ZuluTrade Blog

Intraday Analysis For Tuesday on Forex Major Pairs

Market View | Tuesday, August 8, 2017 10:37 AM GMT

EURUSD continues the upside sideways move while it is currently consolidating. It retraced at 50% Fibonacci level and next intraday resistance can be 61.8% Fibonacci level. We have noted a gray area on RSI (5) which proves the short-term uptrend. RSI is moving between 40 and 70 levels.


GBPUSD almost reached ABCD target and it is currently ranging between 1.305 – 1.301. Using RSI (5), the pair has defined as a minor swing high (1.305). If price close above this, then it may have an intraday upside momentum. Overall, the Fibonacci extension targets are still open 1.296 and 1.285.


USDJPY failed to violate the zone (Z1) to the upside and retraced back. Using RSI (5), the pair is forming a minor swing low (110.53) which needs to hold for maintaining the short-term uptrend. Buyers may find interesting the zone (Z2) close to 110.  


AUDUSD is having a similar intraday price action as GBPUSD. It is consolidating between a range. Likewise, it has formed a short-term swing high and if price closes above, then we may have an intraday upside momentum. The swing high is close to trendline (T1) which provides another resistance. If the pair violates T1, then it activates a measured target near to 0.80.The downside targets are still open (Fibonacci extensions)


USDCAD keeps the upside momentum and it has formed two minor swing lows.  The price is currently testing 1.2653 and then we may see the price 1.2628. A major supply-demand zone is at 1.257 which buyers can find a descent buying opportunity. The upside Fibonacci extension targets remain valid (1.274 – 1.277)


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