Trend line analysis on EURUSD
EURUSD is showing signs of weakness. EURUSD justifies a pull back towards the medium-term upward sloping trend line support, specially if price breaks below the horizontal support at 1.1720-1.17.
Ichimoku cloud indicator analysis of Gold
Gold price ended the week higher making new weekly all time highs and closed above $2,030. Trend remains bullish. The precious metal was under pressure on Friday as most probably profit taking by bulls took place.
Ichimoku cloud indicator analysis of EURUSD
For a consecutive week price managed to move above 1.19 but week closed below 1.18. Trend might still be bullish but the weakness of bulls to recapture 1.19 implies that a deeper pull back might be in store for us for next week.
EUR/USD. "Green" Nonfarms and bad news from Capitol Hill
Data published today on the growth of the US labor market provided support to the dollar. But the growth of the greenback was limited: for a more confident growth, dollar bulls lack the last puzzle, "worth" one trillion dollars.
Gold declines after months of rallying up
The price of gold turned to a negative correction this morning, which was caused by an unexpected strengthening of the greenback. However, the precious metal still has the opportunity to be noted for the longest and most rapid rise, which has only been over the past ten years.
Underestimated US economy startles EUR
Despite the resurgence in the coronavirus rates, experts have spotted the green shoots of recovery in the US.
August 7, 2020 : EUR/USD daily technical review and trade recommendations.
Intraday traders should be considering the current breakdown of the depicted short-term uptrend line. A Breakdown below the price level of 1.1650 is going to give a better confirmation for a valid SELL Position. Estimated targets would be located around 1.1550, 1.1500 then 1.1450.
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August 7, 2020 : EUR/USD Intraday technical analysis and trade recommendations.
Bullish persistence above 1.1730 will probably favor further bullish advancement towards 1.2075 (161% Fibo Expansion Level) in the intermediate-term.
On the other hand, bearish re-closure below 1.1730 indicates lack of bullish momentum and enhances further bearish decline initially towards 1.1600.
August 7, 2020 : GBP/USD Intraday technical analysis and trade recommendations.
Significant bearish rejection was demonstrated around the price level of 1.3160 in the form of (Bearish Engulfing Candlesticks).
Hence, upcoming bearish reversal should be expected provided that early bearish breakout occurs below 1.2980 (the depicted wedge pattern upper limit).
American stock indices continue their rally while market sentiment in Asia and Europe deteriorates
Yesterday, the US stock market closed in positive territory as all major stock indicators went up. The excitement came after the news that the US authorities were planning to adopt another stimulus package. However, no agreement has been reached on this issue so far.
Analysis of EUR/USD and GBP/USD for August 7. Markets are starting to believe in the US currency, which is linked to strong Non-farm in the US
Important economic reports will be released in America in the coming minutes, which will reflect the state of the labor market, unemployment and wages in the current crisis in America.
Dollar's oversold position not enough to change the trend
For more than two weeks, the dollar index has been in the oversold zone. Such sustained pressure on the US dollar was last observed in 2008. Then after a lengthy consolidation, it turned around
Dollar rises ahead of Non-farm Payrolls report
Things have not been going well for the dollar.
Trading recommendations for the GBP/USD pair on August 7
The market is preparing for a new leap. Details and trading ideas are inside the article.
Where are we going? Cost of oil is slowly declining
This morning, oil raw materials start with a negativity once again: a reduction in cost was recorded for all items. However, in contrast to the previous trading days, yesterday's trading also closed in the red zone, which ended the series of rallies that had lasted for four consecutive days.
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