This 3 Forex Technical Analysis for August 19 which includes sentiment and Technical Analysis. Find out what you need to pay attention to when it comes to trading AUD, EUR or USD?
19 August, AtoZForex – Today’s, technical analysis focuses on the major currency pairs AUDUSD, EURUSD and USDJPY.
AUDUSD Technical analysis
Bias: Sell stop @ 0.7654 with targets @ 0.7608 with stop loss @ 0.7690
Alternative scenario: Buy stop @ 0.7695 with target @ 0.7734 with stop loss @ 0.76540
Comment: There are no significant economic data scheduled for today, thus we can look at the sentiment by looking at crowd trading. Most of the crowd shows bias on bullish side, this means we need to consider selling opportunity.
On a Daily timeframe, the last few candles have been in consolidation phase and no sign of clear direction.
On an Hourly time frame, the 12% Fibonacci retracement level 0.7691 has now acted as a key resistance level while the MACD line has already plotted below the (0) level.
Also see: Daily Free Forex Signals
EURUSD Technical analysis
Bias: Sell stop @ 1.1298 with targets @ 1.1250 with stop loss @ 1.1326
Alternative scenario: Buy stop @ 1.1371 with targets @ 1.1415 with stop loss @ 1.1333
Comment: Similar to AUDUSD pair, there are no significant economic data for EURUSD pair, thus we can consider to look at traders sentiment by looking at crowd trading. the crowd is mixed with 55% bearish and 45% bullish, this means no clear direction.
Technically, the 20 moving average has been a strong support trend line since the crossover with 100 moving average days ago. MACD line has plotted above the histogram which suggests a bearish move.
It is noticeable that for the last 3 retracements, the MACD line also starts to plot above the histogram which is potentially about to happen.
USDJPY Technical analysis
Bias: Buy stop @ 100.47 with target @ 100.96 with stop loss @ 100.15
Alternative scenario: Sell stop @ 99.81 with targets @ 99.11 with stop loss @ 100.15
Comment: USDJPY pair has been testing the 20 moving average several times. The pair has also created a higher reversal point at 99.85 where the previous reversal point was at 99.64. This suggests that the pair is gaining some buying opportunity.
A break above the 200% Fibonacci retracement level signals a clear strong buying opportunity.
It is worth to note that the MACD line is below the histogram and is very close to (0) level, which suggests that it may have a higher probability to go up.
Think we missed something? Let us know in the comments section below.