Key Price Levels for GBPUSD, EURUSD, EURJPY, and Gold – August 3-7, 2020

The unrelenting weakness of the US dollar seems to transcend COVID-19.

Pundits think the US Dollar is steadily slipping away from being the reserve currency of many countries.

Making it less attractive to investors.

That in away explains why Gold and other metals are trading at all time highs.

As retail traders, we often don’t know what happens behind the closed doors where politicians and policy makers pull the strings that eventually move markets.

What we have, are the charts.

In the short term, price will respect chart patterns.

All you need are the crumbs from the markets to succeed.

If you learn to trade with these patterns you will survive.

Below are the key levels to watch this week.

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Key Price levels this week.

EURUSD.

EURUSD-weekly-forecast

Pivot – 1.17736.

Resistance Levels: 1.18767, 1.19404, 1.19858, 1.20435.

Support Levels: 1.16705, 1.16068, 1.15615, 1.15037

GBPUSD.

GBPUSD-weekly-forecast

Pivot – 1.30107.

Resistance Levels: 1.31593, 1.32512, 1.33165, 1.33998.

Support levels. 1.28621, 1.27702, 1.27049, 1.26216

EURJPY.

EURJPY-weekly-forecast

Pivot – 124.297

Resistance levels: 125.135, 125.654, 126.022, 126.492

Support levels: 123.459, 122.940, 122.572, 122.102

GOLD.

GOLD-weekly-forecast

Pivot – 1952.20

Resistance levels: 1984.24, 2004.03, 2018.12, 2036.06

Support Levels: 1920.17, 1900.38, 1886.29, 1868.34

Key Fundamentals this week.

Monday, August 3

USD – CoUSD – ISM Manufacturing PMI

Tuesday, August 4

No major news events.

Wednesday, August 5

JPY – BOJ Gov Kuroda Speaks
USD – ADP Non-Farm Employment Change

Thursday, August 6

GBP – BOE Monetary Policy Report
GBP – MPC Official Bank Rate Votes
GBP – Monetary Policy Summary
GBP – Official Bank Rate
GBP – MPC Asset Purchase Facility Votes
GBP – BOE Gov Bailey Speaks

Friday, August 7

USD – Average Hourly Earnings m/m
USD – Non-Farm Employment Change
USD – Unemployment Rate

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Final remarks.

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Till next week.

Trade responsibly.

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