InvestMacro

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.3878; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.3785 and then resume moving upwards to reach 1.4065. Another signal in favor 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 1.3625. In this case, the pair may continue falling towards 1.3535. To confirm further growth, the asset must break the resistance level and fix above 1.3915.

BRENT

Brent is trading at 74.42; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may the cloud’s upside border at 71.85 and then resume moving upwards to reach 79.35. Another signal in favor of a further uptrend will be a rebound from the support level. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 69.45. In this case, the pair may continue falling towards 66.35. To confirm further growth, the asset must break the resistance level and fix above 77.05, thus indicating a breakout of the neckline of a Head & Shoulders reversal pattern.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2577; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2610 and then resume moving downwards to reach 1.2255. Another signal in favor of a further downtrend will be a rebound from the resistance level. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.2700. In this case, the pair may continue growing towards 1.2815. To confirm further decline, the asset must break the rising channel’s downsides border and fix below 1.2495.

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 Orbex

The current structure of the AUDUSD pair eyes the construction of a triple zigzag consisting of cycle degree waves w-x-y-x-z.

On the chart, we can see the end of the actionary wave y, after which the market formed a bearish intervening wave x.

In the near future, we could see a rise within the new impulse wave. This will consist of five sub-waves 1-2-3-4-5 of a minor degree. Soon, prices could correct in wave 2, then wave 3 will send the market above the maximum of 0.760.

An alternative scenario sees the cycle intervening wave x as not yet finished. Its final sub-wave Ⓨ is similar to a triple combination of the intermediate degree. This consists of sub-waves (W)-(X)-(Y)-(X)-(Z), where the first four parts are completed, and the last part is at the beginning of its development.

We could see a decline in the price and the formation of a minor A-B-C zigzag to 0.714. At that level, intermediate wave (Z) will be at the 50 % Fibonacci extension of wave (Y).

By Orbex

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1802
• Prev Close: 1.1816
• % chg. over the last day: +0.12%

The fall of the dollar index led to an increase in the EUR/USD quotes. Moreover, the quotes were falling during the European session, but at the American session, the price sharply increased. The Federal Reserve will make a statement about its future monetary policy plans today. There are no interest rate changes planned, but there are concerns about the possible start of cutting the quantitative easing program. Investors should be extremely cautious as volatility will be high.

Trading recommendations

• Support levels: 1.1783, 1.1761, 1.1746, 1.1609
• Resistance levels: 1.1834, 1.1879, 1.1934, 1.1969

From the technical point of view, the general trend is still bearish, but the local trend is bullish. Now the price is trading above the moving average within a wide price range of 1.1761-1.1834. The negative situation with the European currency remains unchanged, but the probability of a decline in the dollar index is also high. Under such market conditions, it is better for traders to consider intraday trading. Buy positions should be considered only from the support levels. Traders should look for sell deals at the resistance levels.

Alternative scenario: if the price breaks through the 1.1879 resistance level and fixes above, the general uptrend is likely to be resumed.

News feed for 2021.07.28:

• – US FOMC Statement at 21:00 (GMT+3);
• – US Fed Interest Rate Decision at 21:00 (GMT+3);
• – US FOMC Press Conference at 21:30 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3817
• Prev Close: 1.3877
• % chg. over the last day: +0.43%

Against the background of the dollar index decline, the British pound increased by 0.43% and managed to break through the priority change level. The breakthrough occurred during the impulse movement with consolidation above, which indicates a change in the medium-term trend.

Trading recommendations

• Support levels: 1.3825, 1.3772, 1.3714, 1.3676 ,1.3641, 1.3614, 1.3525
• Resistance levels: 1.3900, 1.3923, 1.4002, 1.4075, 1.4101

The trend on the GBP/USD currency pair has changed to bullish on the H1 timeframe. The MACD indicator is in the positive zone but with signs of divergence. Under such market conditions, traders are better to look for buy positions after the price pulls back to the support level. There are no optimal points for sell positions right now. Traders can search for intraday sales from the resistance level with short targets, but they should understand that it will be trading against the main trend.

Alternative scenario: if the price breaks through the 1.3714 support level and consolidates below, the bearish scenario is likely to resume.

News feed for 2021.07.28:

• – US FOMC Statement at 21:00 (GMT+3);
• – US Fed Interest Rate Decision at 21:00 (GMT+3);
• – US FOMC Press Conference at 21:30 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 110.37
• Prev Close: 109.78
• % chg. over the last day: -0.53%

Yesterday, Bank of Japan (BoJ) Governor Haruhiko Kuroda said that inflation targeting 2% has resulted in a situation where Japan is no longer experiencing deflation, and that indicates the success of the current monetary policy. The BoJ also intends to help companies and regional banks combat climate change and start using green technologies.

Trading recommendations

• Support levels: 109.64, 109.19, 108.65
• Resistance levels: 110.01, 110.41, 110.73, 111.06, 111.48, 110.73, 112.18

Against the background of the fall of the dollar index, as well as positive news from the governor of the Bank of Japan, the Japanese yen significantly strengthened yesterday. The price reached the priority change level and is close to breaking the upward trend. But the buyers managed to defend their positions at the support level of 109.64. The local trend is bearish, so traders should look for sell positions from the resistance levels. It is not recommended to buy, but traders should do it only on intraday timeframes from the priority change level and only with short targets.

Alternative scenario: if the price falls below 109.70, the downtrend is likely to be resumed.

News feed for 2021.07.28:

• – US FOMC Statement at 21:0 (GMT+3);
• – US Fed Interest Rate Decision at 21:0 (GMT+3);
• – US FOMC Press Conference at 21:30 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2556
• Prev Close: 1.2545
• % chg. over the last day: +0.46%

The Canadian dollar is still trading in a narrow price range but aims to the breakthrough upwards. A lot will depend on where oil goes during today’s Crude Oil Reserves news release. If oil starts to rise, the USD/CAD will fall and vice versa. Today, the release of the inflation data may affect the situation.

Trading recommendations

• Support levels: 1.2561, 1.2519, 1.2448, 1.2404, 1.2347, 1.2312
• Resistance levels: 1.2671, 1.2787, 1,2951

Technically, the trend remains bullish. But the price is trading right at the priority change level. The MACD indicator is inactive. Traders are better to play it safe and take action only after the price moves to one side of the narrow price range.

Alternative scenario: if the price breaks through the 1.2561 support level and fixes below, the downtrend is likely to be resumed.

News feed for 2021.07.28:

• – Canada Consumer Price Index (m/m) at 15:30 (GMT+3);
• – US Crude Oil Reserves (w/w) at 17:30 (GMT+3).
• – US FOMC Statement at 21:00 (GMT+3);
• – US Fed Interest Rate Decision at 21:00 (GMT+3);
• – US FOMC Press Conference at 21:30 (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 Orbex

XAUUSD seeks support

Gold bounces back as the US dollar retreats ahead of the Fed meeting later today.

The price has been treading water above 1790 as the bulls struggle to save the rebound. The dip below the psychological level of 1800 has shaken out weak hands.

The current consolidation is a sign of indecision ahead of a catalyst-driven breakout. 1824 is a major hurdle and its breach would heighten momentum and resume the stalled rally.

Below the support, the bears may push gold towards 1755 and threaten the rebound.

AUDUSD consolidates post-breakout

The Australian dollar inched higher, supported by upbeat CPI, in Q2. Though price action struggles to bounce back after it broke below 0.7410, a support from the previous timid rebound.

Sentiment has grown increasingly bearish and sellers are eager to offer at higher prices. 0.7440 has turned from a demand into a supply zone.

If buyers fail to push above this threshold, 0.7290 would be the path of least resistance. A bearish breakout could trigger a new round of sell-off to last November’s lows around 0.7130.

USOIL tests fresh support

Oil prices continue to recoup previous losses as traders bet on tightening supply.

WTI’s swift recovery above 71.10 is an encouraging sign that buyers are still hanging around. Following the breakout, 70.10 has established itself as a fresh support.

The RSI has dropped back to the neutrality area and the bulls may have the last word if the support holds tight. Otherwise, price action could be seeing 66.00 sooner than expected.

On the upside, 74.70 is the key resistance to clear before the bullish trend could carry on.

By Orbex

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to rebound from 1/8 and then move downwards to reach the support at -1/8. However, this scenario may be cancelled if the price breaks 1/8 to the upside. After that, the instrument may reverse and correct towards the resistance at 2/8.

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

NZDUSD, “New Zealand Dollar vs US Dollar”

As we can see in the H4 chart, NZDUSD is also trading below the 200-day Moving Average to indicate a descending tendency. In this case, the price is expected to test 2/8, break it, and then continue falling to reach the support at 1/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. In this case, the instrument may reverse and grow towards the resistance at 4/8.

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

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”

EURUSD has almost completed the correction by reaching 1.1815. Possibly, today the pair may resume trading downwards to break 1.1780 and then continue falling within the downtrend towards 1.1744 or even reach the target at 1.1730.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is testing 1.3838 from below. Possibly, the pair may rebound and form a new descending structure to break 1.3688. Later, the market may continue trading downwards with the target at 1.3470.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB has completed the correctional structure at 74.20. Today, the pair may fall to break 73.44 and then continue trading downwards with the short-term target at 72.72.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is forming the first descending wave towards 110.07. Later, the market may start a new correction to reach 110.33 and then resume falling within the downtrend with the target at 109.50.

USDCHF, “US Dollar vs Swiss Franc”

After finishing the correction at 0.9148, USDCHF is expected to consolidate near the lows. Possibly, the pair may break the range to the upside and form one more ascending structure to break 0.9212. Later, the market may continue trading within the uptrend with the short-term target at 0.9277.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating below 0.7388. Today, the pair may fall towards 0.7272 and then correct to return to 0.7380. After that, the instrument may resume trading downwards with the target at 0.7171.

BRENT

After breaking 74.44, Brent continues growing. Possibly, the asset may reach 75.55 and then start a new correction towards 72.50. After that, the instrument may form one more ascending structure with the target at 77.00.

XAUUSD, “Gold vs US Dollar”

After rebounding from 1811.10, Gold is still falling to break 1790.50. Later, the market may continue trading downwards with the short-term target at 1765.55.

S&P 500

The S&P index is still moving upwards. Today, the asset may consolidate around 4414.4. If the price breaks this range to the upside, the market may continue growing to reach 4430.4. After that, the instrument may start a new decline with the first target at 4331.4.

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 Orbex

It seems that for USDCNH, the market has completed an intervening wave x of a cycle degree. This saw the development of the initial part of a new zigzag pattern.

The bullish impulse wave Ⓐ of the primary degree consists of intermediate sub-waves (1)-(2)-(3)-(4)-(5). Correction wave (4) has ended.

Thus, in the near future, with wave (5) going up, prices could rise to the level of 6.588.

An alternative scenario indicates an incomplete cycle intervening wave x.

As part of the final primary wave Ⓒ, which is a bearish impulse, the intermediate correction wave (4) in the form of a triple zigzag, has come to an end.

In the near future, the bearish impulse Ⓒ is likely to continue developing in the intermediate wave (5).

Bears could send the market to 6.28. At that level, wave Ⓒ will be at the 38.2% Fibonacci extension of wave Ⓐ.

By Orbex

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1768
• Prev Close: 1.1802
• % chg. over the last day: +0.29%

Germany’s IFO Business Climate Index unexpectedly declined (from 101.7 to 100.8) in July, indicating the beginning of a slowdown in economic growth in the country. The reason for the slowdown is the threat of the Delta strain spreading, as well as the floods that hit the country in July. In addition, supply interruptions and higher inflation may also affect business optimism in the coming months.

Trading recommendations

• Support levels: 1.1761, 1.1746, 1.1609
• Resistance levels: 1.1822, 1.1834, 1.1879, 1.1934, 1.1969

From the technical point of view, the trend is still bearish. The price is trading within a wide 1.1761-1.1823 price range. The negative situation for the European currency remains unchanged, but short-term upward movements are not excluded. Under such market conditions, it is better for traders to look for sell positions from the resistance levels. Buy trades can be considered only on intraday time frames from the support levels.

Alternative scenario: if the price breaks through the 1.1879 resistance level and fixes above, the general uptrend is likely to be resumed.

News feed for 2021.07.27:

• – US Core Durable Goods Orders (m/m) at 15:30 (GMT+3);
• – US CB Consumer Confidence (m/m) at 17:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3744
• Prev Close: 1.3818
• % chg. over the last day: +0.53%

The number of COVID-19 cases in the UK is declining, but the number of hospitalizations is increasing. The country’s recovery from the pandemic has not affected the business climate yet, but the British pound has been confidently growing for the last few days.

Trading recommendations

• Support levels: 1.3805, 1.3721, 1.3676 ,1.3641, 1.3614, 1.3525
• Resistance levels: 1.3899, 1.3923, 1.4002, 1.4075, 1.4101

The trend on the GBP/USD currency pair is downward on the H1 timeframe. But now, the price is ahead of the priority change level. The MACD indicator is in the positive zone but with signs of divergence. Under such market conditions, traders are better to look for sell trades from the priority change level. There are no optimal entry points for buy positions now.

Alternative scenario: if the price breaks through the 1.3839 resistance level and consolidates above, the bearish scenario is likely to be canceled.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 110.44
• Prev Close: 110.38
• % chg. over the last day: -0.05%

The situation on the USD/JPY currency pair remains the same. At the moment, the instrument is strongly correlated with the dollar index. Against the background of yesterday’s decline in the dollar index, USD/JPY also declined and is trading in a narrow price range now. The situation is unlikely to change before the speech of the Governor of the Bank of Japan.

Trading recommendations

• Support levels: 110.17, 109.70, 109.19, 108.65
• Resistance levels: 110.41, 110.73, 111.06, 111.48, 110.73, 112.18

In terms of technical analysis, the situation has become uncertain. On the one hand, the price broke through the priority change level on Friday. On the other hand, the price failed to consolidate higher and returned back under the level. Traders are better to consider intraday trading now. For buy positions, it’s better to wait for a pullback to the nearest support level. Sell positions should be considered only from resistance levels and with short targets.

Alternative scenario: if the price falls below 109.70, the downtrend is likely to be resumed.

News feed for 2021.07.27:

• – Japan BoJ Haruhiko Kuroda Speaks at 10:30 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2556
• Prev Close: 1.2545
• % chg. over the last day: -0.09 %

The situation with the USD/CAD currency pair has not changed. The Canadian dollar is a commodity currency and is highly dependent on oil price movements. Oil is now trading in the narrow price corridor, causing a consolidation on the USD/CAD currency pair.

Trading recommendations

• Support levels: 1.2561, 1.2519, 1.2448, 1.2404, 1.2347, 1.2312
• Resistance levels: 1.2671, 1.2787, 1,2951

Technically, the trend remains bullish. But the price is trading right at the priority change level. The MACD indicator is inactive. Traders are better to play it safe and take action only after the price moves to one side of the narrow price range.

Alternative scenario: if the price breaks through the 1.2561 support level and fixes below, the downtrend is likely to be resumed.

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 Orbex

GBPUSD grinds supply area

The sterling bounced higher after data showed that Covid cases in the UK fell for five consecutive days. The pound has bounced off the origin of the February rally (1.3570) and the bulls would like to see how far they can push.

Price action may meet stiff selling pressure in the supply zone between 1.3800 and 1.3860. A drop below 1.3740 would keep a lid on the pound. Then 1.3600 could soon be revisited.

On the upside, sellers would start to cover if offers in the mentioned zone get lifted, paving the way for a potential reversal.

NZDUSD builds fresh support

The New Zealand dollar rallies against a muted greenback as traders await this week’s Fed meeting. The pair is testing the 30-day moving average on the daily chart.

The bearish bias would make a rebound an opportunity to sell into strength. However, the break above the psychological level of 0.7000 gives buyers a glimmer of hope.

They will need to clear the major hurdle at 0.7040 to expect a turnaround. Otherwise, a fall below 0.6945 may resume the sell-off, and 0.6810 would be the next target.

GER 30 rises towards the previous peak

The sentiment is mixed after a spillover from China’s crackdown on its technology sector. The DAX 30 index has recovered most of its recent losses and is testing the key resistance at 15700.

The RSI’s double top in the overbought area has so far tempered the bullish fever.

A breakout could help build up momentum and clear the last resistance at 15810. On the downside, 15500 is the fresh support to let buyers catch their breath. A deeper correction could send price action towards 15200.

By Orbex

Article By RoboForex.com

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.6963; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.6970 and then resume moving downwards to reach 0.6805. Another signal in favor of a further downtrend will be a rebound from the resistance level. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 0.7005. In this case, the pair may continue growing towards 0.7105.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.3745; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.3750 and then resume moving downwards to reach 1.3505. Another signal in favor 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 1.3825. In this case, the pair may continue growing towards 1.3915.

CADCHF, “Canadian Dollar vs Swiss Franc”

CADCHF is trading at 0.7299; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 0.7250 and then resume moving upwards to reach 0.7455. Another signal in favor of a further uptrend will be a rebound from the support level. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.7205. In this case, the pair may continue falling towards 0.7105. To confirm further growth, the asset must break the resistance level and fix above 0.7350, thus breaking the neckline of the Head & Shoulders reversal pattern.

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.