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Weekly Technical Analysis | 10th August - 14th August, 2020




Weekly Technical Analysis | 10th August – 14th August, 2020

  • Update Time : Monday, August 10, 2020
  • 120 Time View
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Weekly Technical Analysis | 10th August - 14th August, 2020
Weekly Technical Analysis | 10th August - 14th August, 2020

EUR/USD

Weekly Time Frame:

The EUR/USD pair recently stabilized below the previous week’s high of 1.1909 after hitting a 28-month high last week.

The EUR/USD pair has moved from 1.1183 to 1.1916 in the last six weeks. During this period, the pair broke the trend line resistance from the highest 1.2555, the opening level of 2019’s 1.1445, and the Quasimodo resistance 1.1733. Recently these are all being used as support.

Despite not being able to keep the price at the highest level, traders in the big time frame are still looking at the possibility of the price moving to the opening level of 2016 at 1.2004 in the coming weeks. If 1.1733 breaks as support, then the next possible support will be the opening level of 2019 at 1.1445.

Daily Time Frame:

Looking at the change in the price of the daily time frame, it is seen that the price has recently been tested at the weekly support 1.1733.

The resistance is 1.1940 in the daily chart this week, which is likely to move to the opening level of 2016 at 1.2004 if the break is broken.

If the price goes below 1.1733, the daily support 1.1594 can catch everyone’s eye, which is related to the resistance (currently support) taken from the maximum 1.1147.

H4 Time Frame:

The country’s NFP rose 1.6 million in July, according to the U.S. Bureau of Labor Statistics. An increase of about 4.691 million in June.

After hitting a 27-month low of 92.52, the US dollar index was able to rise above 93.00 again. The EUR / USD pair fell from 1.19 on Thursday and moved to 1.18 on Friday, setting the low for the trend line support at 1.1254, which is near the support of 1.1733.

Important Things To Consider:

Breaking Weekly trend line resistance from the high of 1.2555 and the March 9 high of 1.1495 could change the long term trend.

Weekly support 1.1733 will play a very important role for buyers this week as it is located with four hour trend line support. From this level the price may rise above 1.18 again and reach 1.19.

GBP/USD

Weekly Time Frame:

Although the GBP/USD pair recently broke the trend line resistance starting from 1.5930 in the recent weekly time frame, it has not yet touched the December 9, 2019 high of 1.3514. Breaking the above level may change the trend.

Prices are likely to rise again in the weekly time frame after crossing the trend line resistance, although prices have declined somewhat in the past week. Resistance can be seen at the opening level of 2020 at 1.3250, which is just below the 161.8% Fibonacci extension point 1.3308.

If the price drops this week without exceeding the above resistance, the price could be tested at 2019’s opening level 1.2739.

Daily Time Frame:

Last week Quasimodo resistance 1.3173 was ineffective condition, which is just below the resistance 1.3250. Besides, the opening level of 2020 is also in the same place.

If the price declines this week, the price may fall to 1.2769 / 1.2846, which is above the 200-day SMA (orange – 1.2705) and the trend line support from the low of 1.1409.

H4 Time Frame:

The GBP/USD pair continued its decline somewhat on Friday, falling to a five-month high of 1.3185 on Thursday and breaking below 1.31 as the US dollar index rose after the release of the US NFP.

After falling below 1.31, the pair’s selling pressure increased to 1.30 level. The important thing here is that level 1.30 is related to Quasimodo support (red arrow – 1.3004). Below this, there are 1.2939 and 1.29 handles to support traders.

Important Things To Consider:

Although the weekly price indicates that the price will move towards 1.3250, the daily price is stuck by Quasimodo resistance 1.3173 and is likely to go down to 1.2769 / 1.2846.

Weekly Time Frame:

The XAU/USD pair continued to appreciate last week. As a result, the price of GOLD rose for the ninth week in a row, reaching an all-time high of $ 2,075.28 last week.

Yellow This precious metal is currently in overbought condition. Traders, however, expect the price to fall to its previous high of $1,921.00 this week.

Daily Time Frame:

A look at the Daily Time Frame shows that the five-day uptrend ended on Friday and a strong bearish candle has formed.

We can see that the daily price may soon come to $ 1,941.10 / $ 1,981.20 if such a sell continues.

H4 Time Frame:

After the US NFP was released on Friday, the price of GOLD fell to a trend line support from a low of 1,907.06. Before this the yellow metal hits a high of $ 2,064.29.

Technical traders will notice that breaking the current trend line is likely to test the price at the 2,000.00 level.

Important Things To Consider:

The market is still likely to continue buying. From the current four-hour trend line support, buyers may try to occupy the market and move above the maximum level to $ 2,100.00.

Weekly Technical Analysis | 27th July – 31st July, 2020

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