MARKET ANALYSIS OF CURRENCY PAIRS

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Market Overview: August 10, - August 14, 2020

The dollar rally that threatened on Friday in the wake of the payrolls report tentatively remains on track this morning. The positive surprise in Friday’s labor market data triggered a near term rebound in the dollar, but can it continue? Markets are responding slightly to the continued lack of consensus in Congress over the composition of the next US fiscal stimulus package but have so far not lost the rebound impetus. President Trump has gone ahead with an executive order to enable a less generous $400 per week of unemployment benefits, in addition to other relief on evictions and student loans. However, markets seem to be focusing more on the lack of traction on the whole package of support. We are seeing cautious moves across Forex majors, whilst consolidation on commodities (mostly precious metals) also featured. The key question that traders will be asking will be whether the hugely stretched dollar sell-off that threatened a reversal last Friday will be able to find traction? This would have a real impact on the near term outlook for gold especially.

Technical Indicators of The GBP/USD Currency Pair: 2020.08.07

GBP/USD quotes have become stable after a prolonged rally. At the moment, the British pound is consolidating. Local support and resistance levels are 1.3100 and 1.3155, respectively. A technical correction of the trading instrument is possible in the near future. We expect statistics on the US labor market. Positions should be opened from key levels. The news feed on the UK economy is calm.

Trading recommendations

Support levels: 1.3100, 1.3040, 1.2980
Resistance levels: 1.3155, 1.3185

With just +0.26 percentage change over the last day, if the price fixes below 1.3100, GBP/USD quotes are expected to correct. The movement is tending to 1.3050-1.3000. An alternative could be further growth of the GBP/USD currency pair to 1.3200-1.3230.

Technical Indicators of the EUR/USD Currency Pair: 2020.08.06

The greenback has continued to lose ground before Friday's US labor market report for July. EUR/USD quotes have reached the round level of 1.1900 again. The 1.1845 mark is the nearest support. With a percentage change of +0.52 over the last day, the US published ambiguous economic releases. At the moment, financial market participants expect additional drivers. A technical correction is possible in the near future. Positions should be opened from key levels.

Trading Recommendations:

Support levels: 1.1845, 1.1800, 1.1740
Resistance levels: 1.1900, 1.1950

If the price fixes below 1.1845, EUR/USD quotes are expected to correct. The movement is tending to 1.1800-1.1760. An alternative could be the growth of the EUR/USD currency pair to 1.1940-1.1960.

Technical Indicators of the GBP/USD Currency Pair: 2020.08.06

Purchases still prevail on the GBP/USD currency pair. The British pound has reached key highs. GBP/USD quotes are testing resistance at 1.3170. The round level of 1.3100 is already a "mirror" support. A technical correction is possible in the near future. The Bank of England, as expected, kept the key marks of monetary policy at the same level. Positions should be opened from key levels as the percentage change over the last day stood at +0.40. As brokers, we recommend paying attention to the news feed from the US.

Trading Recommendations:

Support levels: 1.3100, 1.3040, 1.2980
Resistance levels: 1.3170

If the price fixes below 1.3100, GBP/USD quotes are expected to correct. The movement is tending to 1.3050-1.3000. An alternative could be a further growth of the GBP/USD currency pair to 1.3220-1.3250.

Technical Indicators of The EUR/USD Currency Pair: 2020.08.07

The EUR/USD currency pair has become stable. The trading instrument is consolidating. Investors have taken a wait-and-see attitude before the publication of the report on the US labor market for July. Brokers recommend paying attention to the difference between the actual and forecasted values. Investors also follow the progress of negotiations in Washington on new measures to stimulate the American economy due to the COVID-19 epidemic. At the moment, the local support and resistance levels are 1.1820 and 1.1880, respectively. Positions should be opened from these marks.

Trading Recommendations:

Support levels: 1.1820, 1.1800, 1.1740
Resistance levels: 1.1880, 1.1915

If the price fixes below 1.1820, EUR/USD quotes are expected to correct. The movement is tending to 1.1760-1.1720. A percentage change of +0.11 over the last day can suggest that an alternative could be the growth of the EUR/USD currency pair to 1.1910-1.1950.

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