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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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GBP/USD Weekly Forecast - 6 August - 10 August

The British pound initially tried to rally during the week but gave back the gains to crash back into the 1.30 level. This is an area where I see a significant amount of demand, so quite frankly I do expect a bounce. However, we need some good news out of the United Kingdom to push this market higher. Because of this, I would anticipate sideways action more than anything else for the next couple of weeks, but the move higher could be explosive. Even if we break down, I think there is enough support underneath to keep this market somewhat afloat. The next move of course would be to the 1.25 handle, but I see that level is even more supportive than the 1.30 level. I also see potential support at 1.26, and at 1.29 as well.

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AUD/USD Weekly Forecast - 6 August - 10 August

The Australian dollar has gone sideways again this week, but it continues to show that there is a significant amount of support at the 0.7350 level. Overall, I believe that this market will probably continue to find reasons to bounce from this general area, but I also recognize that we will continue to see a lot of noise due to the trade talks and tariffs that are being thrown back and forth between the Americans and the Chinese.

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EUR/USD Weekly Forecast - 30 July - 3 August

As we enter the traditionally slow month of August, I cannot help but notice that the EUR/USD pair looks to be very stagnant. This is probably because we are awaiting the results of the Brexit, which although much of the focus is on the United Kingdom, the reality is that the European Union has a lot of skin in the game as well. While the headlines may suggest that the United Kingdom will be the one hurt, the reality is that both of these economies will suffer if things go poorly.

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