InvestMacro

By Orbex

Orbex is proud to announce our latest award title:

Global Banking & Finance Review is a highly respected publication within the financial community, and it has honored us once again with the perfect award title to commemorate 10 years of industry-leading service.

This is the second award we have received from this esteemed magazine, having taken home the title for Best Forex Broker in 2019.

To be recognized by an institution that is known for providing its readers with balanced, in-depth, and unbiased industry information is an honor we are immensely proud of.

And we dedicate this win to you, our loyal traders.

We thank you for your trust and dedication and we promise to keep supporting you, growing with you & serving you responsibly for many years to come!

By Orbex

By Orbex

The NZDUSD formation hints at the completion of a large intervening wave x of a cycle degree. Most likely, it has fully completed its pattern, taking the form of a primary double zigzag.

Thus, in the last section of the chart, we see an upward move, which may indicate the development of the initial part of the cycle wave y. This could also be a primary double zigzag, as shown in the chart.

Let’s pay attention to the first actionary wave Ⓦ, which is currently under development. It could have a standard (A)-(B)-(C) zigzag structure. Its completion is expected near the maximum of 0.731, which was formed by the intervening wave Ⓧ.

Let us consider an alternative scenario in which the formation of the cycle intervening wave x is not yet completed. Perhaps the final wave Ⓨ is not a double, but a triple zigzag, consisting of intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).

If this is the case, then in the near future the price will continue to decline within the final actionary wave (Z) to 0.679. At that level, wave Ⓨ will be equal to wave Ⓦ.

Then the bulls can start leading the market above the maximum of 0.709 formed by the intervening wave (X).

By Orbex

By Orbex

GBPUSD rests on daily support

The sterling fell back after the UK’s GDP contracted more than expected in Q1. Indeed, the pair is now back to square one after it gave up gains from the previous rebound.

The psychological level of 1.4000 has been a tough resistance to crack. The lack of momentum suggests that sentiment remains downbeat. The pair is retesting 1.3790, a key support from the daily timeframe.

A bearish breakout would trigger a new round of sell-off to 1.3700. On the upside, a recovery may be choppy with 1.3940 as the first resistance to lift.

USDCAD rises towards recent peak

The Canadian dollar remains underwater after April’s negative growth.

Sentiment has turned in favor of the greenback once again as it climbs above 1.2400. This indicates buyers’ commitment to recoup all losses from previous sessions.

The bullish MA cross out of the short-lived consolidation may pull more trend followers to the rally. A break above 1.2480 would trigger an extended rally towards 1.2600.

The RSI has slipped back into the neutral area. The former resistance at 1.2330 is a support in case of a limited pullback.

USOIL bounces off bullish trendline

WTI rose back after data showed US inventories dropped by 8.2 million barrels last week.

Price action has bounced off the rising trendline (72.00) from late May while the RSI was in an oversold situation. This indicates that the ball is still on the bulls’ side. The uptrend is valid as long as the trendline remains intact.

Volatility helps buyers accumulate stakes. 72.80 is the closest support along the line. For more cautious traders, a break above 74.40 would confirm trend continuation.

By Orbex

Article By RoboForex.com

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, USDCHF is approaching the “overbought area”. In this case, the price is expected to test 8/8, rebound from it, and then resume falling to reach the support at 6/8. Still, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may grow towards the resistance at +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 falling only after rebounding from 8/8 from the H4 chart.

XAUUSD, “Gold vs US Dollar”

In the H4 chart, after rebounding from the support at 0/8, XAUUSD is trading above it. In this case, the price is expected to break 1/8 and then continue the correction to reach the resistance at 2/8. However, this scenario may no longer be valid if the price rebounds from 1/8. After that, the instrument may reverse and fall towards the support at 0/8.

As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue moving upwards.

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”

After rebounding from 1.1907 and breaking the consolidation range to the downside, EURUSD continues falling towards 1.1830. Later, the market may correct to reach 1.1870 and then start another decline with the target at 1.1771.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is still consolidating around 1.3834. Possibly, the pair may form a downside continuation pattern and break the current lows to reach 1.3737. In fact, the asset is expected to form the third descending wave within the downtrend.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB has expanded its consolidation range up to 73.15; right now, it is trading below this level. If later the price breaks the range to the upside, the market may start another correction with the target at 73.53; if to the downside – resume falling within the downtrend towards 72.00.

USDJPY, “US Dollar vs Japanese Yen”

After rebounding from 110.41 and then completing the ascending wave at 110.88, USDJPY has broken the latter level; right now, it is still moving upwards with the target at 111.44. Later, the market may form a new descending wave to reach 107.00.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still growing to reach 0.9277. After that, the instrument may correct downwards to reach 0.9131 and then resume moving upwards with the target at 0.9340.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still falling towards 0.7411 and may later resume trading upwards to reach 0.7612. After that, the instrument may form a new descending structure with the first target at 0.7304.

BRENT

Brent continues consolidating around 74.50. Possibly, the asset may fall to reach 73.00 and then form one more ascending wave to break 75.67. After that, the instrument may continue trading upwards with the target at 78.00.

XAUUSD, “Gold vs US Dollar”

After completing the descending wave at 1750.00, Gold is growing towards 1777.88 and may later fall to reach 1764.34, thus forming a new consolidation range between the two latter levels. If the price breaks the range to the upside, the market may start another growth with the target at 1833.00; if to the downside – resume falling within the downtrend towards 1700.00.

S&P 500

The S&P index has finished the ascending wave at 4303.3. Today, the asset may extend this wave up to 4315.0 and then start another correction with the target at 4236.6. After that, the instrument may form one more ascending structure towards 4339.0.

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: 1.1896
• Prev Close: 1.1857
• % chg. over the last day: -0.32%

Excess liquidity in the European financial system is having a negative impact on the euro. The ECB is now printing more money than the US Fed. The European Consumer Price Index has remained at the same level. Manufacturing activity macrostatistics will be released today.

Trading recommendations

• Support levels: 1.1847, 1.1809
• Resistance levels: 1.1911, 1.1973, 1.2002, 1.2050, 1.2109, 1.2144, 1.2174, 1.2212

The trend is still bearish, with sellers’ pressure gaining strength again. The price reached the support level of 1.1847, but buyers did not react to this level. The MACD indicator has returned to the negative zone. Under such market conditions, traders are better to look for sell trades from resistance levels. Traders can look for long positions on intraday timeframes from the H1 support levels.

Alternative scenario: if the price breaks out through the 1.2144 resistance level and fixes above, the general uptrend is likely to resume.

News feed for 2021.07.01:

• – ECB President Lagarde Speaks at 10:00 (GMT+3);
• – France Manufacturing PMI (m/m) at 10:50 (GMT+3);
• – Germany Manufacturing PMI (m/m) at 10:55 (GMT+3);
• – Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+3);
• – Eurozone Unemployment Rate (m/m) at 12:00 (GMT+3);
• – US Initial Jobless Claims at 15:30 (GMT+3);
• – US ISM Manufacturing PMI at 17:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3830
• Prev Close: 1.3832
• % chg. over the last day: +0.01%

The strengthening of the dollar index has a negative impact on the British pound rate. The fundamental picture in the UK remains unchanged. Coronavirus restrictions in the United Kingdom are still holding back business activity in various sectors of the economy. The speech of the head of the Bank of England is expected today.

Trading recommendations

• Support levels: 1.3801, 1.3767
• Resistance levels: 1.3931, 1.4002, 1.4075, 1.4101, 1.4138, 1.4191

The GBP/USD trend is bearish on the H1 timeframe. The price is trading below the moving average, while the MACD indicator is in the negative zone, but it shows signs of reversal. Under such market conditions, traders are better to look for both sell trades from the resistance levels and buy trades from the support levels on the intraday timeframes.

Alternative scenario: if the price breaks out through the 1.4101 resistance level and consolidates above, the bearish scenario is likely to be canceled.

News feed for 2021.07.01:

• – UK Manufacturing PMI (m/m) at 11:30 (GMT+3).
• – UK BoE Gov Andrew Bailey Speaks at 22:00 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 110.48
• Prev Close: 111.10
• % chg. over the last day: +0.56%

The USD/JPY currency pair increased by 0.56% yesterday, mainly due to a stronger dollar index, as the Large Manufacturers Index in Japan improved in the second quarter to a two-and-a-half-year high. Non-manufacturing sentiment also improved to plus 1 from minus 1 in the previous survey, reaching the highest index value since March 2020. Service sector sentiment also turned positive for the first time in five quarters, indicating a recovery in the country.

Trading recommendations

• Support levels: 110.82, 110.47, 110.23, 109.83, 109.62, 109.31
• Resistance levels: 111.09, 111.48

The trend remains bullish. The price is trading above the moving average. The MACD indicator is in the overbought zone, but there is no sign of divergence. Under such market conditions, traders are better to look for buy trades from support levels, but after a slight downward correction. The price has reached resistance levels now, so sell positions can be considered too, but only on intraday timeframes.

Alternative scenario: if the price falls below 109.83, the general downtrend is likely to resume.

News feed for 2021.07.01:

• – Japan Tankan Large Manufacturers Index (q/q) at 02:50 (GMT+3).
• – Japan Tankan Large Non-Manufacturers Index (q/q) at 02:50 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2396
• Prev Close: 1.2396
• % chg. over the last day: 0.00%

The USD/CAD currency pair remained unchanged at the end of the day. The USD/CAD exchange rate is highly dependent on two factors: the dollar index and the price of oil quotes, as the Canadian dollar is a commodity currency. Canada’s GDP contracted by 0.3% in monthly terms.

Trading recommendations

• Support levels: 1.2347, 1.2312, 1.2251, 1.2190, 1,2148 1.2121, 1.2096
• Resistance levels: 1.2404, 1.2478, 1.2519

Technically, the trend remains bullish. The price is trading above the moving average, and the MACD indicator is in the positive zone, but there are the first signs of divergence. Under such market conditions, it is best to trade on the lower timeframes. Buyers may look for buy trades from support levels. Traders can look for entry points on intraday timeframes for sell positions, but only with short targets because it is trading against the trend.

Alternative scenario: if the price breaks down through the 1.2190 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 JustForex

The preliminary employment data from ADP showed that the US private sector added 692,000 jobs in June, 92,000 more than economists expected. Investors are now waiting for Nonfarm Payrolls data from the government to gauge the labor market recovery. The previous figure was 559,000 jobs, while analysts are expecting a figure of 700,000. The dollar index increased by 0.32% amid such a positive situation, and the S&P 500 closed at a record high again. But investors should be cautious because Friday’s positive labor market data could lead to a review of monetary policy by the Federal Reserve, which, in turn, could send the major US indices into a mid-term correction.

European stock indices were slightly down at the end of the day. The EU consumer price index, which is the most important indicator of inflation, remained at the same level. Therefore, the ECB’s monetary policy is likely to remain in place. The macrostatistics data on manufacturing activity in Europe will be published today. Positive data might be a trigger for the growth of European stock indices. But tough new restrictions on tourist arrivals from the UK to some European countries are putting negative pressure on indices.

OPEC+ countries may increase oil production by 444,000 barrels per day from July 1. Saudi Arabia is lifting its voluntary production limits, which could lead to a total increase in “black gold” production by 841,000 barrels per day. Many analysts are confident that the price of oil will reach $100 per barrel as early as this year. On the other hand, an increase in production will make up for the supply shortage, which, on the contrary, is a trigger for a price decrease instead of growth. But even taking into account the increase of production, the market is still experiencing a deficit of fuel, so the growth of quotes up to $80-85 per barrel is very probable.

The price of gold and silver is recovering as Treasury yields are declining again. Precious metal prices are now at good buying points in the mid-term perspective. As long as the Fed’s soft monetary policy remains in place, gold and silver will grow.

The Large Manufacturers Confidence Index in Japan improved in the second quarter to a two-and-a-half-year high. Non-manufacturing sentiment also improved to plus 1 from minus 1 in the previous survey, reaching the highest index value since March 2020. Service sector sentiment is also positive for the first time in five quarters, indicating a recovery in Japan. However, the Nikkei 225 index did not react to this positive sentiment, and the USD/JPY currency pair reached its highest level in the last 3 months.

Main market quotes:

S&P 500 (F) 4,297.50 +5.70 (+0.13%)

Dow Jones 34,502.51 +210.22 (+0.61%)

DAX 15,531.04 -159.55 (-1.02%)

FTSE 100 7,037.47 -50.08 (-0.71%)

USD Index 92.34 +0.30 (+0.32%)

• – Japan Tankan Large Manufacturers Index (q/q) at 02:50 (GMT+3);
• – Japan Tankan Large Non-Manufacturers Index (q/q) at 02:50 (GMT+3);
• – ECB President Lagarde Speaks at 10:00 (GMT+3);
• – French Manufacturing PMI (m/m) at 10:50 (GMT+3);
• – German Manufacturing PMI (m/m) at 10:55 (GMT+3);
• – Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+3);
• – UK Manufacturing PMI (m/m) at 11:30 (GMT+3);
• – Eurozone Unemployment Rate (m/m) at 12:00 (GMT+3);
• – US Initial Jobless Claims at 15:30 (GMT+3);
• – US ISM Manufacturing PMI at 17:00 (GMT+3);
• – US Natural Gas Storage (w/w) at 17:30 (GMT+3);
• – UK BoE Gov Andrew Bailey Speaks at 22:00 (GMT+3);
• – OPEC+ Meetings, all day.

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

The USDCAD structure suggests the development of a cycle double zigzag. This saw wave w complete as a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag.

Since the beginning of this month, the market has moved upwards. Most likely, a new Ⓐ-Ⓑ-Ⓒ zigzag of the primary degree is currently under construction. This is likely to end at the level of 1.2676, at the completion of the first impulse wave.

At that level, intermediate wave (5), which is part of the wave Ⓐ, will be at the 100% Fibonacci extension of wave (3).

After the completion of the bullish impulse, a corrective decline is likely within the wave Ⓑ below the minimum of 1.2250.

However, there is a possibility that the formation of a bearish cycle wave w is still ongoing.

It is possible that a minute fourth correction is being constructed, which takes the form of a minute zigzag (a)-(b)-(c). We may see its end near 1.2540. At that level, the minute fourth correction will be at 61.8% of the minute third wave.

After reaching this level, the bears can lead the market in the minute fifth wave significantly below the minimum of 1.2012, where the development of a large cycle wave w will be completed.

By Orbex

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after finishing a short-term correctional growth, GBPUSD is falling again and may soon break the low at 1.3786. After that, the instrument may continue falling towards 38.2% and 50.0% fibo at 1.3648 and 1.3463 respectively. An alternative scenario implies that the asset may rebound from the low and start a new rising wave to reach the high at 1.4250 and then 1.4376.

The H1 chart shows a more detailed structure of the descending wave after a divergence on MACD. Earlier, the asset reached 38.2% fibo but if it rebounds from the low, the price may resume growing towards 50.0%and 61.8% fibo at 1.4018 and 1.4073 respectively.

EURJPY, “Euro vs. Japanese Yen”

In the H4 chart, after finishing a quick correctional wave to the upside, which failed to transform into a proper rising wave, EURJPY is forming a new descending structure towards 38.2% and 50.0% fibo at 129.35 and 127.88 respectively. At the same time, a breakout of the high at 134.12 will result in a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 135.67 and 136.64 respectively.

As we can see in the H1 chart, the asset is about to complete the correctional uptrend at 61.8% fibo to start a new decline towards the local low at 130.04, a breakout of which will lead to a further mid-term downtrend. On the other hand, if the pair rebounds from the low, the instrument may resume growing towards 76.0% fibo at 133.14. However, the key upside target is the high at 134.12.

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

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.7518; 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 0.7550 and then resume moving downwards to reach 0.7375. 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 0.7665. In this case, the pair may continue growing towards 0.7755.

CHFJPY, “Swiss Franc vs Japanese Yen”

CHFJPY is trading at 119.85; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 120.25 and then resume moving downwards to reach 118.05. Another signal in favor of a further downtrend will be a rebound from the bearish 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 121.35. In this case, the pair may continue growing towards 122.25.

GBPNZD, “Great Britain Pound vs New Zealand Dollar”

GBPNZD is trading at 1.9777; 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 1.9805 and then resume moving downwards to reach 1.9425. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.9845. In this case, the pair may continue growing towards 1.9935. To confirm further decline, the asset must break the downside border of the Wedge pattern and fix below 1.9705.

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.