Head of the Federal Reserve Bank of New York John Williams brought hope to the markets (We expect continued growth of AUD/USD

World markets continue to throw in the cold, then in the heat against the backdrop of the uncertainty of the future actions of the Fed in the matter of monetary policy.

In recent weeks, in the wake of positive data from the labor market, as well as a slight increase in US inflationary pressures in the markets, investors began to doubt that after lowering the key interest rate by 0.25% following the July meeting, the regulator will continue to reduce it without stopping, It is called, attained. But yesterday's largely unexpected statement by the President of the Federal Reserve Bank of New York, J. Williams, again stirred up financial markets and allowed its participants to once again hope that the Central Bank will ignore the latest positive signals and may begin a cycle of lower interest rates for the first time in 10 years.

In recent weeks, investors have started to doubt that after a 0.25% decline in the key interest rate as a result of the July meeting in a wave of positive labor-market data, as well as a slight rise in US inflation pressure in markets. The regulator will continue to reduce it without stopping what is called the"what's at stake". However, the statement by the New York Fed President, John Williams has once again expanded the financial markets, which allows participants to hope again that the CBO will ignore the latest positive signals and could begin the first-ever interest-rate-reduction cycle in 10 years.

On this wave, the US dollar was under pressure and even began to decline in relation to the single European currency, which in recent months turned into a steady-state as an outsider amid signals of a recession in the eurozone as a whole and in Germany in particular. The news led to a sharp decline in the yield of American treasuries. Therefore, the benchmark yield of 10-year-old treasuries fell, approaching the key psychological level of 2.0% and the major US stock indices switched from negative to positive territory.

So what is so unusual about the representative of the Fed? Speaking at the meeting of the Central Bank Research Association, he said that the current level of interest rates is not so high that the regulator takes a long period of time. He made it clear that it is necessary to act in the presence of the first signs of problems in the economy. Moreover, in his opinion, lowering the yield of government bonds of the US Treasury will reduce the burden on the Fed and more favorable financial conditions will help disperse inflation.

Markets responded sharply with rising demand for neither risky assets and dollar sales, finding that on July 31 (the day following a meeting of the Central Bank) it could cut off rates by 0.50% instead of the expected decrease by 0.25%. The markets reacted so sharply because the New York Fed is considered the most influential Reserve Bank in the overall structure of the Fed. In addition, investors simply could not respond to his words that "it is better to take preventive measures than to wait until the catastrophe begins."

Evaluating the abrupt change in market sentiment, we believe that today the local weakening of the dollar will continue amid rising demand for risky assets.

Forecast of the day:

The AUD/USD pair remains in a short-term uptrend. Before continuing growth, it can be adjusted down to 0.7040 and we expect the pair to continue rising to 0.7140.

The NZD/USD pair can also be adjusted to the level of 0.6745 before continuing to climb to 0.6800.

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Strange and unexpected weakening of the dollar (review of EUR / USD and GBP / USD on 07/19/2019)

The dollar gave up its position so briskly that it was even somewhat surprising. Especially considering that the total number of applications for unemployment benefits, which decreased by 34 thousand instead of being reduced by 20 thousand. At the same time, the number of initial applications for unemployment benefits turned out to be exactly the same as expected, that is, it increased by 8 thousand. But the number of repeated applications was reduced not by 28 thousand, but by 42 thousand. And considering the much greater importance of just the number of repeated applications for unemployment benefits, the dollar's weakening really causes genuine surprise. But it is still more fun, because when this data came out, the dollar showed an upward trend, the same as at the time of the publication of data on retail sales in the UK, whose growth rates accelerated from 2.2% to 3.8%, and not to 2.6%, as predicted.

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However, everything falls into place if you look at exactly when the dollar began to rapidly lose its position. This happened when the representative of the Federal Reserve System, Mr. Williams, spoke during the next speech. He became the second member of the Federal Commission on Open Market Operations, expressly stating that he would vote to lower the refinancing rate. True, the market is already ready for this, and such statements should not have frightened investors. However, Mr. Williams added that reducing the refinancing rate alone is not enough and by the end of the year it will have to be reduced again. That is, a member of the Federal Commission on Open Market Operations expressed in a clear manner that, until yesterday, wandered around the market only as speculation and assumptions. Namely, that by the end of the year, the Federal Reserve will reduce the refinancing rate twice. So if before that there were still doubters, then last night they sharply began to reduce their positions on the dollar.

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Today, no macroeconomic data is published, so investors have nothing to rely on. Scheduled speech Bullard will not bring anything new, as he not only made a statement first about lowering the refinancing rate, but still had time to vote for this decision during the last meeting of the Federal Commission on Open Market Operations. Therefore, the most likely development of events is a technical rebound, due to the local oversold of the dollar.

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Thus, the single European currency can complete the week in the region of 1.1225 - 1.1250.

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On the other hand, the pound will gradually decline in the direction of 1.2475.

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Wave analysis of EUR / USD and GBP / USD for July 19. Boris Johnson's election promises are blocked by the European Union

EUR / USD

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On Thursday, July 18, trading ended with a 50 bp rise for the EUR / USD pair. Thus, the proposed correction after July 9 is delayed, but the current wave marking still involves building a new downward wave, presumably 3. At the same time, until a successful attempt to break through the minimum of wave 1 or the minimum of wave 2 or b, the option with the complication of the supposed wave with . Thus, I recommend selling the euro-dollar instrument below the indicated minimums. The news background, from my point of view, is definitely not in favor of the euro. Foreign exchange markets have come to terms with the fact that the ECB will also reduce the key rate, which will now become a minus sign. Markets await the resumption of the quantitative incentive program. Markets are waiting for a change in the head of the ECB. Markets do not expect acceleration of inflation and economic growth. From the current news and economic reports there is nothing to highlight on Friday. This is a good opportunity for bears to start selling Eurocurrency again. Although with this, the forex market can wait until next week, when the ECB meeting will be held.

Purchase goals:

1.1412 - 0.0% Fibonacci

Sales targets:

1.1106 - 100.0% Fibonacci

1.1025 - 127.2% Fibonacci

General conclusions and trading recommendations:

The euro-dollar pair still holds hopes for the upward trend. I still recommend small purchases of the euro, or simply remain in previously open purchases, with targets located near the estimated mark of 1.1412, which is equal to 0.0% Fibonacci, and an order restricting possible losses, under the minimum of wave 2 or b. Leaving the tool below the mark of 1.1181 will indicate that the tool is ready to build a downward trend.

GBP / USD

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The GBP / USD pair increased on July 18 by 115 basis points, which fully corresponds to the current wave pattern, which implies the completion of the construction of wave e, the completion of the construction of the downward trend. If this is indeed the case, then at least I am waiting for the pound-dollar tool to build three waves up or to the side, which is also possible. The main opponent of the pound is now the news background. All events in the UK do not contribute to the growth of the pound sterling in the foreign exchange markets. For example, yesterday, the Parliament of Great Britain voted for blocking a possible suspension of Parliament's work, which Boris Johnson had previously allowed in order to make a decision to withdraw from the European Union without a deal on his own. Now, he will not be able to make such a decision, bypassing Parliament. However, what now with the election promises of the country's "no-5-minute prime minister"? After all, he promised new negotiations with the EU, which will not happen, and the exit from the block on October 31, which is now also not a fact that it will be implemented. In general, the situation gets more confusing more and more each day.

Sales targets:

1.2334 - 200.0% Fibonacci

1.2194 - 261.8% Fibonacci

Purchase goals:

1.2783 - 0.0% Fibonacci

General conclusions and trading recommendations:

The wave pattern of the pound / dollar instrument assumes the completion of the construction of the downward wave e. Thus, I recommend small purchases of a pair with targets located around 28 figures and with an order restricting losses under the minimum of wave e. I do not recommend to return to sales yet.

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Trading plan for EURUSD on 07/19/2019

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Buyers turned the euro up from 1.1200.

There is no important news.

The market begins to prepare for the ECB meeting next week on July 25th.

Buy at the breakthrough of 1.1290 to the top.

We sell from 1.1190.

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GBP/USD: plan for the European session on July 19. Good news on Brexit and the North Irish border are pushing the pound up

To open long positions on GBP/USD, you need:

Yesterday, a good report on retail sales in the UK set a bullish tone for the market, and news of an alternative proposal from the EU on the problematic issue of the North Irish border continued the upward momentum. Now, the bulls are aimed at holding GBP/USD above the intermediate support of 1.2514, where the formation of a false breakout will be the first signal to continue opening long positions. However, the main task of the pound buyers will be to break and consolidate in the first half of the day above the resistance of 1.2561, which will retain the upward potential and lead to an update of the highs in the area of 1.2600 and 1.2639, where I recommend fixing the profit. In the scenario of a pair falling below the level of 1.2514, it is possible to open long positions immediately for a rebound in the support area of 1.2472.

To open short positions on GBP/USD, you need:

Today, sellers remain to protect the resistance of 1.2561, and the formation of a false breakdown there in the first half of the day will be a signal to open short positions. However, the main task of the bears will be to return and consolidate below the support of 1.2514, which will push the GBP/USD to the area of the lows of 1.2472 and 1.2431, where I recommend taking the profits. Today, no important reports on the UK are planned, so traders will closely follow the new statements of the EU representatives on the topic of Brexit.

Indicator signals:

Moving Averages

Trading is conducted above 30 and 50 moving averages, which indicates the preservation of the upward correction in the pair.

Bollinger Bands

The growth of the pound will be limited by the upper limit of the indicator around 1.2585, where you can watch sales in the morning. The break of the average border of the indicator in the area of 1.2514 will lead to a larger decrease in the pound to the lower border, which is located in the area of 1.2470.

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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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EUR/USD: plan for the European session on July 19. Traders overestimated the likelihood of the Fed lowering the interest

To open long positions on EURUSD, you need:

Yesterday's statements by the fed Fed representatives on the necessary lowering of interest rates were misinterpreted by the market, which led to the sale of the US dollar. However, then the situation stabilized, and a number of lost positions were quickly returned by sellers. At the moment, the situation is on the side of euro buyers. A false breakout in the support area of 1.1241, which may coincide with the release of the report on the balance of the eurozone current account, will be the first signal for opening long positions, but the main goal of the bulls will be the resistance of 1.1280-85, above which it is not possible to break through from July 10. It was then that this level was missed by buyers. The breakout of 1.1280 will lead to the update of highs in the area of 1.1311 and 1.1338, where I recommend taking the profit. In the scenario of decline under the support level of 1.1241, it is best to open long positions on the rebound from the large support of 1.1214.

To open short positions on EURUSD, you need:

Sellers will try their best to keep the resistance at 1.1280, and if there is no unexpected news on the rates from the Fed or the ECB, most likely, the growth of the pair will be limited at the end of this week. A false break in this range will be a signal to open short positions in the euro, but the main task of the bears is to return to the support level of 1.1241. A number of fundamental data planned for the second half of the day can help sellers reach the support of 1.1214, where I recommend fixing the profits. In the EUR/USD growth scenario in the first half of the day above the resistance of 1.1280, it is possible to open short positions immediately for a rebound in the area of the maximum of 1.1311.

Indicator signals:

Moving Averages

Trading is conducted above 30 and 50 moving averages, but we can talk about the resumption of the bullish trend only after the breakdown of the resistance of 1.1280.

Bollinger Bands

The growth of the pair in the first half of the day will be limited by the upper limit of the indicator in the area of 1.1295, while buyers, in the case of a decline in EUR/USD, will return to the market only after the test of the lower limit in the area of 1.1215.

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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

Burning forecast 07/19/2019 EURUSD and trading recommendation

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On Thursday evening, the euro and the pound received a strong customer support.

The euro almost touched the 1.1285 mark.

We expect a new wave of growth of the euro.

From the point of view of technical analysis, you can buy at the breakthrough above - to the level of 1.1290 - or buy from the level of 1.1245.

When turning down, you can sell from 1.1190.

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Forecast for EUR / USD pair on July 19, 2019

EUR / USD pair

Yesterday the euro experienced two hard blows. The first is the news of a possible revision by the ECB of its inflation target, which sent the euro down 34 points and the second is a statement by the head of the New York Fed chief, John Williams. He said the need for preventive measures by the Fed, which was understood by investors as a decrease in the rate immediately, by 5% at the next meeting, which, of course, tossed the euro back up. As a result, the euro closed the day with an increase of 52 points.

This morning, the press service of the Fed hastened to soften the reaction of the market, stating that the statement by William does not mean the decision of the regulator itself. Euro experienced fluctuations by another 35 points in the morning. Also in the media, a theme is being instilled about the possible preparation by the Treasury of currency interventions in order to carry out Trump's management center on compliance with the realities of currency wars. We do not believe that this can happen before the end of the year since only $94 billion is left on the balance of the Treasury. Moreover, they are primarily needed to finance the budget in the face of the parliament's refusal to consider raising the government debt limit. Also, the head of the Ministry of Finance Stephen Mnuchin bluntly stated that the management has no plans to change the position on a strong dollar.

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On the daily chart, the price has risen sharply above the balance line and MACD but this is not a signal for further growth. The price from July 5th simply winds up on this line. However, the yield of the price at the July 11 maximum on 1.1286 may provoke the market to pull the euro down to the Fibonacci level of 76.4% at a price of 1.1356.

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On the four-hour chart, the current price is above the balance lines and MACD. The Marlin oscillator is in a rising position and there are signs to continue moving up. But since yesterday, as described above, the market is extremely sensitive to speculative sentiment. Even today's data on the balance of payments in the Eurozone are expected to rise from 20.9 billion euros to 21.2 billion can be ignored. In case of price-fixing under the MACD at 1.1227 on H4, it calls for further reduction. The range of 1.1227/86 is a free walk zone for the euro.

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Technical analysis of ETH/USD for 19/07/2019:

Crypto Industry News:

China is the world leader when it comes to searching for "Facebook Libra" on Google a month after the publication of the white book of stablecoin.

According to data from Google Trends, counting from July 18, China is the first on the list of countries that google's new Facebook cryptocurrency project - they have the highest percentage of search queries for Libra, with the maximum value of query popularity of 100.

The top five include Uruguay, second with a value of 56, Trinidad and Tobago, Saint Helena and Argentina.At the same time, the same query is surprisingly low in the United States - the estimated value of the query is 16. Accordingly, Facebook's country of origin on the list is ranked 33rd.

Technical Market Overview:

The ETH/USD pair has bounced towards the level of $226.17 after the technical support located at the level of $190.94 has held the bearish pressure. The downward momentum is decreasing, so there is a chance for another leg up towards $226.17 or even $244.63 despite the bearish Doji candlestick pattern made at the top of the recent wave up. Please notice, that according to the Elliott wave count, the corrective cycle in the wave 2 might have been completed and the market is ready for another impulsive wave up.

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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GBP/JPY approaching resistance, potential reversal!

GBPJPY is approaching resistance where we might be seeing a reversal below this level.

Entry: 135.31

Why it's good : horizontal overlap resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement

Stop Loss : 135.89

Why it's good : 78.6% Fibonacci retracement, Horizontal swing high resistance

Take Profit : 134.60

Why it's good: Horizontal overlap support, 50% Fibonacci retracement

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Technical analysis of BTC/USD for 19/07/2019:

Crypto Industry News:

Iran's authorities are struggling with the growing number of citizens turning to mine Bitcoins and using them as a way of dealing with an economy weakened by sanctions.

The Iranian Minister of Information and Communication Technologies, Mohammad Javad Azari Jahromi, said that the country has become a "heaven for miners," according to today's reports: "The "mining" activity is not legally banned, but the government and the central bank ordered the Customs Office to ban the import [of mining machinery] until the new regulations were introduced"- he said.

After tightening the sanctions introduced by the US, Tehran is now facing a hyperinflation spectrum. Revenues from oil exports have fallen by almost 90%, according to new data, unemployment is approaching 20%, and millions are below the national poverty estimates.

Subsidized electricity rates - currently at the level of half a cent per kilowatt - fuel the thriving community of cryptographic mines, but now it is about to change. Police raids on mining farms are broadcast on television to discourage citizens, and the Iranian Consortium of the Electricity Industry has revealed the intention of increasing electricity prices to 7 cents per kilowatt.

Apart from mining, cryptocurrencies appeared on the headlines of national newspapers because of the authorities' fear that the locals might use them to convert the rapidly devaluating rial to other currencies.

Technical Market Overview:

The BTC/USD pair has bounced higher towards the level of $10 721 which is technical resistance. The top of the wave B might be in place now. The Elliott wave count has been updated accordingly and now the preferred scenario is an ABC-X-ABC formation as the last leg of the wave Y. This means we might likely see one more leg to the downside as the bears are in full control of the market.

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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NZD/USD to rise further to its major resistance!

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Price broke out of its intermediate resistance that confirms a further move to its 1st resistance.

Entry: 0.6764

Why it's good : 23.6% Fibonacci retracement, 61.8% Fibonacci extension, horizontal pullback support

Stop Loss : 0.6733

Why it's good : 23.6% Fibonacci retracement, horizontal pullback support

Take Profit : 0.6807

Why it's good: 61.8% & 100% Fibonacci extension

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USD/JPY approaching resistance, potential drop!

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USDJPY approaching 1st resistance at 107.57, a drop could occur!

Entry :107.57

Why it's good :

horizontal pullback resistance

61.8% Fibonacci extension

Take Profit : 107.25

Why it's good :

100% Fibonacci extension

horizontal swing low support

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Technical analysis of GBP/USD for 19/07/2019:

Technical Market Overview:

The GBP/USD pair has bounced strongly from the technical support at the level of 1.2381 and the bulls have even broken through the descending trendline resistance located at the level of 1.2525. The local high was made at the level of 1.2556 which is a technical resistance level. The corrective rally might last a while as the momentum is now positive and the market conditions are now off the oversold territory. The next target for bulls is seen at the level of 1.2591.

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 at the level of 1.2420 has been violated and the next target for bears is seen at the level of 1.1983.

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Technical analysis of EUR/USD for 19/07/2019:

Technical Market Overview:

The EUR/USD pair has bounced again from the technical support located at the level of 1.1206 and currently, the bulls are trying to test the technical resistance level located at 1.1284. A breakout above this level woul directly expose the next technical resistance at the level of 1.1311 and the price would be back in the channel again. Any failure here will lead to the reversal and another spike down towards the key technical support level.

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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Forecast for GBP / USD pair on July 19, 2019

GBP / USD pair

On Thursday, the sterling pound gained 115 points in the background of the general anti-dollar market sentiment. The stop occurred on the balance line of the daily chart. At the same time, the Marlin oscillator signal line also lies in a horizontal direction along the line of the boundary separating the growth zone from the declining zone. This line is also the level of support and resistance for the signal line. The output price above the signal level of 1.2578 (July 12 maximum) will allow the price to work out the resistance of the nested line of the price channel at the point of its coincidence with the MACD line in the area of 1.2655.

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On the four-hour chart, the price fixed above both indicator lines and the Marlin oscillator in a growing position. Either this growth is false or not, we can find out only after the price is above or below the signal range of 1.2460-1.2578. The lower limit of this range is the support of the MACD on the four-hour scale line. Leaving prices below 1.2460 returns to the plan to reduce the price to the target level 1.2296 the status of the main one.

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Forecast for AUD / USD pair on July 19, 2019

AUD / USD pair

On Thursday, the Australian dollar followed the rest of the market and grew by 66 points. The falling price channel was broken and now, it simply disappeared. It stopped at a price level of 0.7086, which was the minimum of September 11, 2018. Overcoming this level will allow the price to rise to the next similar level of 0.7165, which was the minimum of November 13, 2018, and it corresponds to the maximum on October 17 of the same year with a difference of 4 points.

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Price reversal from 0.7086 is quite possible. The main (and so far the only) sign of this may be the emerging double divergence along the Marlin oscillator with the target (on a decline) to the MACD of 0.6947.

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On the four-hour chart, there is also a divergence. The symptom is weak but it can develop during the day. When the price overcomes the MACD line at the price of 0.7024, it signals a steady decline, then opens the goal to 0.6947.

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Elliott wave analysis of EUR/JPY for July 19, 2019

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EUR/JPY is now close to testing our ideal downside target at 120.62. The low has been seen at 120.76. This is enough to reach our target and complete the wave II as well as turn EUR/JPY higher in a new impulsive rally in the wave III.

The first strong indication that the wave III is developing will be a breakout above resistance at 121.53, while a breakout above resistance at 122.32 will confirm the wave III being in motion.

R3: 122.32

R2: 121.84

R1: 121.53

Pivot: 121.15

S1: 120.76

S2: 120.62

S3: 120.30

Trading recommendation:

We have bought EUR at 120.85

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Trading plan for EUR/USD for July 19, 2019

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Technical outlook:

Yesterday, the EUR/USD pair managed to test recent swing highs around the 1.1280/2 levels. The EUR bulls failed to hit another high unlike its counter US Dollar Index which had made a swing low as expected. We would still give a chance for a push through the 1.1320 level before pulling lower again, but would refrain from holding long positions going forward. Aggressive traders who went long earlier, please close and book profits now. The wave structure still has an impulse drop as highlighted here, followed by the corrective rally a-b-c which might be completed or could hit another high close to the 1.1320 level. It is safe to initiate short positions now around the level of 1.1320 going forward. Resistance remains strong at the 1.1412 level, while interim support is at the level of 1.1180 respectively. Selling on rallies remains an ideal trading strategy for now, though line in the sand is still at the level of 1.1412.

Trading plan:

Short deals at the 1.1261 and 1.1320 levels with a stop at 1.1412, target is open.

Good luck!

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Technical analysis: Important Intraday Levels For EUR/USD, July 19, 2019

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When the European market opens, some economic data will be released such as Current Account and German PPI m/m. The US will also publish the economic data such as Prelim UoM Inflation Expectations and Prelim UoM Consumer Sentiment, so amid the reports, the EUR/USD pair will move with low to medium volatility during this day. TODAY'S TECHNICAL LEVELS: Breakout BUY Level: 1.1314. Strong Resistance: 1.1308. Original Resistance: 1.1297. Inner Sell Area: 1.1286. Target Inner Area: 1.1261. Inner Buy Area: 1.1234. Original Support: 1.1223. Strong Support: 1.1212. Breakout SELL Level: 1.1206. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis: Important Intraday Levels for USD/JPY, July 19, 2019

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In Asia, Japan will release the All Industries Activity m/m and National Core CPI y/y. The US will also publish some economic data such as Prelim UoM Inflation Expectations and Prelim UoM Consumer Sentiment. So there is a probability the USD/JPY pair will move with low to medium volatility during this day. TODAY'S TECHNICAL LEVELS: Resistance.3: 108.09. Resistance. 2: 107.88. Resistance. 1: 107.67. Support. 1: 107.40. Support. 2: 107.19. Support. 3: 106.98. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis: Important Intraday Levels for USD/JPY, July 19, 2019

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In Asia, Japan will release the All Industries Activity m/m and National Core CPI y/y. The US will also publish some economic data such as Prelim UoM Inflation Expectations and Prelim UoM Consumer Sentiment. So there is a probability the USD/JPY pair will move with low to medium volatility during this day. TODAY'S TECHNICAL LEVELS: Resistance.3: 108.09. Resistance. 2: 107.88. Resistance. 1: 107.67. Support. 1: 107.40. Support. 2: 107.19. Support. 3: 106.98. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Fractal analysis of major currency pairs on July 19

Forecast for July 19:

Analytical review of H1-scale currency pairs:

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For the euro / dollar pair, the key levels on the H1 scale are: 1.1342, 1.1299, 1.1286, 1.1249, 1.1236, 1.1217, 1.1197 and 1.1169. Here, we follow the formation of the initial conditions for the upward cycle of July 17. Short-term movement to the top is expected in the range of 1.1286 - 1.1299. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is 1.1342, and near this level, we expect consolidation.

Short-term downward movement is possible in the range of 1.1249 - 1.1236. The breakdown of the latter value will lead to a prolonged correction. Here, the goal is 1.1217. This level is a key support for the top. Its price will have to develop the downward structure. In this case, the first goal is 1.1197.

The main trend is the formation of the initial conditions for the upward cycle of July 17.

Trading recommendations:

Buy 1.1286 Take profit: 1.1297

Buy 1.1301 Take profit: 1.1340

Sell: 1.1249 Take profit: 1.1237

Sell: 1.1234 Take profit: 1.1218

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For the pound / dollar pair, the key levels on the H1 scale are: 1.2691, 1.2623, 1.2598, 1.2568, 1.2515, 1.2492 and 1.2447. Here, we consider the ascending structure of July 17th as a large initial condition. The continuation of the movement to the top is expected after the breakdown of the level of 1.2568. In this case, the goal is 1.2598. Short-term upward movement, as well as consolidation is in the range of 1.2598 - 1.2623. The breakdown of the level of 1.2623 should be accompanied by a pronounced upward movement. Here, the potential target is 1.2691. From this level, we expect a rollback to the bottom.

Short-term downward movement is expected in the range of 1.2515 - 1.2492. The breakdown of the last value will lead to a prolonged correction. Here, the target is 1.2447. This level is a key support for the upward structure of July 12.

The main trend - the formation of the ascending structure of July 17.

Trading recommendations:

Buy: 1.2568 Take profit: 1.2598

Buy: 1.2600 Take profit: 1.2622

Sell: 1.2515 Take profit: 1.2493

Sell: 1.2490 Take profit: 1.2450

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For the dollar / franc pair, the key levels on the H1 scale are: 0.9902, 0.9881, 0.9858, 0.9841, 0.9798, 0.9779, 0.9745 and 0.9731. Here, the next targets for the downward movement we determined from the local structure on July 17th. Short-term downward movement is expected in the range of 0.9798 - 0.9779. The breakdown of the last value should be accompanied by a pronounced downward movement. Here, the goal is 0.9745. For the potential value for the bottom, we consider the level of 0.9731. After reaching which, we expect consolidation, as well as rollback to the top.

Short-term upward movement is possible in the range of 0.9841 - 0.9858. The breakdown of the latter value will lead to in-depth correction. Here, the goal is 0.9881. This level is a key support for the downward structure.

The main trend is the local downward structure of July 17.

Trading recommendations:

Buy : 0.9841 Take profit: 0.9856

Buy : 0.9860 Take profit: 0.9880

Sell: 0.9798 Take profit: 0.9780

Sell: 0.9776 Take profit: 0.9747

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For the dollar / yen pair, the key levels on the scale are : 108.12, 107.84, 107.62, 106.98, 106.68, 106.27 and 106.01. Here, we continue to monitor the downward structure of July 10th. Short-term downward movement is expected in the range of 106.98 - 106.68. The breakdown of the last value should be accompanied by a pronounced downward movement. In this case, the goal is 106.27. For the potential value for the bottom, we consider the level of 106.01. After reaching which, we expect a rollback to the top.

Short-term upward trend is possible in the range of 107.62 - 107.84. The breakdown of the last value will lead to a prolonged correction. Here, the goal is 108.12. This level is a key support for the bottom. Its breakdown will have to form an upward trend. Here, the first potential target is 108.42.

The main trend: the downward structure of July 10.

Trading recommendations:

Buy: 107.62 Take profit: 107.82

Buy : 107.85 Take profit: 108.12

Sell: 106.96 Take profit: 106.70

Sell: 106.66 Take profit: 106.27

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For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3105, 1.3070, 1.3050, 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 1.3050 - 1.3070. The breakdown of the latter value will lead to a prolonged correction. Here, the target is 1.3105. This level is a key support for the bottom.

The main trend - the downward structure of July 9.

Trading recommendations:

Buy: 1.3050 Take profit: 1.3070

Buy : 1.3072 Take profit: 1.3105

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 : 0.7145, 0.7111, 0.7101, 0.7085, 0.7050, 0.7036, 0.7015 and 0.6995. Here, the subsequent targets for the top we determined from the local ascending structure on July 17. The continuation of the movement to the top is expected after the breakdown of the level of 0.7085. In this case, the goal is 0.7101, and near this level is a price consolidation. The passing through the noise range of 0.7101 - 0.7111 will lead to a pronounced movement. Here, the potential target is 0.7145. From this level, we expect a rollback to the bottom.

Short-term downward movement is possible in the range of of 0.7050 - 0.7036. The breakdown of the latter value will lead to a prolonged correction. Here, the target is 0.7015. This level is a key support for the upward structure of July 17.

The main trend is the ascending structure of July 10, the local structure for the top of July 17.

Trading recommendations:

Buy: 0.7085 Take profit: 0.7101

Buy: 0.7111 Take profit: 0.7145

Sell : 0.7050 Take profit : 0.7036

Sell: 0.7034 Take profit: 0.7017

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For the euro / yen pair, the key levels on the H1 scale are: 121.66, 121.35, 121.18, 120.92, 120.62, 120.48, 120.14 and 119.91. Here, we continue to monitor the downward structure of July 10th. The continuation of the movement to the bottom is expected after the breakdown of the level of 120.90. In this case, the target is 120.62. Price consolidation is in the range of 120.62 - 120.48. The breakdown of the level of 120.46 should be accompanied by a pronounced downward movement. Here, the goal is 120.14. For the potential value for the bottom, we consider the level of 119.91. After reaching which, we expect a rollback to the top.

Short-term upward movement is possible in the range of 121.18 - 121.35. The breakdown of the latter value will lead to a prolonged correction. Here, the goal is 121.66. This level is a key support for the downward structure.

The main trend - the downward structure of July 10.

Trading recommendations:

Buy: 121.18 Take profit: 121.33

Buy: 121.37 Take profit: 121.66

Sell: 120.90 Take profit: 120.62

Sell: 120.46 Take profit: 120.14

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For the pound / yen pair, the key levels on the H1 scale are : 135.63, 135.40, 135.04, 134.79, 134.38, 134.15, 133.81 and 133.44. Here, the price forms the expressed initial conditions for the top of July 18th. Short-term movement to the top is expected in the range of 134.79 - 135.04. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is 135.40. For the potential value for the top, we consider the level of 135.63. After reaching which, we expect consolidation, as well as a rollback to the bottom.

Short-term downward movement, perhaps in the range of 134.38 - 134.15. The breakdown of the latter value will have to develop a downward trend. Here, the goal is 133.81. For the potential value for the bottom, we consider the level of 133.44.

The main trend is the downward cycle of July 9, the formation of potential for the top of July 18.

Trading recommendations:

Buy: 134.80 Take profit: 135.02

Buy: 135.06 Take profit: 135.40

Sell: 134.38 Take profit: 134.17

Sell: 134.12 Take profit: 133.81

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