August 22 Trading Week Market Analysis

“Good traders change direction when the trend changes direction.”

This coming week is going to provide some very exciting opportunities. In fact, we’re possibly at the crossroads of the US dollar which may see some great setups for some big moves to make some serious pips.

Last week, we saw the pound rallying but a correction on Friday saw the rally being rejected and if we see price fall to around 1.3000 on the current downswing, we could now see another
attempt at 1.2800 however if we see the price being pushed back above the 1.3120 level, we could see a resumption of the recent rally.

This week, we’ve already taken long positions on the USDCAD and the USDCHF on the basis of breaking above support levels and the strength of the 4-hour uptrends. The other US$ cross we are looking at closely is the USDJPY. It is currently sitting above the 50% Fibonacci level of the overall upward move from 75.56 in October 2011 to 125.85 in June 2015. A 4-hour uptrend is currently formed and if we see a move above the 101.65 level, we could see a rally to the 105 level.

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Three other potential highlights are;

* GOLD – A new downtrend on the 4-hour has formed with price not being supported above the $1345.39 Macro Level. We could now be seeing a correction downward.
* EURUSD – Currently at the 1.1270 support level however if we see price fall and close below this level on a new 4-hour downtrend, we could see a drop towards 1.1098 or lower.
* AUDUSD – Currently in downtrend with next support at the 0.7533 Level. If we see it break lower, a new daily downtrend could form which would be the first daily trend change since
August 2 and may help to place the pair under more pressure to fall towards the 0.7385 level.

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