Oil is falling. The tendency to fall will intensify, as a third wave has formed down. It is clearly visible on the daily timeframe. The immediate support is likely to be the level of $ 50.5. The price should approach this level approximately by August 20-23.
Also in the coming week, the formation of local reversal levels with small price movements against the main trend is possible. This applies to the oil, gold and major currencies markets on the Forex. The reason for this phenomenon is the lack of new incentives after the formation of trends in early August. Therefore, traders will seek to fix part of the profit, which will reduce the dynamics of directed activity of price movements.
This week, special attention should be paid to the British pound. Conservatives must finally choose the head of the party, who will head the Cabinet of Ministers. Teresa May officially left the post. It will be replaced by Boris Johnson or Jeremy Hunt. Elections of this level will necessarily affect the rate of the national currency, which can grow if Boris Johnson wins.
A significant event of the week will be the ECB meeting, which largely determines the trend of the euro. Also, none of the bidders in the Forex market has any doubts about the July Fed rate cut, but the position of the American president may require from the department additional measures to reduce the US dollar exchange rate. Any actions or hints of the Fed in this direction will contribute to the growth of the main currencies during the five-day working week due to the dollar decline.
Robot Gap and Trail updated to version 2.6.
The changes affected the procedures for entering the market. Analysis of real trading experience showed the vulnerability of the positioning method used. Brokers by manipulating modes of operation, slipping, requotes, or lack of prices at important moments, sometimes blocked the orders of the robot to set positions. As a result, lost part of the profits. As a result of the upgrade, the entry method has been improved. Now, in case of failure, the robot will work on setting the position repeatedly, until it makes sense to establish a deal with a high probability of profit. It does not create an extra load on the broker, the robot efficiently selects new moments to enter.
The update of the robot is made for the MT4 and MT5 terminals.
Early in the morning on Monday statistics on GDP and the volume of production in China. It is likely that these statistics will be worse than expectations, which will lead to a sharp strengthening of the dollar. Weekend insider information can lead to large gaps when opening markets.
During the week, the forecasts of the Fed rate cut will contribute to the growth of major currencies. However, the unstable position of the global economy will again lead to an increase in the role of the dollar in the market.
The popular Gap and Trail robot has been significantly reworked and updated to version 2.5.
- Unified robot codes for MT4 and MT5. This provides an opportunity to optimize on real quotes brokers.
- Automatic accounting of order setting on the broker’s server is provided. This provides an increase in the profitability of the robot when working in the market during low liquidity.
- New set-files for various brokers have been received.