- Check the comments of last week's analysis to find out what happened with my trades
- Reminder: This is the last analysis for this summer, the next one will come out when I get back from my trip (end of August).
- As such, all open positions were closed on Friday and no new orders were placed.
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***** Usually I only post one outlook because my analysis comes out every week but since this will be the last one for a while; I've posted both short and long term outlooks. *****
Interesting Pairs:
AUD/USD - Short term: Bearish, Long term: Bearish
- There were actually 3 possible scenarios last week but I only stated 2 because the 3rd one was extremely unlikely to happen. Out of the 2 that I picked, 1 of them did come to fruition although I was a bit off with my projections.
- This week: Price continued to range and went up to 0.9455 (instead of my 0.9435)
- Next week: I expect the range to continue playing out, so price may continue down to 0.9325 from here.
- August: I'm leaning towards price breaking 0.9325 and moving down to 0.9200.
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EUR/USD - Short term: Bullish, Long term: Bearish
- This week: 1.347X support did not hold and price continued to trickle down slowly.
- Next week: Price should retrace a little bit to test the 1.351X level (upper trend line and support line cross)
- August: After testing the 1.351X level, I can see price moving down to the mid to low 1.33XX level (lower trend line)
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GBP/USD - Short term: Bullish, Long term: Bearish
- This week: Price broke the downward trend line at 1.701X and price continued to trickle down slowly.
- Next week: Given that we've had 8 red daily candles in a row, I wouldn't be surprised if we see a minor retrace.
- August: As mentioned last week, my downside targets are 1.68 and 1.69. At this point in time, I still see one of these targets getting hit. However, that may change in August but I won't be around for that...
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USD/CAD - Short term: Bearish, Long term: Unclear
- This week: No Comment, wasn't paying attention to it
- Next week: Price is currently sitting at the broken support level of 1.081X. Even if this level doesn't hold as resistance, there's a trend line coming up as well acting as a secondary resistance. So I expect price move down a little bit from this region.
- August: No Comment
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USD/JPY - Short term: Bearish, Long term: Unclear
- This week: Price moved up slowly towards my upper trend lines but was stopped by a new trend line (purple)
- Next Week: Given the shooting star pinbar on Friday (identical to July 16), I wouldn't be surprised to see price move down (especially with the correlation of the other pairs).
- August: No Comment
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Confusing Pairs:
XAG/USD - No Comment
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Note: Refer to last week's General Market Outlook if something doesn't make sense.
Risk Disclaimer: My analysis is provided solely as an educational tool. Should you decide to trade based on my analysis, do so at your own risk. I am not liable for any loss that you may incur. Do not trade with money you cannot afford to lose.
Trade Disclosure: All open positions are disclosed above, if I don't mention having one then it should be assumed at all times that I plan to trade based on my analysis, so take this into consideration as I may be biased.
- Reminder: This is the last analysis for this summer, the next one will come out when I get back from my trip (end of August).
- As such, all open positions were closed on Friday and no new orders were placed.
-------------------------------------------------
***** Usually I only post one outlook because my analysis comes out every week but since this will be the last one for a while; I've posted both short and long term outlooks. *****
Interesting Pairs:
AUD/USD - Short term: Bearish, Long term: Bearish
- There were actually 3 possible scenarios last week but I only stated 2 because the 3rd one was extremely unlikely to happen. Out of the 2 that I picked, 1 of them did come to fruition although I was a bit off with my projections.
- This week: Price continued to range and went up to 0.9455 (instead of my 0.9435)
- Next week: I expect the range to continue playing out, so price may continue down to 0.9325 from here.
- August: I'm leaning towards price breaking 0.9325 and moving down to 0.9200.
---------
EUR/USD - Short term: Bullish, Long term: Bearish
- This week: 1.347X support did not hold and price continued to trickle down slowly.
- Next week: Price should retrace a little bit to test the 1.351X level (upper trend line and support line cross)
- August: After testing the 1.351X level, I can see price moving down to the mid to low 1.33XX level (lower trend line)
---------
GBP/USD - Short term: Bullish, Long term: Bearish
- This week: Price broke the downward trend line at 1.701X and price continued to trickle down slowly.
- Next week: Given that we've had 8 red daily candles in a row, I wouldn't be surprised if we see a minor retrace.
- August: As mentioned last week, my downside targets are 1.68 and 1.69. At this point in time, I still see one of these targets getting hit. However, that may change in August but I won't be around for that...
---------
USD/CAD - Short term: Bearish, Long term: Unclear
- This week: No Comment, wasn't paying attention to it
- Next week: Price is currently sitting at the broken support level of 1.081X. Even if this level doesn't hold as resistance, there's a trend line coming up as well acting as a secondary resistance. So I expect price move down a little bit from this region.
- August: No Comment
---------
USD/JPY - Short term: Bearish, Long term: Unclear
- This week: Price moved up slowly towards my upper trend lines but was stopped by a new trend line (purple)
- Next Week: Given the shooting star pinbar on Friday (identical to July 16), I wouldn't be surprised to see price move down (especially with the correlation of the other pairs).
- August: No Comment
-------------------------------------------------
Confusing Pairs:
XAG/USD - No Comment
-------------------------------------------------
Note: Refer to last week's General Market Outlook if something doesn't make sense.
Risk Disclaimer: My analysis is provided solely as an educational tool. Should you decide to trade based on my analysis, do so at your own risk. I am not liable for any loss that you may incur. Do not trade with money you cannot afford to lose.
Trade Disclosure: All open positions are disclosed above, if I don't mention having one then it should be assumed at all times that I plan to trade based on my analysis, so take this into consideration as I may be biased.