Intraday Forex Wednesday, August 5 (USDJPY, EURUSD, & etc.) The dollar was under pressure on Wednesday from a towering euro and crumbling U.S. yields.


Hi everyone. This observation is made around 3:30 UTC. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Asia shares were set to open lower on Wednesday, following a choppy trading session on Wall Street and losses in Europe, apart from uncertainty over the state of coronavirus relief negotiation in U.S. and Beirut explosion.
Investor focus today was likely on coronavirus deal negotiations, as lawmakers remain divided over issues such as unemployment insurance, despite negotiations and talks so far. Two more negotiating sessions were expected today.

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  • The Japanese yen rose to 105.56 per dollar.
  • Both Stochastic and RSI oscillators entered undervalued ranges.
  • The MACD is trading below its signal line and negative. The configuration is negative.
Important Levels to Watch for Today:
  • Resistance line of 106.087 and 106.538.
  • Support line of 104.569 and 104.172.

  • The euro last sat at $1.181, after twice testing support (double bottom) around $1.17, as focus turns to U.S. private jobs data due later in the day, apart from the stimulus stalemate.
  • Both Stochastic and RSI indicators entered the overbought range of 80 and 70 values, respectively.
  • The MACD is trading above its signal line and positive. The configuration is positive.
Important Levels to Watch for:
  • Resistance line of 1.18786 and 1.20398.
  • Support line of 1.16794 and 1.15182.

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