Main Quotes Calendar Forum
flag

FX.co ★ EUR/USD and GBP/USD: Technical analysis for August 23

parent
Forex Analysis:::2023-08-23T10:43:52

EUR/USD and GBP/USD: Technical analysis for August 23

EUR/USD

EUR/USD and GBP/USD: Technical analysis for August 23

Higher Timeframes

Bearish traders began testing the support area, which has combined the monthly short-term trend (1.0835) and the final level of the weekly Ichimoku cross (1.0805). The outcome of this interaction could influence subsequent developments. A rebound will return the pair to the attraction and influence zone of the weekly short-term trend (1.0898); the daily short-term trend (1.0909) has already dropped to this level. A break below will make it possible to consider further declines, where the monthly medium-term trend (1.0725) will serve as the nearest support. Additionally, the liquidation of the weekly cross will trigger processes for its replacement, and attention will be directed towards a bearish target like the target for breaking the daily cloud.

EUR/USD and GBP/USD: Technical analysis for August 23

H4 - H1

Yesterday, bullish players couldn't hold above the weekly long-term trend enough to reverse the moving average. Their opponents reclaimed the key level and continued the decline. Today's intraday decline targets are at 1.0809 – 1.0772 – 1.0711 (support levels of the classic pivot points). Key levels currently act as resistances and are combining their efforts in the range of 1.0870-80 (central pivot point of the day + weekly long-term trend). The main advantage belongs to the bearish players; to change the current balance of power, the pair needs to solidly establish itself above and reverse the moving average. In this case, targets for upward development will be resistance levels of the classic pivot points (1.0907 – 1.0968 – 1.1005).

***

GBP/USD

EUR/USD and GBP/USD: Technical analysis for August 23

Higher Timeframes

The daily Fibonacci Kijun (1.2809) did not allow bullish players to strengthen and rise above it yesterday. As a result, their opponent is trying to take control and gain an advantage today. For this, bearish traders need to solidly establish themselves in the bearish zone concerning the daily cloud (1.2724), capturing the daily short-term trend (1.2707). The next supports during a decline will be levels of weekly and monthly timeframes (1.2597 – 1.2629).

EUR/USD and GBP/USD: Technical analysis for August 23

H4 - H1

Bearish traders have taken control of the key levels of the lower timeframes, which are located today at 1.2748–39 (central pivot point + weekly long-term trend). Currently, bears are extending the decline. Among today's targets, only the S3 of the classic pivot points (1.2617) remains, after which focus will be on passing the support levels of higher timeframes (1.2597).

***

The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...