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EUR/USD Daily Forecast - 6 August

The EUR/USD pair continues the bounce around just below the 1.16 level, and Friday provided no more clarity. All things being equal, I suspect that we could go down to the 1.15 handle, but it may take a certain amount of negativity in the markets to make that happen. I recognize that the 1.16 level will be resistive, but if we reclaim that area on a daily close, then I think we are simply looking at the symmetrical triangle being negated, and a return to the previous consolidation that had been such a major part of this market.

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GBP/USD Daily Forecast - 6 August

The British pound has tested the 1.30 level, an area of significant support on longer-term charts. By doing so, I think it’s found a bit of a short-term bottom, and we could see a bit of a bounce from here. However, there is a lot of noise in the market, but after the jobs neighbor command on Friday, it looks as if there isn’t any appetite to put a lot of money to work. It is because of this exact reason that I think we will probably bounce. However, if we do close below the 1.29 level, that would be a massive sell signal, perhaps reaching down to the 1.25 handle.

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AUD/USD Daily Forecast - 6 August

The Australian dollar has rallied significantly during trading on Friday after the jobs number came out, slamming into the 0.74 handle. However, after the number came out the markets went dead quiet. At this point, it looks as if the 0.74 level will continue to offer a significant amount of resistance, just as the 0.7350 level underneath offers a significant amount of support. The strong bounce from that level shows just how much demand there is underneath, so I think that given enough time we will buyers coming into the market.

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EUR/USD Weekly Forecast - 6 August - 10 August

The EUR/USD pair has initially tried to rally during the week but gave back the gains to close lower. As you can see by the yellow rectangle on the chart, not much has changed since last week, and I believe that the 1.15 level will continue to be crucial overall. I believe in buying dips, but if you are a longer-term trader you probably will become quite bored waiting for this market to move. Once we break above the 1.1850 level, we could be going back to the 1.25 handle over the longer-term.

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