FX.co ★ Fractal analysis for major currency pairs as of August 31

Dear colleagues.

For a pair of EUR / USD follow the downward structure of August 29. For the GBP / USD pair, the price still forms the initial conditions for the top of August 24, the continuation of the upward movement is expected after the breakdown of 1.2945. For the USD / CHF pair,a continued movement upwards is expected after the breakdown of 0.9658. For the USD / JPY pair, the development of the upward structure of August 29 is expected after the breakdown of 111.13. For the EUR / JPY pair, the price is still in correction from the upward structure which we expect will continue towards the upward movement after the breakdown of 131.86. For the GBP / JPY pair, we follow the upward structure of August 24.

Forecast for August 31:

Analytical review of currency pairs in the scale of H1:

For the EUR / USD pair, the key levels on the scale of H1 are: 1.1984, 1.1940, 1.1917, 1.1858, 1.1826 and 1.1782. Here, we follow the downward cycle from August 29. The continuation of the movement downwards is expected after the breakdown of 1.1858. In this case, the target is 1.1826. At this level is the consolidation of the price. The potential value for the bottom is the level of 1.1782, upon reaching which we expect a rollback to the top.

Short-term upward movement is possible in the area of 1.1917-1.1940. The breakdown of the last value will lead to an in-depth movement. Here, the target is 1.1984. Up to this level, we expect the design of a local potential for the top.

The main trend is the downward structure of August 29.

Trading recommendations:

Buy: 1.1917 Take profit: 1.1938

Buy: 1.1942 Take profit: 1.1980

Sell: 1.1856 Take profit: 1.1828

Sell: 1.1824 Take profit: 1.1784

For the GBP / USD pair, the key levels on the scale of H1 are: 1.3059, 1.2996, 1.2974, 1.2944, 1.2874, 1.2854 and 1.2830. Here, we continue to monitor the formation of the initial conditions for the upward cycle of August 24. Continued upward movement is expected after the breakdown of 1.2944. Here, the target is 1.2974. In the area of 1.2974 - 1.2996 we expect a short-term upward movement. The potential value for the top is the level of 1.3059, which we expects to move after the breakdown of 1.2998.

Short-term downward movement is possible in the area of 1.2874 - 1.2854. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2830. This level is the key support for the top.

The main trend is the formation of initial conditions for the top of August 24.

Trading recommendations:

Buy: 1.2946 Take profit: 1.2974

Buy: 1.2946 Take profit: 1.2974

Sell: 1.2872 Take profit: 1.2856

Sell: 1.2851 Take profit: 1.2833

For the USD / CHF pair, the key levels on the scale of H1 are: 0.9746, 0.9695, 0.9658, 0.9610, 0.9590, 0.9559 and 0.9508. Here, the continuation of the development of the upward structure from August 29 is expected after the breakdown of 0.9658. In this case, the target is 0.9695. Near this level is consolidation. Potential value for the top is the level of 0.9746, upon reaching which we expect a pullback downwards.

Short-term downward movement is possible in the area of 0.9610 - 0.9590. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.9560. This level is the key support for the upward structure.

The main trend is the upward cycle from August 29.

Trading recommendations:

Buy: 0.9658 Take profit: 0.9695

Buy: 0.9697 Take profit: 0.9744

Sell: 0.9610 Take profit: 0.9592

Sell: 0.9588 Take profit: 0.9565

For the USD / JPY pair, the key levels on a scale are: 112.14, 111.58, 111.13, 110.88, 110.31, 109.97, 109.48 and 108.86. Here, we continue to follow the upward structure of August 29. The continuation of the upward movement is expected after passing the price of the noise range of 110.88 - 111.13. In this case, the target is 111.58. Near this level is the consolidation. Potential value for the top is level 112.14, upon reaching this level we expect a pullback downwards.

Short-term downward movement is possible in the area of 110.31 - 109.97. The breakdown of the last value will lead to in-depth correction. Here, the target is 109.48. This level is the key support for the upward structure of August 29.

The main trend: the upward structure of August 29.

Trading recommendations:

Buy: 111.13 Take profit: 111.56

Buy: 111.60 Take profit: 112.12

Sell: 110.30 Take profit: 109.98

Sell: 109.95 Take profit: 109.50

For the CAD / USD pair, the key H1 scale levels are: 1.2783, 1.2711, 1.2650, 1.2590, 1.2559, 1.2513 and 1.2441. Here, we follow the formation of the upward structure of August 29. Continued upward movement is expected after the breakdown of 1.2650. In this case, the target is 1.2711. Near this level the consolidation of the price. The potential value for the top is the level of 1.2783, from which we expect a pullback downwards.

Short-term downward movement is possible in the area of 1.2590 - 1.2559. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2513. This level is the key support for the top.

The main trend is the formation of the upward structure of August 29.

Trading recommendations:

Buy: 1.2650 Take profit: 1.2710

Buy: 1.2713 Take profit: 1.2780

Sell: 1.2590 Take profit: 1.2560

Sell: 1.2556 Take profit: 1.2515

For the AUD / USD pair, the key levels on the scale of H1 are: 0.7996, 0.7958, 0.7931, 0.7893, 0.7866, 0.7808, 0.7781 and 0.7743. Here, we follow the formation of a downward structure from August 30. Short-term downward movement is possible in the area of 0.7893 - 0.7866. The breakdown of the last value should be accompanied by a pronounced downward movement. Here, the target is 0.7808. In the area of 0.7808 - 0.7781 is the consolidation of the price. The potential value for the bottom is the level of 0.7743, upon reaching which we expect a rollback to the top.

Short-term upward movement is possible in the range of 0.7931-0.7958. Hence, the probability of a turn downwards is high. The breakdown of the level of 0.7958 will lead to the formation of an upward structure. Here, the potential target is 0.7996.

The main trend is the downward structure of August 30.

Trading recommendations:

Buy: 0.7933 Take profit: 0.7955

Buy: 0.7960 Take profit: 0.7994

Sell: 0.7891 Take profit: 0.7868

Sell: 0.7864 Take profit: 0.7810

For the EUR / JPY pair, the key levels on the scale of H1 are: 133.18, 132.64, 131.84, 131.47, 130.82. 130.29 and 129.57. Here, we continue to follow the development of the upward structure of August 18. The continuations of the upward movement are expected after passing the price of the noise range of 131.47 - 131.84. In this case, the target is 132.64. The potential value for the top is the level of 133.18, upon reaching which we expect a pullback downwards.

Short-term downward movement is possible in the area of 130.82 - 130.30. The breakdown of the last value will lead to in-depth correction. Here, the target is 129.60. This level is the key support for the top.

The main trend is the upward structure of August 18.

Trading recommendations:

Buy: 131.86 Take profit: 132.62

Buy: 132.66 Take profit: 133.15

Sell: 130.80 Take profit: 130.30

Sell: 130.25 Take profit: 129.65

For the GBP / JPY pair, the key levels on the scale of H1 are: 144.30, 143.53, 142.98, 142.19, 141.84 and 141.22. Here, the continuation of the upward movement is expected after the breakdown at 143.00. In this case, the target is 143.53. Near this level the consolidation of the price. We consider the level of 144.30 to be a potential value for the upstream structure, from which we expect a pullback downwards.

Short-term downward movement is possible in the area of 142.19 - 141.84. The breakdown of the last value will lead to in-depth correction. Here, the target is 141.22. This level is the key support for the top.

The main trend is the formation of the upward structure of August 24.

Trading recommendations:

Buy: 142.98 Take profit: 143.50

Buy: 143.56 Take profit: 144.30

Sell: 142.19 Take profit: 141.86

Sell: 141.80 Take profit: 141.30