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Welcome to your essential Forex forecast for the trading week beginning August 19th. This week, you'll want to keep an eye on two pivotal events: Europe's CPI report and Jerome Powell's highly anticipated speech on Friday. Let's explore the technical setups that will guide your trading strategies.
US Dollar Index (DXY)
This week, the Dollar Index remains decisively under bearish control, having broken below a crucial rising support trend line. This breach not only deepens the bearish outlook but also paves the way for potential declines towards the psychological 100 level. With a rate cut on the horizon, this presents unique opportunities for you to tactically engage.
AUDNZD
You'll see that the Australian Dollar continues to outshine the New Zealand Dollar, offering robust bullish signals on both the weekly and daily charts. This pair's ascent, marked by higher highs and higher lows, suggests a sustained upward trajectory, targeting 1.1131 in the short term and potentially reaching 1.15 longer-term. This bullish trend provides strategic opportunities for you to capitalize on the momentum.
EURAUD
As the Euro weakens against the strong Australian Dollar, the EURAUD pair is facing significant resistance at the critical Fibonacci extension level of 61.8. This resistance indicates potential further declines, with a technical target of 1.6350. This downward trend opens up strategic opportunities for you to capitalize on.
GBPUSD
The British Pound maintains its remarkable strength against a faltering US Dollar, consistently showing a bullish posture. With the GBPUSD pair targeting the significant milestone of 1.35, this bullish trajectory offers lucrative opportunities for you to engage and profit from the continued momentum.
UK100
Optimism is returning to global stock markets, positioning the UK100 index for bullish growth with an immediate target of 8600. Supported by a pattern of buying on dips, this upward momentum is indicative of strong investor confidence and a bullish market sentiment. For you, understanding the right entry and exit points is crucial to capitalize on these trends.
XAGUSD (Silver)
Silver exhibits robust bullish patterns across multiple time frames, targeting the near-term goal of $32.7. With no bearish divergence to hold it back, now is a strategic moment for you to establish or increase long positions.
We hope these insights add tremendous value to your trading strategy.
Remember, each section includes a detailed video breakdown.
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Happy trading, and here's to a profitable week ahead!