Forex Analysis & Reviews: 24.08.2020 - Comprehensive analysis of...

24.08.2020 01:05 PM

Comprehensive analysis of movement options for commodity currencies AUD/USD & USD/CAD & NZD/USD (Daily) on August 25, 2020

Minor operational scale (Daily)

Do we expect a correction after updating the highs? Options for the development of the movement of AUD/USD & USD/CAD & NZD/USD (Daily) on August 25, 2020.

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Australian dollar vs US dollar

From August 24, 2020, the development of the movement of the Australian dollar AUD/USD will be determined by the development and direction of the breakdown of the range:

resistance level of 0.7230 - the warning line UWL61.8 of the Minor operational scale forks;
support level of 0.7180 - the upper border of the channel 1/2 Median Line of the Minute operational scale forks.

A breakdown of the support level of 0.7230 will determine the development of the AUD/USD movement in the 1/2 Median Line Minute channel (0.7180 - 0.7145 - 0.7110), and if there is a consecutive breakdown of the lower boundary (0.7110) of this channel and the UTL control line (0.7080) of the Minor operational scale forks, then it will become possible for the price of the instrument to reach the boundaries of the equilibrium zone (0.7055 - 0.6985 - 0.6915) of the Minute operational scale forks, with the prospect of reaching the final line FSL Minute (0.6695).

In case of breakdown of the warning line UWL61.8 of the Minor operational scale forks - resistance level of 0.7230 - the resumption of the upward movement of the Australian dollar to the targets will become relevant:

initial line SSL (0.7270) of the Minute operational scale forks;
control line UTL Minute (0.7305);
with the prospect of reaching the warning line UWL100.0 Minor (0.7555).

The AUD/USD movement options from August 25, 2020 are shown on the animated chart.

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US dollar vs Canadian dollar

Working out and direction of the range breakdown:

resistance level of 1.3210 - reaction line RL23.6 of the Minute operational scale forks;
support level of 1.3145 - initial line of SSL of the Minute operational scale forks.
and it will determine the development of the movement of the Canadian dollar USD/CAD from August 25, 2020.

Breakdown of the reaction line RL23.6 Minute - resistance level of 1.3210 - a variant of the upward movement of USD/CAD to the borders of the channel 1/2 Median Line (1.3285 - 1.3340 - 1.3395) and equilibrium zones (1.3435 - 1.3520 - 1.3615) of the Minute operational scale forks.

In the case of serial breakout of the support level of 1.3145 on the starting line SSL of the Minute operational scale forks and control line LTL Minute (1.3115), the downward movement of the Australian dollar can continue to the targets:

final line FSL (1.3040) of the Minor operational scale forks;
local minimum 1.2950;
warning line LWL38.2 Minor (1.2720).

Options for USD/CAD movement from August 25, 2020 are shown on the animated chart.

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New Zealand dollar vs US dollar

The further development of the movement of the New Zealand dollar NZD/USD from August 25, 2020 will be due to the development and direction of the breakdown of the boundaries of the equilibrium zone (0.6540 - 0.6475 - 0.6405) of the Minute operational scale forks - we look at the animated chart for details of the movement marking within this zone.

In case of a breakdown of the lower border of ISL61.8 equilibrium zone of the Minute operational scale forks - support level of 0.6405 - the downward movement of NZD/USD can be continued to the final line of FSL Minute (0.6185) and to the upper border of ISL61.8 (0.6115) equilibrium zone of the Minor operational scale fork.

If the New Zealand dollar returns above the upper boundary of ISL38.2 of the equilibrium zone of the Minute operational scale forks - resistance level 0.6540 - with a subsequent breakdown of the final FSL line (0.6590) of the Minor operational scale forks, the upward movement of NZD/USD can be continued to the maximum (0.6713 - 0.6753 ) and warning line UWL38.2 Minor (0.6819).

The markup of the NZD/USD movement options from August 25, 2020 is shown on the animated chart.

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The review is compiled without taking into account the news background, the opening of trading sessions of the main financial centers and is not a guide to action (placing "sell" or "buy" orders).

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*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.