Weekly Forex Review – 1st to the 5th of August

Welcome to another edition of the Weekly Forex Outlook and Review, this edition this week for the 1st to the 5th of August Forex Market. Analysing and highlighting a number of important zones in the market including potential opportunity zones, areas to look for evidence and moves in the market, management points and targets.

Pairs and Markets Analysed this Week: EURUSD ( Daily ), GBPUSD ( 4 Hour ), AUDUSD ( Daily ), NZDUSD ( Daily ), AUDNZD ( Daily ), USDCHF ( Daily ) Silver ( 4 Hour ) and EURGBP ( 4 Hour ).

Expecting another great week in the market with plenty of potential opportunities. Main opportunity zones highlighted this week in the review are Trend Continuation type zones.

Above Video – Weekly Forex Outlook and Review for the 1st to the 5th of August.

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eurusd trading zones 1st of august

Above – Highlighting on EURUSD this week the 1.1150 pullback zone, an area on this market that I am interested in looking for bearish evidence and a potential move to the downside on this market. The 1.1150 zone is an area on this market that has acted as strong resistance and support multiple times on this market.

NZDUSD trading zones august 1st to 5th

Above – Highlighing on NZDUSD the 0.7260 zone, an area to the upside on this market that I am interested in looking for bearish evidence and a potential move to the downside on this market. The 0.7260 zone is an area on this market that has acted as strong resistance multiple times in the recent past on this market.

*Last week NZDUSD was a great performer in price action moving strongly higher from the 0.70 zone on this market, the 0.70 zone was an area that I have highlighted in the last couple of reviews on this market as a area that I was interested in looking for bullish evidence and a potential move to the upside.

eurgbp trading zones 1st to the 5th august

Above – Highlighting on EURGBP this week two potential areas where I am interested in looking for evidence next on this market and potential moves:

  1. The 0.83 zone for looking for bullish evidence and potential moves to the upside on this market from this area.
  2. The 0.8570 zone for looking for bearish evidence and potentials moves to the downside on this market from this area.

Midweek Forex Reviews

Come back and check this space for potential upcoming Midweek Reviews in the week ahead. They will be added here.
Have a great trading week everyone and Happy Trading.

About Timon Weller

Timon Weller is the professional Writer and Trader behind the blog Forex Reviews. Timon Weller is also a professional Teacher of Price Action Trading and creator of the popular Training Series teaching people how to trade Price Action effectively called The Engulfing Trader. For other Forex Training available here at Forex Reviews click here.

For more on Timon Weller Click Here. To Learn more about How to Trade the Market and get updates Click Here.


  1. Nice Nice

  2. Hi Timon, Thank you very much for this week’s outlook and review. I just have a quick question, having 40 pip breakeven through EA, it doest get hit a lot and then its hard to find entry again. Do you still recommend using it as part of strategy. Or may be use 100 pip BE or not at all, whats your view on this. Thanks again for your weekly videos. I always look forward to view your latest videos. Best Regards, Kamran

    • You’re welcome Kamran, thanks.
      Break even is a optional management aspect that a trader can use to protect themselves from risk past a certain point in the market, I recommend if using as a management option to use the risk to break even option ( 1 to 1 R:R ).
      Eg. If risk is 55 pips on a potential setup in the market, then you can set once the market reaches more than 55 pips in profit.

  3. Thanks Timon – let’s see if the “summer blues” continues next week !

  4. Frank Nilson says:

    Hi Timon, thanks for the analysis, it is appreciated. Have a nice day.

  5. Thanks Timon,
    Nice review with some pretty interesting moves … many thanks

  6. Your time and effort appreciated every week Timon. Have a great week ahead.

  7. Thanks again Timon. have a great week.

  8. Thanks Timon, you made forex trading simple and god bless you.

  9. Ali Senejani says:

    Hi Timon. Great review. Silver performed well and I was in that trade using the 4H time frame.

    Do you consider stops hunt areas when you want to enter a market? Or if using 4H or daily it does not really matter? Thank you.

  10. Ian Edwards says:

    First time I’ve watched your video – very good analysis.

  11. As ever, great stuff. Thank you Timon.

  12. Thank You!

  13. Hi Timon..

    Thanks for another stellar review. I would just like to get your thoughts on trading on the weekly and monthly charts. Seems a pretty easy way to trade. For example, AUS/USD monthly in an upward trend over the last few months, following a bullish piercing candle. Currently up around 4000 pips. Nearly 50 pips a day for that 3 month period.

    Thanks again for the work that you do.

  14. Andrew Williams says:

    Thanks again for the review Timon have a great week.

  15. Thank you very much Tim…we appreciate all your reviews…

  16. Hi Timon,

    Thanks for the review.
    When referring to bullish/bearish evidence, would you consider the same time-frame for entry or could smaller time-frame such as 15 mins or 1 hour also be considered?

    Thanks again!

    • Hey Rajesh,
      You’re welcome.
      Any time frame can be used when looking for evidence at the important zones ( daily or 4 hour analysed areas ), see the zones like trading bias areas in the market, areas to look for potential transitions.
      In other words, lower time frames like 15 minute, 5 minute or even 1 minute can be used. Baring in mind if looking for evidence on lower time frames below the 1 hour, I recommend waiting for initial test low, bounce and then retest with evidence for support zone or initial test high, bounce and then retest with evidence for resistance zone.

  17. Thanks Timon, NZDUSD traded as planned.

  18. Thanks Timon, great as usual mate.

  19. Thanks again, I am short nzdusd.

  20. Thanks for your help mate! Will you be uploading a video for this week? Thanks again

    • You’re welcome Tom, thanks.
      Yes, I am going to try to do a midweek review tomorrow.
      In the meantime, any questions on any markets let me know?

      • Ok thanks look forward to it. I’m bearish on Aud/Usd but now the market is turning again.. Where do you think it’ll go?

        • Hey Tom,
          I would not aim for too much movement to the downside on this market at the moment from that area as this market very strong at the moment and this is a counter trend zone as well ( market in uptrend ). Aiming for the previous low from yesterdays trading is a good management target ( 0.76 zone low ). This is from the 4 hour perspective on this market.

  21. Juan Manuel Villalba says:

    Hi Timon, thanks for your help, what opinion do you have about the AUDUSD?

    • Hey Juan,
      You’re welcome.

      AUDUSD 4 hour

      Above – AUDUSD 4 Hour – Click image for larger view
      These are the main two zones I am focusing on with this market at the moment:

      1. The 0.7650 zone as a bearish evidence zone
      2. The 0.7460 zone as a bullish evidence zone


  22. Hey Everyone, hope you are all having a great trading week this week. Last weekend was my daughters birthday, so unfortunately could not get time to do the video review for this week ( 8th to the 12th of August ) . In future unless it is a holiday period if I cannot do a video review, I will make sure to do a written review here of the markets that I am looking at that week – https://www.forexreviews.info/category/trade-setups/ ( Trade setups category, same category as the video reviews )
    As for the market this week, any questions on a market, let me know by commenting below.

    Above – NZDUSD 4 Hour


  23. Thank you Timon for weekly analysis and your Engulfing Trader course, we’re loking forward your next week analysis, hope next week is gonna be great! Cheers!

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