EUR & GBP Weekly Outlook - 10 August

In the first sign of the Turkish Lira downfall is entering crisis territory, the supervisory body of the ECB has reportedly (according to the FT) begun looking a various European banks' exposure to Turkey (BBVA (MC:BBVA), UniCredit (MI:CRDI) and BNP Paribas (PA:BNPP)). The lira lost as much as 10% earlier in the day to break the 6.00 territory vs USD. The yen is gaining all currencies, followed by USD, while gold struggles to rise off the $1205 support. Markets await US CPI and Canada jobs at 13:30 London. The short DAX trade was closed for 230-pt gain, while the EUR/USD was stopped out. Yesterday's index short is in the green, and a new trade will be issued ahead of the US session.


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.


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.


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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