InvestMacro

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

Having completed the ascending wave at 1.0222, EURUSD is trading close to the bearish channel’s upside border. Possibly, today the pair may fall towards 1.0077 and then form a new consolidation range around 1.0177.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD continue growing towards 1.2227 and may later fall to break 1.2100 and then continue trading downwards with the target at 1.1963.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues falling with the short-term target at 132.55. After that, the instrument may correct up to 135.00 and then form a new descending structure to reach 131.11.

USDCHF, “US Dollar vs Swiss Franc”

Having finished the descending wave at 0.9511, USDCHF is expected to start another growth to break 0.9572. Later, the market may continue trading upwards with the target at 0.9738.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating around 0.7000. Possibly, today the pair may resume trading downwards with the target at 0.6930.

BRENT

Brent continues consolidating around 105.55. Today, the asset may form one more ascending wave with the short-term target at 108.88. After that, the instrument may correct to test 105.55 from above and then start another growth to reach 111.00.

XAUUSD, “Gold vs US Dollar”

Gold has reached the short-term upside target at 1762.40. Today, the metal may start another correction to test 1739.40 from above and then resume trading upwards with the target at 1792.92.

S&P 500

The S&P index has reached the short-term upside target at 4100.0. Possibly, today the asset may consolidate around this level. If later the price breaks the range to the downside, the market may start a new correction towards 3921.2; if to the upside – form one more ascending structure with the target at 4211.0.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is growing within the bullish channel. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen at 1.2140 and then resume moving upwards to reach 1.2410. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.1875. In this case, the pair may continue falling towards 1.1665.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has fixed above the support area. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen at 0.9585 and then resume moving downwards to reach 0.9355. Another signal in favour of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.9775. In this case, the pair may continue growing towards 0.9865.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is no longer moving inside the bullish channel. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen at 0.6295 and then resume moving upwards to reach 0.6405. Another signal in favour of a further uptrend will be a rebound from the rising channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.6150. In this case, the pair may continue falling towards 0.6055.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

By JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.0200
• Prev Close: 1.0196
• % chg. over the last day: -0.04%

US gross domestic product (GDP) fell by 0.9% y/y in the second quarter. Consumer spending grew at the slowest pace in two years, and business spending declined, raising the risk that the economy is on the brink of a recession. Economists polled by Reuters had forecast GDP growth of 0.5%. Today in Europe, there will be many vital macroeconomic statistics, and volatility will be higher.

Trading recommendations

• Support levels: 1.0170, 1.0142, 1.0112, 1.0035, 1.0000
• Resistance levels: 1.0284, 1.0365, 1.0415, 1.050

From the technical point of view, the trend on the EUR/USD currency pair on the hourly time frame is bullish. The price is still forming a wide volatile balance, and buyer pressure prevails now. The MACD indicator is in the positive zone. Under such market conditions, buy trades are best sought on intraday time frames from the support level of 1.0170 or 1.0142. Sell trades can be considered from the resistance level of 1.0284, but only after additional confirmation and with short targets.

Alternative scenario: if the price breaks down through the 1.0112 support level and fixes below, the downtrend will likely resume.

News feed for 2022.07.29:

• – Eurozone French GDP (q/q) at 08:30 (GMT+3);
• – Eurozone French Consumer Price Index (m/m) at 09:45 (GMT+3);
• – Eurozone Spanish GDP (q/q) at 10:00 (GMT+3);
• – Eurozone Spanish Consumer Price Index (m/m) at 10:00 (GMT+3);
• – Eurozone German Unemployment Rate (m/m) at 10:55 (GMT+3);
• – Eurozone German GDP (q/q) at 11:00 (GMT+3);
• – Eurozone Italian Consumer Price Index (m/m) at 12:00 (GMT+3);
• – Eurozone GDP (q/q) at 12:00 (GMT+3);
• – Eurozone Consumer Price Index (m/m) at 12:00 (GMT+3);
• – US PCE Price Index (m/m) at 15:30 (GMT+3);
• – US Chicago PMI (m/m) at 16:45 (GMT+3);
• – US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2149
• Prev Close: 1.2177
• % chg. over the last day: +0.23%

Brexit is only one of the major problems facing the next British prime minister. Other problems include high inflation, the cost of living crisis, gov sector wages, and the healthcare crisis. Add to that the interest rate differential between the Bank of England and the US Federal Reserve, and you get a rough picture of how much stronger the US dollar is now than the British currency. However, the British pound has been strengthening for the last two weeks as the US Dollar Index has declined amid a decrease in hawkish sentiment by the US Fed.

Trading recommendations

• Support levels: 1.2143, 1.2089, 1.2063, 1.1907, 1.1803
• Resistance levels: 1.2238, 1.2294

From the technical point of view, the trend on the GBP/USD currency pair on the hourly time frame is bullish. Buyer pressure remains. The MACD indicator is in the positive zone but shows signs of divergence already in several time frames. Under such market conditions, it is better to look for buy trades on the intraday time frames from the support level 1.2143 or 1.2089, but only with confirmation. Sell trades can be considered from the resistance level of 1.2238, but only after additional confirmation and with short targets.

Alternative scenario: if the price breaks down through the 1.2006 support level and fixes below, the downtrend will likely resume.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 136.48
• Prev Close: 134.22
• % chg. over the last day: -1.68%

Tokyo’s core Consumer Price Index rose from 2.1% to 2.3% annually. The unemployment rate remained at 2.6%. Retail sales increased by 1.5% in June, while the industrial production index added 8.9% in the last month against an expected 7.5% decline. The Japanese Yen has strengthened today in the background of such production growth.

Trading recommendations

• Support levels: 131.67, 130.99
• Resistance levels: 134.72, 135.10, 136.03, 137.11

From the technical point of view, the medium-term trend on the USD/JPY currency pair is bearish. Over the last three trading sessions, the Japanese yen has been getting stronger. The MACD indicator has become negative, and the sellers’ pressure is still there, but there are signs of divergence. Under such market conditions, buy trades can be sought from the support level of 131.67, but with additional confirmation. Resistance levels of 134.72 or 135.10 may be considered for sell deals, but only with additional confirmation and short targets.

Alternative scenario: If the price fixes above 137.11, the uptrend will likely resume.

News feed for 2022.07.29:

• – Japan Tokyo Core CPI (m/m) at 02:30 (GMT+3);
• – Japan Industrial Production (m/m) at 02:30 (GMT+3);
• – Japan Unemployment Rate (m/m) at 02:30 (GMT+3);
• – Japan Retail Sales (m/m) at 02:50 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2819
• Prev Close: 1.2805
• % chg. over the last day: -0.11%

The situation on the USD/CAD currency pair remains the same. When the US Dollar Index is falling and oil prices are rising, it is a green light for the Canadian currency, because the Canadian is a commodity currency and is directly dependent on these indicators. The interest rates of the central banks of the USA and Canada are at the same level now, so the price will keep a certain balance without any significant trends.

Trading recommendations

• Support levels: 1.2781
• Resistance levels: 1.2880, 1.2923, 1.3006, 1.3085, 1.3154

In terms of technical analysis, the USD/CAD currency pair trend is bearish. Currently, the price is forming a wide balance and trading on the lower border of the descending channel. The MACD indicator is in the negative zone, but there is a divergence, which indicates that it is harder for the price to move lower. Under such market conditions, it is better to consider sell deals from the resistance level of 1.2880, but with confirmation. Buy trades should be considered on the lower time frames from the support level of 1.2781 or the channel’s lower border, but only with confirmation and short targets.

Alternative scenario: if the price breaks out and consolidates above the 1.3006 resistance level, the uptrend will likely resume.

News feed for 2022.07.29:

• – Canada GDP (m/m) at 15:30 (GMT+3).

By JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By ForexTime

The first week of August is set to feature a host of key events that could shake up markets, including the latest US jobs report, fresh Wall Street earnings, and perhaps even a new OPEC+ deal.

Still, the central bank watch remains front and center as the Reserve Bank of Australia and Bank of England could hike their respective rates by another 50 basis points each in the coming week.

Here are the key releases and events that we’re keeping an eye on for the week ahead:

Monday, August 1

• AUD: Australia July inflation
• CNH: China July Caixin manufacturing PMI
• EUR: Eurozone June unemployment rate
• USD: US July ISM manufacturing data

Tuesday, August 2

• AUD: Reserve Bank of Australia rate decision
• USD: Speeches by Chicago Fed President Charles Evans, St. Louis Fed President James Bullard
• Starbucks 2Q earnings
• BP 2Q earnings

Wednesday, August 3

• NZD: New Zealand 2Q unemployment
• AUD: Australia Q2 retail sales
• CNH: China July Caixin services PMI
• EUR: Eurozone June retail sales, PPI; Germany June external trade
• USD: US June factory orders, July ISM services index
• Brent: OPEC+ meeting
• US crude: EIA weekly oil inventory report

Thursday, August 4

• AUD: Australia June external trade
• EUR: ECB publishes Economic Bulletin; Germany June factory orders
• GBP: Bank of England rate decision
• USD: US weekly jobless claims; Cleveland Fed President Loretta Mester speech
• Alibaba 2Q earnings

Friday, August 5

• AUD: RBA releases Monetary Policy statement, including updated economic forecasts
• GBP: BOE Chief Economist Huw Pill speech
• EUR: Germany June industrial production
• CAD: Canada July unemployment
• USD: US July nonfarm payrolls

GBPUSD traders will be firmly focused on whether the Bank of England’s policy decision could help keep “cable” above its 50-day simple moving average (SMA), provided this pair can first see a meaningful breach of this immediate resistance level.

At the time of writing, markets are forecasting just a 53% chance of a 50bps hike by the BOE at its August policy meeting; those odds are a far cry from the 84.5% back at the start of July.

A 50bps hike by the BOE could help lift Sterling, provided policymakers can not only prove doubters wrong and trigger its largest hike in 27 years, but also point to more larger-than-usual hikes in the pipeline.

After all, with the UK consumer price index (CPI) already registering at 9.4% in June – its highest CPI print since February 1982 – that’s reason enough for the central bank to “act forcefully”. UK inflation is also forecasted to go on to post double-digit figures in Q4.

Yet, markets have enough reasons to doubt that the UK’s central bank can indeed follow through with this “forceful” stance.

UK retail sales have been contracting while consumer confidence is at its lowest in about five decades. Workers across various industries have been on strike as wages struggle to keep up with soaring inflation. Since May, the BOE already issued a grim outlook for the UK economy, forecasting a recession for 2023.

Sterling’s upside is being capped by the markets’ pessimism about the UK economy’s ability to withstand interest rates moving much higher.

Such doubts suggest that GBPUSD may do no better than the mid-June cycle high around 1.24 over the near-term, provided the US dollar remains soft in the interim.

If markets instead seize on BOE hesitance to send UK rates higher at this August policy meeting, then the 1.20 psychologically-important level could beckon once more for GBPUSD.

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns close to the support level, such as Doji and Hammer, USDCAD may reverse in the form of another ascending impulse. In this case, the upside target may be the resistance area at 1.2920. Later, the market may break this level and continue growing. However, an alternative scenario implies that the asset may correct to reach 1.2740 and continue the uptrend only after the pullback.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed a Harami reversal pattern near the resistance area. At the moment, the asset is reversing in the form a new descending impulse. In this case, the downside target may be the support level at 0.6950. After testing the level, the price may rebound from it and resume the ascending tendency. At the same time, the opposite scenario implies that the price may grow to reach 0.7065 and continue the uptrend without any pullbacks.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after testing the support area, the pair has formed a Hammer reversal pattern. At the moment, USDCHF may reverse in the form of a new rising impulse. In this case, the upside target may be at 0.9695. After testing the resistance level, the price may break it and continue trading upwards. Still, there might be an alternative scenario, in which the asset may correct to reach 0.9550 and continue the ascending tendency only after correcting down to the support area.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, USDCHF is trading below the 200-day Moving Average to indicate a possible descending tendency. In this case, the pair is expected to test 2/8, break it, and then continue falling towards the support at 1/8. However, this scenario may be cancelled if the price breaks the resistance at 3/8 to the upside. After that, the instrument may move upwards to reach 4/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.

XAUUSD, “Gold vs US Dollar”

In the H4 chart, XAUUSD is also trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to test 4/8, rebound from it, and then resume moving downwards to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks the resistance at 4/8 to the upside. After that, the instrument may reverse and resume growing to return to 5/8.

As we can see in the M15 chart, the downside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume trading downwards only after rebounding from 4/8 in the H4 chart.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

By JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.0114
• Prev Close: 1.0198
• % chg. over the last day: +0.83%

The US central bank raised rates by three-quarters of a percentage point for the second session in a row to rein in record inflation but noted that while the labor market remains strong, other economic indicators have deteriorated. According to the Fed gov, there are no signs of a recession at this time. At the press conference, Fed Chairman Jerome Powell supported the idea that the central bank will hold another rate hike in September, although he said that a slower pace of increases might be needed. According to the CME FedWatch Tool, expectations for a 50 basis point hike at the September Fed meeting rose to 60.9%, up from 50.7% the day before.

Trading recommendations

• Support levels: 1.0170, 1.0142, 1.0035, 1.0000
• Resistance levels: 1.0202, 1.0250, 1.0284, 1.0365, 1.0415, 1.050

From the technical point of view, the trend on the EUR/USD currency pair on the hourly time frame is bullish. The price is still forming a wide volatile balance, and buyer pressure prevails now. The MACD indicator has become positive. Under such market conditions, buy trades are best sought on intraday time frames from the support level of 1.0170 or 1.0142. Sell trades can be considered from the resistance level of 1.0202, only after additional confirmation and with short targets.

Alternative scenario: if the price breaks down through the 1.0035 support level and fixes below, the downtrend will likely resume.

News feed for 2022.07.28:

• – US GDP (q/q) at 15:30 (GMT+3);
• – US Treasury Sec Yellen Speaks at 15:30 (GMT+3);
• – US Initial Jobless Claims (w/w) at 15:30 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2016
• Prev Close: 1.2155
• % chg. over the last day: +1.16%

The British pound rose sharply yesterday as the dollar fell after the FOMC meeting. But traders should remember that the interest rate of the central bank of England is now at 1.25%, while the US Federal Reserve’s interest rate is 2.5%, which is twice as much. Such differences can’t pass in vain for the British currency, so analysts expect a decline in GBP/USD quotes in the coming weeks.

Trading recommendations

• Support levels: 1.2089, 1.2063, 1.1907, 1.1803
• Resistance levels: 1.2238, 1.2294

From the technical point of view, the trend on the GBP/USD currency pair on the hourly time frame is bullish. Buyer pressure remains. The MACD indicator is in the positive zone but shows signs of divergence already in several time frames. Under such market conditions, it is better to look for buy trades on the intraday time frames from the support level 1.2089 or 1.2063, but only with confirmation. Sell trades can be considered from the resistance level of 1.2238, but only after additional confirmation and with short targets.

Alternative scenario: if the price breaks down through the 1.1907 support level and fixes below, the downtrend will likely resume.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 136.89
• Prev Close: 136.60
• % chg. over the last day: -0.22%

Despite the decline in the US Dollar Index yesterday, analysts are still confident in a further rise in USD/JPY quotes as the US and Japanese central banks are moving in different directions. The US Fed is planning another rate hike in September, while the Japanese bank does not intend to tighten its policy until the end of the year.

Trading recommendations

• Support levels: 134.64, 134.11
• Resistance levels: 135.88, 136.62, 137.11, 138.25

From the technical point of view, the medium-term trend on the USD/JPY currency pair is bearish. But it should be noted that the fall in the USD/JPY quotes is not accompanied by any fundamental factors, so traders should be careful. The MACD indicator has become negative, and the sellers’ pressure is still there, but there are signs of divergence. Under such market conditions, buy trades can be sought intraday from the lower boundary of the descending channel or the support level of 134.64, but with additional confirmation. Resistance levels of 135.88 or 136.62 may be considered for sell deals, but only with additional confirmation and short targets.

Alternative scenario: If the price fixes above 138.25, the uptrend will likely resume.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2886
• Prev Close: 1.2822
• % chg. over the last day: -0.50%

When the US Dollar Index is falling, and oil prices are rising, it is a green light for the Canadian currency because the Canadian is a commodity currency and is directly dependent on these indicators. Now the interest rates of the central banks of the USA and Canada are at the same level, so the price will keep a certain balance without significant trends.

Trading recommendations

• Support levels: 1.2781
• Resistance levels: 1.2880, 1.2923, 1.3006, 1.3085, 1.3154

In terms of technical analysis, the trend on the USD/CAD currency pair is bearish. Currently, the price is forming a wide balance and trading on the lower border of the descending channel. The MACD indicator is negative again, but there is a divergence, which indicates that it is harder for the price to move lower. Under such market conditions, it is better to consider sell deals from the resistance level of 1.2880, but with confirmation. Buy trades should be considered on the lower time frames from the support level of 1.2781 or the lower border of the channel, but only with confirmation and short targets.

Alternative scenario: if the price breaks out and consolidates above the 1.3006 resistance level, the uptrend will likely resume.

There is no news feed for today.

By JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Article By RoboForex.com

USDJPY, “US Dollar vs. Japanese Yen”

On the H4 chart, after breaking 8/8, USDJPY is no longer trading within the “overbought” area. In this case, the price is expected to test the resistance at 8/8, rebound from it, and resume falling and reach 6/8. However, this scenario may no longer be valid if the price breaks the resistance at 8/8 to the upside. After that, the instrument may reverse and grow towards +1/8.

As we can see in the M15 chart, the downside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume trading downwards only after rebounding from 8/8 in the H4 chart.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after breaking the 200-day Moving Average, USDCAD is also trading below it, thus indicating a possible descending tendency. In this case, the price is expected to test 1/8, break it, and then continue falling towards the support at 0/8. On the other hand, this scenario may no longer be valid if the pair breaks the resistance at 2/8 to the upside. After that, the instrument may reverse and grow to reach 3/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

Having completed the descending wave at 1.0133, EURUSD is forming a new consolidation range around this level. If later the price breaks the range to the upside, the market may correct up to 1.0200; if to the downside – start a new decline with the short-term target at 1.0033.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the descending impulse at 1.1965, GBPUSD is correcting up to 1.2061. Later, the market may fall to break 1.1955 and then continue trading downwards with the short-term target at 1.1850.

USDJPY, “US Dollar vs Japanese Yen”

Having completed the correctional wave at 137.12, USDJPY is expected to form a new descending structure to break 134.66 and then continue falling with the target at 133.86.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating below 0.9660. Today, the pair may expand the range down to 0.9586 and then resume trading upwards with the target at 0.9738.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD continues falling to break 0.6909. After that, the instrument may continue trading downwards with the short-term target at 0.6858.

BRENT

Having finished the correction at 103.15, Brent is expected to consolidate there. If later the price breaks the range to the upside, the market may form one more ascending wave towards 106.45, or even extend this structure to teach the short-term target at 108.85.

XAUUSD, “Gold vs US Dollar”

Gold is still correcting down to 1711.44 and may later start another growth to break 1728.85. After that, the instrument may continue trading upwards with the target at 1749.15.

S&P 500

The S&P index is still consolidating above 3919.0. Possibly, the asset may break the range to the upside and reach 4100.0. Later, the market may start a new decline towards 4010.0 and then form one more ascending structure with the target at 4233.0.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.