InvestMacro

Article By RoboForex.com

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is trading within the “overbought” area. In this case, the price is expected to break the support at 8/8 and continue falling and reach 6/8. However, this scenario may no longer be valid if the price breaks the resistance at +1/8 to the upside. After that, the instrument may reverse and grow towards +2/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator again and, as a result, continue its decline.

USDCAD, “US Dollar vs Canadian Dollar”

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 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 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 finished the ascending wave at 1.0230, EURUSD is consolidating around this level. Possibly, the pair may break it to the downside and then resume moving within the downtrend with the first target at 1.0051.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is still growing towards 1.2048 and may later form a new descending structure with the first target at 1.1922. After that, the instrument may resume trading upwards to reach 1.1988 and then start another decline towards 1.1814.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has finished the descending wave at 137.40 along with the correction up to 138.36, thus forming a new consolidation range between these two levels. If the price breaks the range to the upside, the market may resume growing with the target at 140.00; if to the downside – start a new decline to reach 136.50.

USDCHF, “US Dollar vs Swiss Franc”

After completing the descending wave at 0.9680, USDCHF is consolidating around this level. Possibly, the pair may break the range to the upside and form one more ascending wave towards 0.9804. After that, the instrument may correct down to 0.9728 and then resume trading upwards with the target at 0.9911.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has finished the ascending wave at 0.6922. Today, the pair may consolidate around this level. If later the price breaks the range to the downside, the market may resume falling to reach 0.6802 or even extend this structure down to 0.6676.

BRENT

Brent is growing towards 108.55 and may later correct down to 104.11. After that, the instrument may start another growth with the first target at 112.20.

XAUUSD, “Gold vs US Dollar”

Gold continues consolidating around 1705.00. If the price breaks the range to the upside, the market may resume growing with the target at 1767.44; if to the downside – start a new decline to reach 1686.75 and then form one more ascending wave towards 1723.44 of even extend this structure to reach the above-mentioned target.

S&P 500

After breaking 3900.0, the S&P index is expected to continue growing towards 4010.5. Later, the market may resume falling to reach 3892.0 and then start another growth towards 4000.0 or even extend this structure up to 4100.0.

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.

By JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.0137
• Prev Close: 1.0221
• % chg. over the last day: +0.82%

The annual inflation rate in the Eurozone in June 2022 was 8.6%, compared to 8.1% in May. A year earlier, the rate was 1.9%. Malta (6.1%), France (6.5%), and Finland (8.1%) registered the lowest annual rates. The highest annual rates were in Estonia (22.0%), Lithuania (20.5%), and Latvia (19.2%). European Central Bank policymakers are considering raising interest rates by more than 50 basis points at their meeting on Thursday to combat record-high inflation. The euro is strengthening on these expectations.

Trading recommendations

• Support levels: 1.0147, 1.0106, 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 has changed to bullish. The price has consolidated above the moving averages and broke through the priority change level. The MACD indicator is in the positive zone with no signs of reversal. Under such market conditions, buy trades are best to look at intraday time frames from the support level of 1.0147 or 1.0106, but only with confirmation. Sell trades can be considered from resistance level 1.0284, but only after additional confirmation and only with short targets.

Alternative scenario: if the price breaks down through the 1.0000 support level and fixes below, the downtrend will likely resume.

News feed for 2022.07.20:

• – US Existing Home Sales (m/m) at 17:00 (GMT+3);
• – US Crude Oil Reserves (w/w) at 17:30 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1945
• Prev Close: 1.1997
• % chg. over the last day: +0.43%

The latest March-May 2022 labor market estimates show that the employment rate increased over the quarter, while the unemployment rate and economic inactivity decreased in the UK. The March-May 2022 unemployment rate fell to 3.8%. The number of job openings from April to June 2022 rose to 1,294,000. However, the rate of job growth continues to slow. Overall, the labor market remains strong, opening up room for the Bank of England to act more aggressively in raising interest rates. The BoE will consider a 0.5% interest rate hike in August, which would accelerate the fight against inflation, Governor Andrew Bailey said in a speech yesterday.

Trading recommendations

• Support levels: 1.2008, 1.1980, 1.1907, 1.1803
• Resistance levels: 1.2065, 1.2137

From the technical point of view, the trend on the GBP/USD currency pair on the hourly time frame has also changed to bullish. The price has consolidated above the moving averages and has broken through the priority change level. The MACD indicator is in the positive zone, but there are signs of divergence and fading upward momentum. Under such market conditions, it is best to look for buy trades on intraday time frames from the support level of 1.2008 or 1.1980, but only with confirmation. Sell trades can be considered intraday from the resistance level of 1.2065, but only after additional confirmation and with short targets.

Alternative scenario: if the price breaks down through the 1.1803 support level and fixes below, the downtrend will likely resume.

News feed for 2022.07.20:

• – UK Consumer Price Index (m/m) at 09:00 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 137.99
• Prev Close: 138.18
• % chg. over the last day: -0.14%

There are no fundamental changes here at the moment. The Bank of Japan maintains a soft monetary policy, while the US Federal Reserve is on the path of aggressive interest rate hikes. Such a diametrically opposite policy has already pushed USD/JPY up to 24-year highs. And at least until the end of summer, the monetary policy of the central banks in Japan and the US will remain in place. Inflation data will be released in Japan at the end of this week, which could affect Japan’s Central Bank. But until then, the price will likely balance in a narrow range.

Trading recommendations

• Support levels: 137.67, 137.43, 137.13, 136.48, 135.92, 135.40, 134.64, 134.11
• Resistance levels: 138.71, 140.29

From the technical point of view, the medium-term trend on the USD/JPY currency pair is bullish. The MACD indicator has become inactive, and the price is forming a balance. Under such market conditions, it is best to look for buy deals within a day from the support level of 137.67, but with confirmation. A resistance level of 138.71 may be considered for sell deals, but only with additional confirmation and short targets.

Alternative scenario: If the price fixes below 137.13, the downtrend will likely resume.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2971
• Prev Close: 1.2869
• % chg. over the last day: -0.79%

Canada is one of the largest oil producers in the world, with significant reserves. Canada is also the third largest oil exporter: about 99% of its exports go directly to its neighbor, the United States. This is why the Canadian dollar is a commodity currency and highly dependent on oil prices and the US Dollar Index. Yesterday, the US Dollar Index continued declining while oil prices climbed above $100 a barrel. This gave confidence to the Canadian currency. Canadian inflation data will be released today, and analysts expect another jump in consumer prices. A strengthening of the national currency usually accompanies a rise in inflation on expectations that the central bank will be more aggressive in raising rates.

Trading recommendations

• Support levels: 1.2853, 1.2781
• Resistance levels: 1.2934, 1.3006, 1.3085, 1.3154

In terms of technical analysis, the trend on the USD/CAD currency pair has changed to bearish. The price has consolidated below the moving lines and has broken down the priority change level. The MACD indicator is in the negative zone, and the sellers’ pressure remains, but there are the first signs of divergence. Under such market conditions, sell deals are better to consider from the resistance level of 1.2934, but with confirmation. Buy trades should be considered on the lower time frames from the support level of 1.2853, but only with confirmation and short targets.

Alternative scenario: if the price breaks out and consolidates above the 1.3085 resistance level, the uptrend will likely resume.

News feed for 2022.07.20:

• – Canada Consumer Price Index (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.

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD has formed several reversal patterns, such as Inverted Hammer, not far from the support area. At the moment, the asset may reverse in the form of a new rising impulse. In this case, the upside correctional target may be the resistance level at 1725.50. At the same time, the opposite scenario implies that the price may continue falling to reach 1690.00 without any pullbacks.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, NZDUSD has formed an Engulfing reversal pattern close to the support level. At the moment, the asset may reverse in the form of another ascending impulse. In this case, the upside correctional target may be at 0.6225. After that, the asset may rebound from the resistance area and resume moving downwards. However, an alternative scenario implies that the price may fall to reach 0.6125 without any corrections.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed an Inverted Hammer reversal pattern near the support level. At the moment, the pair may reverse in the form of a new ascending impulse. In this case, the upside correctional target may be the resistance area at 1.2055. Later, the market may rebound from this level and resume falling. Still, there might be an alternative scenario, in which the asset may continue falling to reach the support level at 1.1870 without testing 1.2055.

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 testing the bearish channel’s upside border. The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 1.1905 and then resume moving upwards to reach 1.2240. Another signal in favour of a further uptrend will be a rebound from the descending 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 1.1805. In this case, the pair may continue falling towards 1.1705.

BRENT

Brent is no longer trading within a Wedge reversal pattern. The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 103.75 and then resume moving upwards to reach 119.25. 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 99.05. In this case, the pair may continue falling towards 94.05. To confirm a further uptrend, the price must break the bearish channel’s upside border and fix above 110.05.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is correcting 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 the cloud’s upside border at 136.65 and then resume moving upwards to reach 141.25. 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 135.35. In this case, the pair may continue falling towards 133.45.

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: 1.0082
• Prev Close: 1.0143
• % chg. over the last day: +0.61%

New inflation data will be released in Europe today. Experts believe that consumer prices will remain at 8.6% in annual terms. If the actual data proves to be better than expected, it may boost the European currency on waiting for a more aggressive interest rate hike by the ECB, which is due to meet this week on Thursday. If the data is equal to or below the forecasted level, the euro may lose momentum, and a new wave of sales will start.

Trading recommendations

• Support levels: 1.0106, 1.0035, 1.0000
• Resistance levels: 1.0221, 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 bearish. The price rebounded from the psychological level of 1.00 and is trading between the moving averages, the MACD indicator became positive, and there is a slight buying pressure. Under such market conditions, sell deals can be considered from the resistance level of 1.0221, but only after the additional confirmation. Buy trades are best to look for on intraday time frames from the support level of 1.0106, but only with confirmation and short targets.

Alternative scenario: if the price breaks out through the 1.0221 resistance level and fixes above, the uptrend will likely resume.

News feed for 2022.07.19:

• – Eurozone Consumer Price Index (m/m) at 12:00 (GMT+3);
• – US Building Permits (m/m) at 15:30 (GMT+3);

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1866
• Prev Close: 1.1949
• % chg. over the last day: +0.70%

A correction in the US dollar and investors’ appetite for risk supported the movement of the British pound. Investors are now preparing for a radical bill from the former finance minister and Conservative prime minister contender Rishi Sunak that will be released on Wednesday. It will give ministers a chance to evaluate regulatory decisions made by the Bank of England if they don’t like them. The head of the Bank of England will give a speech tonight, so traders need to watch for any hints from Bailey regarding a more aggressive rate hike at the next meeting. UK labor market data will also be released today, but analysts do not expect significant changes here.

Trading recommendations

• Support levels: 1.1908, 1.1803
• Resistance levels: 1.1987, 1.2024, 1.2065, 1.2137

From the technical point of view, the trend on the GBP/USD currency pair on the hourly time frame is bearish. The situation is similar to the euro, but the pound looks more confident. Yesterday the price reached the priority change level, but the sellers did not allow the price to go higher. At the moment, the price is traded between the moving averages, the MACD indicator is in the positive zone, and the buyer’s pressure is still present. Under such market conditions, sell deals can be considered from the resistance level of 1.1987, but only after the additional confirmation. Buy trades are best to look for on intraday time frames from the support level of 1.1908, but only with confirmation and short targets.

Alternative scenario: if the price breaks out through the 1.2024 resistance level and fixes above, the uptrend will likely resume.

News feed for 2022.07.19:

• – UK Average Earnings Index (m/m) at 09:00 (GMT+3);
• – UK Claimant Count Change (m/m) at 09:00 (GMT+3);
• – UK Unemployment Rate (m/m) at 09:00 (GMT+3);
• – UK BoE Gov Bailey Speaks at 20:45 (GMT+3);

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 138.54
• Prev Close: 138.12
• % chg. over the last day: -0.30%

There are no fundamental changes here at the moment. The Bank of Japan maintains a soft monetary policy, while the US Federal Reserve is on the path of aggressive interest rate hikes. Such a diametrically opposite policy has already pushed USD/JPY up to 24-year highs. And at least until the end of summer, the monetary policy of the Central Banks in Japan and the US will remain in place. Inflation data will be released in Japan at the end of this week, which could affect Japan’s Central Bank. But until then, the price will likely balance in a narrow range.

Trading recommendations

• Support levels: 137.70, 137.13, 136.48, 135.92, 135.40, 134.64, 134.11
• Resistance levels: 138.71, 140.29

From the technical point of view, the medium-term trend on the USD/JPY currency pair is bullish. The MACD indicator has become inactive, the buyer’s pressure has decreased, and the price has corrected to the average values. Under such market conditions, it is best to look for buy deals within a day from the support level of 137.70, but with confirmation. A resistance level of 138.71 may be considered for sell deals, but only with additional confirmation and short targets.

Alternative scenario: If the price fixes below 137.13, the downtrend will likely resume.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3016
• Prev Close: 1.2983
• % chg. over the last day: -0.25%

The Canadian dollar is a commodity currency dependent on the US Dollar Index and oil prices. Yesterday the US Dollar Index declined, and oil prices rose even higher and approached the level of $100 per barrel. This has given confidence to the Canadian currency. Canadian inflation data will be released this week, and analysts expect another jump in consumer prices. A strengthening of the national currency usually accompanies a rise in inflation on expectations that the central bank will be more aggressive in raising rates.

Trading recommendations

• Support levels: 1.2934, 1.2880, 1.2853
• Resistance levels: 1.3006, 1.3106, 1.3154

In terms of technical analysis, the trend on the USD/CAD currency pair is bullish. But yesterday, the price reached the priority change level but failed to consolidate lower. Buyers have defended their positions. Under such market conditions, it is best to look for buy trades on the lower time frames after the support level 1.2934, but with confirmation because the level has already been tested. For sell deals, it is best to consider the resistance level of 1.3006, but it is also better with confirmation and short targets.

Alternative scenario: if the price breaks through and consolidates below the 1.2934 support level, the downtrend 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.

By ForexTime

Article by ForexTime

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

By RoboForex Analytical Department

EUR/USD is steadily rising and has already reached 1.0138. After testing 1.0000 for several trading sessions, the pair reversed upwards after all.

Investors are now switching their attention to the ECB rate decision. There is no doubt that the rate will be raised by at least 25 basis points in July, but there are opinions and expectations that the regulator might be more aggressive and announce a 50-point rate hike in September. These factors are strongly in favour of bulls. Well, even July’s hike will be the first one since 2011.

However, this decision might not be enough to reverse the pair and push it upwards, because the US Fed is also acting very aggressively and many investors are using the “greenback” as a “safe haven” asset. The decline of the European currency does cause a problem for the ECB and might boost inflation, which is already high above its target level. The moves to strengthen the Euro are now considered highly doubtful; that’s why the current movement is probably just a correction before the major currency pair resumes the downtrend. The overall downside target might be at 0.9000.

On the H4 chart, after completing the third descending wave at 0.9955, EUR/USD is correcting upwards to test 1.0220 from below. Later, the pair is expected to resume trading downwards with the target at 0.9835. From the technical point of view, this scenario is confirmed by the MACD Oscillator: its signal line is growing towards 0. In the future, it may rebound from this level and resume falling to update the lows.

As we can see in the H1 chart, having finished the descending wave at 0.9855, forming a new consolidation range above this level, and then breaking it to the upside, EUR/USD has reached 1.0081; right now, it is forming another consolidation range around the latter level and may later break it upwards to extend this structure up to 1.0220. After that, the instrument may resume trading downwards. From the technical point of view, this idea is confirmed by the Stochastic Oscillator: after breaking 50 upwards, its signal line is moving above 80. In the future, the line may fall to rebound from 50 and resume growing to return to 80.

Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

Having finished the ascending wave at 1.0086, EURUSD is forming a new consolidation range around this level. If later the price breaks the range to the upside, the market may start another growth to reach 1.0151, or even extend this structure up to 1.0219; if to the downside – resume moving within the downtrend with the target at 1.0018.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the ascending wave at 1.1900, GBPUSD is expected to fall to break 1.1824 and then continue trading downwards to reach 1.1744. On the other hand, if the price grows and breaks 1.1900, the market may start another growth with the target at 1.2055.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has finished the descending structure at 138.02 and may later grow towards 138.70, thus forming a new consolidation range between these two levels. If the price breaks the range to the upside, the market may resume growing with the target at 140.00; if to the downside – start a new decline to reach 136.66.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still falling towards 0.9727. After that, the instrument may resume trading upwards with the target at 0.9911.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has finished the ascending wave at 0.6817. Today, the pair may resume falling to reach 0.6762 and then start a new growth with the target at 0.6842. Later, the market may form another descending wave towards 0.6660.

BRENT

Brent is still consolidating above 101.78. Possibly, the asset may form one more ascending structure towards 104.35, and then resume falling to return to 101.78. After that, the instrument may start another growth with the first target at 108.00.

XAUUSD, “Gold vs US Dollar”

Gold continues consolidating above 1700.27. If the price breaks the range to the upside, the market may resume growing with the target at 1767.44; if to the downside – start a new decline to reach 1688.15, and then form one more ascending structure towards the above-mentioned target.

S&P 500

The S&P index has finished the ascending structure at 3865.0; right now, it is consolidating this level. If later the price breaks the range to the upside, the market may resume growing to reach 4004.0. After that, the instrument may start a new decline to return to 3865.0 and then form one more ascending structure with the target at 4100.0.

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.