We start Monday trading after disappointing end of last week. Macro data did not bring any dynamic action – as the investor predicted – and it was quite calm. In the last week of August we should take a closer look at AUD/USD, EUR/CAD, EUR/USD, GBP/AUD and USD/JPY:
AUD/USD
Aussie is currently near resistance level – it reacted to it in the week ending and potential clear price action sell signals may be used to open short positions. The key support level was not sill tested, so declines are not excluded.
EUR/CAD
Cross is approaching support level, which was tested two times already. It may be a good spot to open long positions, because sideway trend is clearly forming. Potential purchasing signals may be used to enter long positions with safe target (the lower line of resistance).
EUR/USD
The most important FX market currency pair acted really technically, testing previous support (1.3300) and falling afterwards. There is no doubt, that bears are still in control here, so it is worth to look only for short positions. After upward, corrective movements we will be able to open shorts.
GBP/AUD
Really interesting investing opportunity can show up in the week beginning. There is around 50 pips left to the key support zone. Currency pair is in the broad consolidation, so swing trading will be a great idea.
USD/JPY
American dollar to Japanese yen broke above the April’s high and retraced dynamically. It may be a signal of great supply in this level vicinity – but from the other side the upward momentum is too strong to consider short positioning. For now we should just stand there and observe – potential entries only after downward corrections.
