Forex Market Means Volatility! British Pound To US Dollar - Possible Scenarios For EUR/USD - 05/08/22

Global Markets Shaken as Yields Soar: Dollar Surges, Stocks Slump, and Gold Holds Ground Amid Debt Concerns and Rate Hike Expectations

Relevance up to 03:00 2022-08-06 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.2156 (close of yesterday's daily candle) to the target of 1.2088, the 38.2% retracement level (blue dotted line). After testing this level, the price may move upward with the target of 1.2196, the 76.4% retracement level (red dotted line). Upon reaching this level, continued upward movement is possible.

 

Exchange Rates 05.08.2022 analysis

 

Fig. 1 (daily chart).

Comprehensive analysis:

  • Indicator analysis – down;
  • Fibonacci levels – down;
  • Volumes – down;
  • Candlestick analysis – down;
  • Trend analysis – up;
  • Bollinger bands – up;
  • Weekly chart – up.

General conclusion:

Today, the price may move downward from the level of 1.2156 (close of yesterday's daily candle) to the target of 1.2088, the 38.2% retracement level (blue dotted line). After testing this level, the price may move upward with the target of 1.2196, the 76.4% retracement level (red dotted line). Upon reaching this level, continued upward movement is possible.

Alternative scenario: from the level of 1.2156 (close of yesterday's daily candle), the price may move down with the target of 1.2027, the 50% retracement level (blue dotted line), then an upward movement is possible to 1.2196, the 76.4% retracement level (red dotted line). After testing this level, the price may continue to move up.

 

Read more: https://www.instaforex.eu/forex_analysis/318127

Global Markets Shaken as Yields Soar: Dollar Surges, Stocks Slump, and Gold Holds Ground Amid Debt Concerns and Rate Hike Expectations

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