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Exchange Rates 10.08.2018 analysis

Amplitude of the last 5 days (high-low): 86p - 51p - 41p - 57p - 55p.

The average amplitude for the last 5 days is 58p (56p).

On Thursday, August 9, the EUR / USD currency pair attempted to complete the upward correction, but failed to fall below the critical line. Throughout the trading day at the disposal of traders again received very few macroeconomic reports. This time it became known about the number of applications for unemployment benefits in the US (213,000) and the producer price index for July (+ 3.3% y / y). However, these reports had a low-profile status and had little impact on traders. In addition to these events, another important thing happened. Beijing responded to the US to impose new duties totaling $ 16 billion on its fees for ... exactly the same amount. Thus, China has made a very expected step in the trade war and at the same time made it elegantly, without escalating the situation with duties on a larger amount, but also without letting it know that it is ready to yield to Washington. Traders, on the background of the complete absence of important macroeconomic reports, clearly did not know which way to go next? From a technical point of view, however, a resumption of a downward movement is still expected, as the pair could not overcome the maximum of the medium, and the "gold cross" is weak. If the price is fixed back below the critical line, this will confirm the completion of the correction. The MACD indicator has already turned down, which also signals a very likely resumption of the downtrend.

Trading recommendations:

The EUR / USD pair may resume its downward movement. If the bears manage to overcome the Kijun-sen line, it is recommended to open new sell orders with targets of support levels 1.1524 and 1.1503.

Long positions are recommended to be considered if the price remains above the critical line and after the MACD indicator turns up. The goal for longs in this case will be the level of 1,1640, and the bulls will have a new opportunity to develop their success.

In addition to the technical picture, one should also take into account the fundamental data and the time of their release.

Explanations to the illustration:

Ichimoku Indicator:

Tenkan-sen is a red line.

Kijun-sen is a blue line.

Senkou Span A is a light brown dotted line.

Senkou Span B - a light purple dotted line.

Chinkou Span is a green line.

Bollinger Bands Indicator:

3 yellow lines.

MACD indicator:

Red line and histogram with white bars in the indicator window.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Paolo Greco,
Analytical expert
InstaForex Group © 2007-2018
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