level 124.10 break must be accompanied by a pronounced downward movement. In this case, the target is 122.77, upon reaching this level, we expect consolidation, and also a rollback to the top.

Short-term upward movement is possible in the area of 126.28 - 127.02. The breakdown of the last value will lead to the development of initial conditions for the upward cycle. In this case, the potential target is 128.04.

The main trend is the local structure for the bottom of August 14.

Trading recommendations:

Buy: 126.30 Take profit: 127.00

Buy: 127.05 Take profit: 128.00

Sell: 124.80 Take profit: 124.20

Sell: 124.10 Take profit: 123.35

analytics5b76246147707.png

For the GBP / JPY pair, the key levels on the scale of H1 are: 142.35, 141.49, 140.90, 139.86, 139.17, 138.26 and 137.68. Here, the price forms a local downward structure from August 14. Short-term downtrend is possible in the area of 139.86 - 139.17. The breakdown of the last value will lead to the development of a pronounced movement. Here, the target is 138.26, the potential value for the bottom is the level of 137.68. Near which we expect consolidation, and also a rollback upward.

Short-term upward movement is possible in the area of 140.90 - 141.49. The breakdown of the latter value will lead to the development of an upward structure. Here, the target is 142.35. The potential value for the top is the level of 143.33, to which we expect the initial conditions to be formalized.

The main trend is the local structure for the bottom of August 14.

Trading recommendations:

Buy: 140.95 Take profit: 141.40

Buy: 141.55 Take profit: 142.35

Sell: 139.80 Take profit: 139.20

Sell: 139.15 Take profit: 138.30

The material has been provided by InstaForex Company - www.instaforex.com

Bitcoin analysis for August 17, 2018

analytics5b76bbe743b33.png

Trading recommendations:

According to the 30M time frame, I found that price did fake breakout of the yesterday's high at the level of $6,440, which is a sign that buying looks risky. I also found a weekly pivot at $6,641 and a hidden bearish divergence on the RSI oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $6,200.

Support/Resistance

$6,520 – Intraday resistance

$6,380– Intraday support

$6,200 – Objective target

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

The material has been provided by InstaForex Company - www.instaforex.com

Analysis of Gold for August 17, 2018

analytics5b76b937d9177.png

Recently, Gold has been trading sideways at the price of $1,176.15. According to the M15 time – frame, I found that Gold is in a consolidation phase and a potential rising wedge is in progress, which is a sign that buying looks risky. The price also broke the monthly S2 support in the background, which is another sign of the downward pressure. My advice is to watch for a otential breakout of the support trendline to confirm further downward continuation. The downward targets are set at the price of $1,171.85 and at the price of $1,161.80.

Resistance levels:

R1: $1,183.57

R2: $1,193.45

R3: $1,205.37

Support levels:

S1: $1,161.75

S2: $1,149.85

S3: $1,139.95

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com

EUR/USD analysis for August 17, 2018

analytics5b76b5c194584.png

Recently, the EUR/USD pair has been trading upwards. The price tested the level of 1.1419. According to the M30 time – frame, I found a false breakout of the yesterday's high at the price of 1.1408, which is a sign that buying looks risky. I also found the level of 1.1400 (round number) to be a critical resistance at this stage. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.1350, 1.1337, and 1.1300.

Resistance levels:

R1: 1.1410

R2: 1.1445

R3: 1.1483

Support levels:

S1: 1.1337

S2: 1.1299

S3: 1.1264

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com

Intraday technical levels and trading recommendations for EUR/USD for August 17, 2018

analytics5b76b1d17743d.png

Daily Outlook

In April 2018, the EUR/USD pair outlook turned to become bearish when the pair pursued trading below the lower limit of the depicted consolidation range (1.2200).

The price level of 1.1500 offered temporary bullish recovery towards 1.1830. The EUR/USD bulls failed to pursue towards higher bullish targets.

Instead, a descending high was established around 1.1800.

Currently, the EUR/USD pair is testing the price zone of 1.1450-1.1370 (demand zone) where the depicted trend lines are located on the depicted weekly chart.

As anticipated, bearish closure below 1.1400 was achieved. This allowed further bearish decline towards 1.1300.

For further bearish decline to occur, the EUR/USD pair needs obvious bearish breakdown below 1.1375. Initial bearish target would be located around 1.1275 then 1.1120 if enough bearish pressure is applied.

Hence, the EUR/USD short-term outlook remains bearish towards the mentioned levels unless bullish breakout above 1.1420 is achieved. This would pause the ongoing bearish momentum allowing bullish pullback to take place.

The material has been provided by InstaForex Company - www.instaforex.com