Wave analysis of EUR / USD and GBP / USD for July 15. Markets await Jerome Powell's new performance.

EUR / USD

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On Friday, July 12, trading ended for EUR / USD by another 20 bp increase. Thus, the departure from the previously reached lows around the level of 0.0% Fibonacci continues. And at the same time, it remains unclear whether the construction of the upward section of the trend, taking its beginning on May 23, has been completed or will it still take the 5th wave form (or, at least, will the wave become more complicated)? The news background on Friday was very weak and did not help either the dollar or the euro. Today, the situation in this regard does not change at all, since news and reports are not expected. But tomorrow there will be another speech by Jerome Powell, Fed Chairman. And although he is unlikely to be able to surprise the markets with anything, an event of this magnitude should not be missed. Because new hints on the Fed's readiness to ease monetary policy may again trigger euro purchases and dollar sales. This is exactly what is needed for the current wave marking, which still implies the construction of an upward trend.

Purchase goals:

1.1417 - 100.0% Fibonacci

1.1480 - 127.2% Fibonacci

Sales targets:

1.1180 - 0.0% Fibonacci

General conclusions and trading recommendations:

A pair of euro / dollar presumably remains in the upward trend. I recommend to buy euros with targets located near the estimated marks of 1.1417 and 1.1480, which equates to 100.0% and 127.2% of Fibonacci, and an order restricting possible losses, under the minimum of wave 2 or b. Leaving the tool below the 0.0% level will require making adjustments to the current markup.

GBP / USD

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The pair GBP / USD rose on July 12 by 50 basis points and continues to move away from local minima. However, the estimated wave e still does not look fully manned, which suggests a resumption of the decline of the pound sterling in the coming days. Support for this option may be found in the news background, which with enviable stability is not in favor of the British currency. There are no positive shifts in the Brexit process, and the country continues to choose a new prime minister. Jeremy Hunt fears new parliamentary elections, and London managed to get into a scandal with Donald Trump, as the British ambassador to the US got in touch where he was unflattering about the president of the USA. Trump has already hinted that this incident could have serious consequences for the relationship between Washington and London.

Sales targets:

1.2418 - 161.8% Fibonacci

1.2334 - 200.0% Fibonacci

Purchase goals:

1.2783 - 0.0% Fibonacci

General conclusions and trading recommendations:

The wave pattern of the pound / dollar instrument involves the construction of a downward wave e. Thus, I recommend selling the pair with targets located near the estimated marks of 1.2418 and 1.2334, which corresponds to 161.8% and 200.0% in Fibonacci, when the MACD signal is down.

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China is not afraid of trade wars, positive growth strengthens AUD and NZD

The US dollar shows a tendency to weaken at the opening of trading on Monday. Apparently, the dovish rhetoric of Powell in Congress with a simultaneous increase in stock markets and commodity prices have reassured investors. Futures on the S&P 500 updated the record, reaching 3019p on Monday morning and trading above Friday's close indicates positive growth. The Nikkei and the Shanghai Composite started the week with growth, which generally indicates benign sentiment and the stability of commodity currencies.

Data on the economy of China, which was published on Friday and Monday, showed that the Chinese economy has a significant margin of safety amid the protracted trade war with the United States. Despite the fact that the increase in tariffs led to a decrease in exports, the level of business lending remains high and the industrial production in June showed an increase of 6.3%, as well as the retail sales by 9.8%. Both indicators are significantly higher than forecasts. The GDP growth in the 2nd quarter amounted to 1.6% year on year growth of 6.2%, which coincided with expectations. It is obvious that China has a significant reserve for domestic demand, which makes it capable of supporting the growth of the economy of the Middle Kingdom even against the background of a toughening trade war.

NZD/USD pair

The index of business activity in the manufacturing sector of New Zealand continues to balance slightly above 50p to 51.3p compared to growth in June of 0.9p, which is slightly higher than the May level of 50.2p. However, it is significantly below the forecast. Last time, we noted that the slowdown in manufacturing activity in Q2 remained and indeed, activity was below the long-term average of 53.4p for the fourth consecutive month.

The slowdown in the economy and fears of inflationary expectations led the RBNZ to lower interest rates, which immediately affected bond yields, following the US inversion of the yield curve reached New Zealand.

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As can be seen from the graph, the inversion does not necessarily end with a recession, unlike in the United States, but it cannot be ignored. The economy of New Zealand significantly depends on the state of the economies of the two main trading partners - the United States and China. Thus, the main risks will still come from external factors. The reduction in the rate of the RBNZ is a consequence of the threat of a slowdown in GDP growth to a lesser extent and a worsening of inflationary expectations to a greater extent. Therefore, the inversion of the yield curve has less attention than a similar indicator in the United States.

For New Zealand, this indicator gives false signals as it was at the end of 2014 and in the middle of 2016. Moreover, the RBNZ is unlikely to pay close attention to inversion. This means that it is hardly correct to expect additional measures to stimulate the economy on the part of the regulator since a number of other equally important indicators do not give cause for concern such as financial conditions with a decrease in the RBNZ rate and the NZD rate have improved. There were also fears about a fall in household income that was not yet confirmed. Nonetheless, the budget is stable and the planned increase in spending will have a positive impact on inflation.

In general, the picture for kiwi continues to remain neutral. The RBNZ will monitor the Fed's actions and the markets are ready for two rate cuts in August and November, but there is no reason for a deep decline in NZD/USD pair. The dollar looks weak and a resistance test at 0.6720 is likely. Growth will continue to the border of the channel 0.6805/15.

AUD/USD pair

A number of indicators last week indicates a downward trend in economic confidence, particularly the NAB business confidence index dropped by 5 points in June and is below the long-term average, as well as the Westpac-Melbourne Institute's consumer sentiment index dropped to 96.5p, which indicates an increase in pessimism. Also, the ANZ consumer confidence index of Roy Morgan fell by 1.1% in the first week of July.

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At the same time, these trends do not cause much concern as inflationary expectations remain high. They are based on the fact that the minimum wage in Australia as of 2018 was the highest in the world.

Aussie goes in a general positive flow as the week will start with its growth. The AUD/USD pair will move towards a strong resistance of 0.72 and support of 0.6965, but there is little reason to decline.

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Trading plan for EURUSD on 07/15/2019

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No important news on Monday morning.

Reports on the economy of China showed growth in industrial production for June, much higher than forecast.

The main event of the new week is the "Beige Book" report on Wednesday, July 17.

EURUSD: we expect the euro to continue growing.

You can buy at the breakthrough of 1.1285 upwards and further above 1.1325.

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Indicator analysis. Daily review for July 15, 2019 for the EUR / USD currency pair

Trend analysis (Fig. 1).

On Monday, the upward trend will continue with the first goal of 1.1304 - a pullback level of 50.0% (yellow dotted line).

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Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - down;

- trend analysis - up;

- Bollinger lines - up;

- weekly schedule - up.

General conclusion:

On Monday, the upward trend will continue with the first goal of 1.1304 - a pullback level of 50.0% (yellow dotted line).

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Indicator analysis. Daily review on July 15, 2019 for the GBP / USD currency pair

Trend analysis (Fig. 1).

On Monday, the price will continue to move upwards, with the first target at 1.2612 - the pullback level of 50.0% (blue dashed line). Upon reaching this level, there will be a possible continuation to the top with the next target, the pullback level of 618% - 1.2652.

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Fig. 1 (daily schedule).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - up;

- trend analysis - up;

- Bollinger lines - down;

- weekly schedule - up.

General conclusion:

On Monday, the price will continue to move upwards, with the first target at 1.2612 - the pullback level of 50.0% (blue dashed line). Upon reaching this level, there will be a possible continuation to the top with the next target, the pullback level of 618% - 1.2652.

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GBP/USD: plan for the European session on July 15. Further growth of the pound is a big question

To open long positions on GBP/USD you need:

Buyers of the pound, sort of stuck above the level of 1.2566, having managed to win back the morning gap down, and while trade is conducted above this range, you can count on the continuation of the upward trend in the area of a large resistance level of 1.2596, where I recommend taking profits. The main target of bulls will be a high of 1.2639. In case of a downward correction scenario in the first half of the day, long positions can be returned on a false breakdown from a support of 1.2546, or from a larger low in the area of 1.2509.

To open short positions on GBP/USD you need:

It is best to consider short positions in the pound after an update of a major resistance in the area of 1.2596, or after a test of a high of 1.2639, from which medium-term players will return to the market. However, the main task of sellers today will be to return and consolidate below the support of 1.2546, which will provide the bears with the necessary pressure on the pound, which is able to push GBP/USD to the lows of 1.2509 and 1.2469, where I recommend taking profits.

Indicator signals:

Moving averages

Trade is conducted above 30 and 50 moving averages, but the upward momentum loses its strength.

Bollinger bands

If the pound goes down, support will be provided by the lower limit of the indicator in the 1.2535 area. A break of the upper border around 1.2590 could lead to a new wave of growth for the pound.

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Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20
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Technical analysis for GBP/USD currency pair for the week from July 15 to 20, 2019

Trend analysis.

In the coming week, the price will move up with the first target - 1.2661, a pullback level of 23.6% (yellow dotted line).

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Fig. 1 (weekly chart).

Complex analysis:

- Indicator analysis – down;

- Fibonacci levels – up;

- Volumes – up;

- Candle analysis – neutral;

- Trend analysis – up;

- Bollinger bands – down;

- Monthly schedule – down.

The conclusion from the complex analysis is the upward movement.

The overall result of the calculation of the GBP/ USD currency pair candle on the weekly chart: the price for weeks is likely to have an upward trend with the presence of the first lower shadow of the weekly white candle (Monday – down) and the absence of the second upper shadow (Friday – up).

The price will move up with the first target - 1.2661, a pullback level of 23.6% (yellow dotted line).

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Technical analysis for the EUR/ USD currency pair for the week from July 15 to 20, 2019

Trend analysis.

In the coming week, the price will move down with the first target of 1.1193 – the lower fractal.

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Fig. 1 (weekly chart).

Complex analysis:

- Indicator analysis – down;

- Fibonacci levels – down;

- Volumes – down;

- Candlestick analysis – down;

- Trend analysis – down;

- Bollinger bands – down;

- Monthly schedule – down.

The conclusion from the complex analysis is the downward movement.

The overall result of the calculation of the EUR/ USD currency pair candle on the weekly chart: the price for weeks is likely to have a downward trend with the absence of the first upper shadow of the weekly black candle (Monday – down) and the absence of the second lower shadow (Friday – down).

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EUR/USD: plan for the European session on July 15. Euro bulls need to try very hard in order to continue the currency's growth

To open long positions on EURUSD you need:

Last Friday, despite good data on industrial production in the eurozone, and the projected rise in producer prices in the US, euro buyers failed to reach new weekly highs. A breakthrough and consolidation above a resistance of 1.1279 is required in order to continue growth, which will push the euro higher in the area of 1.1311 and 1.1338, where I recommend taking profits. Under the scenario of pulling down EUR/USD, against the background of the absence of important fundamental statistics, long positions can be seen after a false breakdown in the support area of 1.1242, or a rebound from a larger low of 1.1214.

To open short positions on EURUSD you need:

Euro sellers need to form a false breakdown in the resistance area of 1.1279 to break an upward trend, which will be a direct signal for opening short positions. This will lead to a re-decline and test of support at 1.1242. However, only a breakthrough of the above range will provide the necessary pressure on EUR/USD and a return to the lows of 1.1214 and 1.1182, where I recommend taking profits. With the growth scenario above 1.1279, according to the trend, you can sell the euro to rebound from highs of 1.1311 and 1.1338.

Indicator signals:

Moving averages

Trade is conducted just above 30 and 50 moving averages, but the upward momentum gradually loses its strength.

Bollinger bands

If the euro falls, support will be provided by the lower limit of the indicator in the area of 1.1242. The breakthrough of the upper boundary in the area of 1.1285 will allow us to count on a new wave of growth.

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Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of ETH/USD for 15/07/2019:

Crypto Industry News:

Representative of the central bank of Germany, Burkhard Balz, during a conversation in the European Parliament said that cryptocurrencies are not a threat to financial stability. The information was published on the institution's website.

Burkhard Balz, a board member of Deutsche Bundesbank, stated that "crypto-tokens are not currently a threat to monetary or financial stability". In addition, he also noted that "gaps may occur when they go beyond the scope of the powers of the regulatory authorities or in the absence of international standards".

This idea is in line with statements of Spanish law enforcement officials who have indicated that Bitcoin ATMs are a loophole in European Union anti-money laundering legislation. Balz also warned in his speech that any increase in the popularity of cryptographic assets requires careful investigation. Nevertheless, he also expressed high hopes related to the digital transformation caused by artificial intelligence, DLT technology and cloud services, saying:

We are not talking about "evolution", adapting banking to the needs and desires of the digital generation - we are talking about a real "distortion" that can change the financial sector for good.

Technical Market Overview:

The ETH/USD pair has made another wave down towards the new swing lows located at the level of $190.94. This might have been the last of the corrective waves down and the market might be ready to resume the uptrend. The key technical resistance to confirm the move up is seen at the level of $259.81.

Weekly Pivot Points:

WR3 - $421.78

WR2 - $368.25

WR1 - $298.00

Weekly Pivot - $241.50

WS1 - $169.20

WS2 - $118.90

WS3 - $41.01

Trading recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume soon.

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Technical analysis of BTC/USD for 15/07/2019:

Crypto Industry News:

Donald J. Trump, in his first public comments on the cryptocurrency since becoming President of the United States, wrote on Twitter that he "is not a fan" of cryptocurrencies, adding that they are not money and referred to their volatility in relation to the dollar.

Trump also criticized the cryptocurrency project on Facebook - Libra - in subsequent tweets, saying that "it will have a small position or reliability" and suggests that US regulators will subject the social media giant to regulation:

"If Facebook and other companies want to become a bank, they must apply for a new bank card and become the subject of all bank regulations, just like other banks, both domestic [...] and international." - he said.

US regulators and legislators have drawn attention to Libra - both the US Senate's banking committee and the financial services planning committee are holding hearings next week with the chairman of Blockchain on Facebook, David Marcus.

The Senate committee had previously expressed concerns about Facebook's history regarding user data and privacy by writing an open letter to the company in May. Marcus responded to the letter earlier this week, telling lawmakers that Facebook did not collect any personal financial data himself.

Technical Market Overview:

The BTC/USD pair has hit the key technical support at the level of $9,826 on its way to the south. There is only one more technical support, located at the level of $9,672 that could hold the move down. From the Elliott wave theory point of view, the move down is still in three waves, which is typical for the correction and the last leg of it has been labeled as wave Y. It means, the corrective cycle WXY might have been completed, so it is worth to wait for the market to confirm the bottom is in the place.

Weekly Pivot Points:

WR3 - $14,838

WR2 - $13,876

WR1 - $11,942

Weekly Pivot - $11,071

WS1 - $9,127

WS2 - $8,276

WS3 - $6,180

Trading recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up.

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Technical analysis of EUR/USD for 15/07/2019:

Technical Market Overview:

The EUR/USD pair has bounced from the level of 1.1193 and tested the first technical resistance located at the level of 1.1269. The local high was made at the level of 1.1285, but the bulls are not trying enough to continue the rally. Instead, the price wants to get back into the channel zone in order to test another technical resistance located at the level of 1.1311. The market conditions are now overbought, but the momentum remains positive, so there is still a chance for a rally. The nearest technical support is seen at the level of 1.1224.

Weekly Pivot Points:

WR3 - 1.1406

WR2 - 1.1342

WR1 - 1.1312

Weekly Pivot - 1.1251

WS1 - 1.1222

WS2 - 1.1157

WS3 - 1.1125

Trading recommendations:

The best strategy for the current market conditions is to buy the corrections in anticipation of the uptrend to resume. This strategy is valid as long as the level of 1.1181 is clearly violated. The larget time frame trend is still down, but there are signs of the trend reversal and the Ending Diagonal breakout to the upside.

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Technical analysis of EUR/USD for 15/07/2019:

Technical Market Overview:

The EUR/USD pair has bounced from the level of 1.1193 and tested the first technical resistance located at the level of 1.1269. The local high was made at the level of 1.1285, but the bulls are not trying enough to continue the rally. Instead, the price wants to get back into the channel zone in order to test another technical resistance located at the level of 1.1311. The market conditions are now overbought, but the momentum remains positive, so there is still a chance for a rally. The nearest technical support is seen at the level of 1.1224.

Weekly Pivot Points:

WR3 - 1.1406

WR2 - 1.1342

WR1 - 1.1312

Weekly Pivot - 1.1251

WS1 - 1.1222

WS2 - 1.1157

WS3 - 1.1125

Trading recommendations:

The best strategy for the current market conditions is to buy the corrections in anticipation of the uptrend to resume. This strategy is valid as long as the level of 1.1181 is clearly violated. The larget time frame trend is still down, but there are signs of the trend reversal and the Ending Diagonal breakout to the upside.

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Burning forecast 07/15/2019 EURUSD and trading recommendation

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US inflation data was released at the end of last week, which showed growth above the forecast, as we tried to play for the dollar's growth. A strong report on employment in June that previously came out was also in favor of the dollar. However, the Fed's willingness to lower the rate outweighs - the dollar is not significantly strengthened.

EURUSD: euro holds growth.

We assume that the euro will face a new wave of growth.

From the point of view of technical analysis, you can buy from 1.1285 and further to break 1.1325

The alternative is when you turn down selling from 1.1180.

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Technical analysis of GBP/USD for 15/07/2019:

Technical Market Overview:

The GBP/USD pair has moved higher towards the technical resistance located at the level of 1.2556 and made a new local high at the level of 1.2577 while trying to rally even higher. Despite the shallow pull-back, the bulls are still trying to break through the descending trendline resistance around the level of 1.2577 as well, but so far no avail. The market conditions are now overbought, but the momentum is still positive, so if the bulls will make it, then ten the next target is seen at the level of 1.2591 and 1.2641.

Weekly Pivot Points:

WR3 - 12770

WR2 - 1.2670

WR1 - 1.2630

Weekly Pivot - 1.2528

WS1 - 1.2496

WS2 - 1.2396

WS3 - 1.2356

Trading recommendations:

The best strategy for the current market conditions is to follow the larger timeframe trend. The larger time frame trend is still down and there are no signs of any trend reversal. The key long-term technical support is seen at the level of 1.2420 and the key long-term technical resistance is seen at the level of 1.2775 and only if this level is violated, there is a chance for the trend reversal.

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Forecast for AUD / USD pair on July 15, 2019

AUD / USD pair

The Australian dollar continued Friday's growth in today's Asian session due to the release of optimistic economic indicators for China. In June, retail sales in China increased from 8.6% y/y to 9.8% y/y and the investment in fixed assets increased from 5.6% y/y to 5.8% y/y. The industrial production expanded immediately from 5.0% y/y to 6.3% y/y. However, the GDP for the second quarter was 6.2% at an annual rate versus 6.4% in the first quarter and the unemployment rate increased from 5.0% to 5.1%. For the whole week, there will be no important data in Australia.

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On the daily chart, the price overcame the upper limit of the price channel, approaching the signal level of 0.7049, which was the maximum of July 4. A fixation beyond it can bring the price to a strong level of 138.2% Fibonacci at a price of 0.7130. However, two small resistances are waiting for the "Australian" around 0.7070 (110.0% Fibonacci) and 0.7100 (123.6%). A downward reversal can take place from any of them with the formation of convergence at the Marlin oscillator as the signal line rises slow. In other words, the growth of the Australian dollar is fraught with increased risks.

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On the four-hour chart, the price continues to rise above the balance lines and MACD. The signal line of the Marlin oscillator currently shows no signs of a reversal. For now, there is a short-term growth.

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Elliott wave analysis of GBP/JPY for July 15, 2019

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We continue to look for a breakout above resistance at 136.06 and, more importantly, a breakout above resistance at 136.26 to confirm that a firm bottom has been found at 135.08 and a new impulsive rally is developing for a rally towards 137.79 and above.

Only an unexpected breakout below support at 135.05 will reinstate the 134.50 target to complete the wave 2.

R3: 136.78

R2: 136.22

R1: 135.98

Pivot: 135.65

S1: 135.44

S2: 135.20

S3: 135.05

Trading recommendation:

We are long GBP from 135.75 with our stop placed at 135.00.

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Elliott wave analysis of EUR/JPY for July 15, 2019

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EUR/JPY failed to sustain its rally and break above resistance at 122.30. Instead, it turned lower from 122.23 indicating the renewed downside pressure for a final dip towards 120.26 to complete the wave II and set the stage for a new impulsive rally in the wave III.

Only a direct breakout above resistance at 122.23 will swift the bias to the upside for a rally to 123.34.

R3: 122.54

R2: 122.23

R1: 121.85

Pivot: 121.67

S1: 121.48

S2: 121.29

S3: 120.92

Trading recommendation:

Our stop at 121.55 has been hit. We will re-buy EUR at 120.75 or upon a breakout above 122.23

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Technical analysis: Important Intraday Levels For EUR/USD, July 15, 2019

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Today, when the European and the US markets open, no economic data will be released. So amid the reports, the EUR/USD will move with low or medium volatility during this day. TODAY'S TECHNICAL LEVELS: Breakout BUY Level: 1.1322. Strong Resistance: 1.1315. Original Resistance: 1.1305. Inner Sell Area: 1.1295. Target Inner Area: 1.1269. Inner Buy Area: 1.1244. Original Support: 1.1234. Strong Support: 1.1224. Breakout SELL Level: 1.1217.(Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis: Important Intraday Levels for USD/JPY, July 15, 2019

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Today, Asia and the US will not release any economic data. So there is a probability the USD/JPY pair will move with low or medium volatility during this day. TODAY'S TECHNICAL LEVELS: Resistance.3: 108.42. Resistance. 2: 108.21. Resistance.1: 107.99. Support. 1: 107.75. Support. 2: 107.54. Support. 3: 107.32. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Forecast for EUR/USD on July 15, 2019

EUR/USD

Last Friday, the euro repeated the story of Thursday - the euro tried to attack the savings range from July 2-4, but could not do it. On the daily scale chart, the price is above the balance line (red indicator) and above the MACD line (blue indicator) - this is a sign of growth, but the signal line of the leading Marlin oscillator is still in the zone of negative values and is currently turning down. Leaving prices below the MACD line (1.1245) would mean the completion of an upward correction and the euro's decline in the medium term.

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On the four-hour chart, the decline in the signal line of the oscillator is more pronounced. Here, the signal level of 1.1245 practically corresponds to the location of indicator lines. If the price goes below this level, the signal line of the Marlin oscillator will also be in the zone of negative numbers; it will create a signal to move to a nearest target of 1.1193 - the low of July 9th. Although in reality this level is not a target level, it is a signal level, the overcoming of which will become a condition for a further fall to a full-fledged target of 1.1155 - the Fibonacci level 110.0% on the daily chart and this is our main scenario.

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Forecast for GBP/USD on July 15, 2019

GBP/USD

The pound sterling rose by 52 points on Friday, the Marlin oscillator signal line on the daily chart reached the boundary with the growth zone and currently shows the intention to turn from it. Overcoming the signal level of 1.2604 will make it possible for the price to move higher to the price channel line, approximately to the level of 1.2665, to which the MACD line also seeks.

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On the four-hour chart with the Marlin oscillator, the initial stage of a divergence is formed - the reversal formation. Leaving prices under the MACD line (1.2515) will be a sign that the price will further withdraw below the signal level of 1.2480 (July 5 low), overcoming of which opens the way for a fall to support the embedded line of the 1.2296 (daily) price channel.

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Fractal analysis of major currency pairs on July 15

Forecast for July 15:

Analytical review of H1-scale currency pairs:

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For the euro / dollar pair, the key levels on the H1 scale are: 1.1363, 1.1336, 1.1317, 1.1291, 1.1257, 1.1240, 1.1218, 1.1191 and 1.1155. Here, the price forms the ascending structure of July 9. The continuation of the movement to the top is expected after the breakdown of the level of 1.1291. In this case, the goal is 1.1317. Short-term upward movement, as well as consolidation is in the range of 1.1317 - 1.1336. For the potential value for the top, we consider the level of 1.1363. After reaching which, we expect a rollback to the bottom.

Short-term downward movement is possible in the range of 1.1257 - 1.1240. The breakdown of the latter value will lead to in-depth correction. Here, the goal is 1.1218. This level is a key support for the downward structure. Its breakdown will allow to count on the movement to the level of 1.1191.

The main trend is the formation of the ascending structure of July 9.

Trading recommendations:

Buy 1.1291 Take profit: 1.1317

Buy 1.1336 Take profit: 1.1360

Sell: 1.1256 Take profit: 1.1241

Sell: 1.1238 Take profit: 1.1218

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For the pound / dollar pair, the key levels on the H1 scale are: 1.2652, 1.2633, 1.2603, 1.2580, 1.2539, 1.2514, 1.2480 and 1.2438. Here, we are following the development of the ascending structure of July 10. Short-term upward movement is possible in the range of 1.2580 - 1.2603. The breakdown of the latter value should be accompanied by a pronounced upward movement. Here, the target is 1.2633. For the potential value for the top, we consider the level of 1.2652. After reaching which, we expect consolidation, as well as a rollback to the bottom.

Consolidated movement is expected in the range of 1.2539 - 1.2514. The breakdown of the last value will lead to a prolonged correction. Here, the target is 1.2480. This level is a key support for the upward structure.

The main trend - the ascending structure of July 10.

Trading recommendations:

Buy: 1.2580 Take profit: 1.2602

Buy: 1.2604 Take profit: 1.2633

Sell: 1.2539 Take profit: 1.2515

Sell: 1.2512 Take profit: 1.2482

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For the dollar / franc pair, the key levels on the H1 scale are: 0.9952, 0.9902, 0.9881, 0.9841, 0.9820, 0.9797 and 0.9779. Here, we are following the development of the downward structure of July 9th. The continuation of the movement to the bottom is expected after the breakdown of the level of 0.9841. In this case, the goal is 0.9820. The breakdown of which, in turn, will allow us to count on the movement to 0.9797. For the potential value for the downward trend, we consider the level of 0.9779. Upon reaching this level, we expect a rollback to the correction.

Consolidated movement is possible in the range of 0.9902 - 0.9881. The breakdown of the latter value will have to form the initial conditions for the upward cycle. Here, the potential target is 0.9952.

The main trend - the formation of a downward structure of July 9.

Trading recommendations:

Buy : 0.9881 Take profit: 0.9902

Buy : 0.9910 Take profit: 0.9950

Sell: 0.9840 Take profit: 0.9822

Sell: 0.9818 Take profit: 0.9797

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For the dollar / yen pair, the key levels on the scale are : 108.99, 108.70, 108.42, 108.26, 107.78, 107.58, 107.41, 106.98 and 106.68. Here, we are following the downward structure of July 10th. The continuation of the movement to the bottom is expected after the breakdown of the level of 107.78. Here, the goal is 107.58, and near this level is a price consolidation. The passage of the price at the noise range 107.58 - 107.41 will lead to the development of a pronounced movement. In this case, the goal is 106.98. For the potential value for the bottom, we consider the level of 106.68, from which we expect a rollback to the top.

Short-term upward movement is possible in the range of 108.26 - 108.42. The breakdown of the last value will lead to a prolonged correction. Here, the target is 108.70. This level is a key support for the top.

The main trend: the formation of a downward structure of July 10.

Trading recommendations:

Buy: 108.26 Take profit: 108.40

Buy : 108.43 Take profit: 108.70

Sell: 107.78 Take profit: 107.58

Sell: 107.40 Take profit: 107.00

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For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3105, 1.3090, 1.3063, 1.3048, 1.3016, 1.3001, 1.2964 and 1.2937. Here, we are following the development of the downward structure of July 9th. The continuation of the movement to the bottom is expected after the price passes the noise range 1.3016 - 1.3001. In this case, the target is 1.2964. For the potential value for the bottom, we consider the level of 1.2937. After reaching which, we expect a rollback to the top.

Short-term upward movement is possible in the range of 1.3048 - 1.3063. The breakdown of the latter value will lead to a deep correction. Here, the target is 1.3090. The range of 1.3090 - 1.3105 is a key support for the downward structure of July 9.

The main trend - the downward structure of July 9.

Trading recommendations:

Buy: 1.3048 Take profit: 1.3062

Buy : 1.3065 Take profit: 1.3090

Sell: 1.3000 Take profit: 1.2965

Sell: 1.2962 Take profit: 1.2938

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For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.7091, 0.7063, 0.7050, 0.7028, 0.7004, 0.6991 and 0.6970. Here, we are following the development of the ascending structure of July 10. The continuation of the movement to the top is expected after the breakdown of the level of 0.7028. In this case, the goal is 0.7050. Price consolidation is in the range of 0.7050 - 0.7063. For the potential value for the top, we consider the level of 0.7091. Upon reaching this level, we expect a rollback to the bottom.

Short-term downward movement is possible in the range of 0.7004 - 0.6991. The breakdown of the latter value will lead to in-depth correction. Here, the goal is 0.6970. This level is a key support for the upward structure.

The main trend - the ascending structure of July 10.

Trading recommendations:

Buy: 0.7028 Take profit: 0.7050

Buy: 0.7065 Take profit: 0.7090

Sell : 0.7004 Take profit : 0.6993

Sell: 0.6989 Take profit: 0.6970

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For the euro / yen pair, the key levels on the H1 scale are: 122.28, 121.89, 121.67, 121.41, 121.22, 120.92 and 120.48. Here, the price entered an equilibrium state: a mid-term descending structure of July 1. The continuation of the movement to the bottom is expected after passing by the price of the noise range 121.41 - 121.22. In this case, the goal is 120.92, and near this level, there is consolidation. For the potential value for the bottom, we consider the level of 120.48. After reaching which, we expect a rollback to the top.

Consolidated movement is possible in the range of 121.89 - 122.28. The level of 122.28 is a key support for the downward structure. Its price passage will have to form the initial conditions for the upward cycle.

The main trend is the mid-term descending structure of July 1, the equilibrium state.

Trading recommendations:

Buy: Take profit:

Buy: 121.94 Take profit: 122.28

Sell: 121.22 Take profit: 120.94

Sell: 120.90 Take profit: 120.50

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For the pound / yen pair, the key levels on the H1 scale are : 136.31, 135.87, 135.65, 135.24, 134.99 and 134.50. Here, the price forms a small potential for the top of July 11. The development of this structure is possible after the breakdown of the level of 136.31. Short-term downward movement is expected in the range of 135.24 - 134.99. The breakdown of the last value will allow us to expect movement towards a potential target - 134.50. After reaching this level, we expect a rollback to the top.

Short-term upward movement is possible in the range of 135.87 - 136.31, up to the level of 136.31. We expect the potential for the upward cycle to be formalized.

The main trend is the downward cycle of July 1, the stage of correction.

Trading recommendations:

Buy: Take profit:

Buy: 135.90 Take profit: 136.30

Sell: 135.24 Take profit: 135.00

Sell: 134.95 Take profit: 134.50

The material has been provided by InstaForex Company - www.instaforex.com