Overview of EUR/USD on July 29th. The forecast for the "Regression Channels". The main topic for the last week of July –

4-hour timeframe

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Technical data:

The upper channel of linear regression: direction – up.

The lower channel of linear regression: direction – down.

The moving average (20; smoothed) – down.

CCI: -80.7527

Last week was completely under the flag of the ECB. At the beginning of the week, traders tried to predict the actions of the European regulator and the rhetoric of Mario Draghi, in the middle of the week – worked out the results of the meeting and drew attention to the States and their GDP. This week promises to be no less interesting, but, unfortunately, there is little intrigue among market participants. With a probability of 90%, the Fed is likely to reduce the key rate by 0.25% and this decision of the regulator is likely already taken into account in current prices. First, the regulator may not soften monetary policy right now, after all, the latest macroeconomic reports on GDP and Nonfarm Payrolls were quite good. Secondly, the regulator can ignore these statistics and reduce the key rate by 0.5% at once, thus playing "ahead of the curve". However, we believe that the probability of execution of each of these options does not exceed 5%. On Monday, July 29, no important macroeconomic publications will be available to traders, the calendars of the US and the European Union are absolutely empty. Thus, we cannot count on high volatility today. Technically, the euro/dollar pair continues to trade around two-year lows, having all chances to continue the downward trend.

Nearest support levels:

S1 – 1.1108

S2 – 1.1047

S3 – 1.0986

Nearest resistance levels:

R1 – 1.1169

R2 – 1.1230

R3 – 1.1292

Trading recommendations:

The EUR/USD currency pair resumed its downward movement. On 29 July, therefore, it is recommended to continue selling the pair EUR/USD with targets at 1.108 and 1.1047 to the reversal indicator Heiken Ashi up.

It is recommended to buy the euro in small lots if the bulls manage to return above the moving average line, which will change the trend to the upward one, and the first goal, in this case, will be the Murray level of "4/8" - 1.1230.

In addition to the technical picture should also take into account the fundamental data and the time of their release.

Explanation of illustrations:

The upper linear regression channel – the blue line of the unidirectional movement.

The lower linear regression channel – the purple line of the unidirectional movement.

CCI – the blue line in the indicator window.

The moving average (20; smoothed) is the blue line on the price chart.

Murray levels – multi-colored horizontal stripes.

Heiken Ashi is an indicator that colors bars in blue or purple.

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GBP/USD: plan for the European session on July 29. The formation of a new cabinet of ministers of Great Britain heightened

To open long positions on GBP/USD you need:

The British pound has fallen off to the next annual low, after it became clear on Friday that the new cabinet of ministers of Great Britain consists mainly of people who support the idea of a hard Brexit. Today's buyers have the task of retaining the support of 1.2342, towards which the pair is gradually aiming for. However, it is very early to talk about any day of the market. Only a return to a resistance of 1.2387, which was missed today during the Asian session, will make it possible for the bulls to form an upward correction to the area of a high of 1.2427, where I recommend taking profits. In a different scenario, which makes it possible for GBP/USD to further decline below the support of 1.2342, it is best to open long positions to rebound near lows of 1.2305 and 1.2266.

To open short positions on GBP/USD you need:

Pound sellers still have control over the market, and the actions of the new British Prime Minister Boris Johnson only reinforce bearish sentiment. An unsuccessful attempt to return to a resistance of 1.2387 in the first half of the day will be a good signal to open new short positions in GBP/USD, the goal of which will be the next annual low in the area of 1.2342. A breakthrough of this range will only increase the pressure on the pair and lead to the support area of 1.2305, where I recommend taking profits. If the bulls manage to rise to the resistance of 1.2387, it will be very appropriate to count on new short positions from the larger level 1.2427, where you can build the upper limit of the current downward channel.

Indicator signals:

Moving averages

Trading is below 30 and 50 moving averages, which indicates the prevalence of pound sellers in the market.

Bollinger bands

The pair may be supported by a lower limit around 1.2342, while the upward correction will be limited to the upper limit of the indicator around 1.2415, from which you can sell the pound immediately to rebound.

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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 29. US GDP data supported the demand for the US dollar

To open long positions on EURUSD you need:

The Friday report on US GDP growth returned the demand for the US dollar, which continued to strengthen against the euro. However, despite the bears' attempt to resume the downward trend, trade remained in the side channel with only a small margin on the sellers side. Today, during the first half of the day, buyers need another false breakdown in the resistance area of 1.1120, which will be the first signal to open long positions in order to return and update the intermediate level of 1.1151, where I recommend to take profits. The main goal of the bulls will be the test of the upper limit of the wide side channel of 1.1183, which was formed last week following the ECB's decision. If the pressure on EUR/USD continues further, it is better to consider new long positions for a rebound from the next annual low around 1.1095 or for a rebound from the support of 1.1068.

To open short positions on EURUSD you need:

Bears will count on a breakthrough in support of 1.1122, which they failed to do last Friday amid conflicting data on the growth of the US economy. Compared to the previous quarter, the US GDP showed a weaker growth, but turned out to be better than economists' forecasts. Consolidating below 1.1122 will give a new impetus to the downward trend, which will lead to new lows around 1.1095 and 1.1068, where I recommend taking profits. The formation of a false breakdown in the resistance area of 1.1151 in the first half of the day will also be a signal to open short positions in EUR/USD. Given the fact that important data does not come out today, trade may remain in a narrow side channel 1.1120-1.1151. If the euro rises above a resistance of 1.1151, it is best to return to short positions on a rebound from a high of 1.1183 or from a larger area of 1.1210.

Indicator signals:

Moving averages

Trade is conducted in the region of 30 and 50 moving averages, which indicates market uncertainty with a slight advantage for the sellers.

Bollinger bands

Volatility has fallen, which does not provide signals for entering the market.

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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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Elliott wave analysis of GBP/JPY for July 29, 2019

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GBP/JPY has disappointed by breaking back below support at 134.68 and more importantly below support at 134.22. This break has reopened the downside for a dip to a new low near 133.53 before wave 2 can be considered complete.

Short-term minor resistance is seen at 134.70 and again at 135.16, which is expected to cap the upside for more downside pressure towards 133.53.

Only a direct break above the peak at 135.65 will shift the bias to a positive view.

R3: 135.65

R2: 135.16

R1: 134.70

Pivot: 134.38

S1: 134.10

S2: 133.82

S3: 133.53

Trading recommendation:

We took a small loss of 20 pips as out stop at 134.65 was hit. We will re-buy GBP at 133.65 or upon a break above 135.65

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Burning forecast for GBP/USD from 07/29/2019 and a trading recommendation

Usually nothing interesting happens on Mondays and today is not an unusual day in this regard. However, it is not strange, but such a situation might allow the pound to somewhat adjust its position. Against the background of an absolutely empty macroeconomic calendar, market participants will grab any news. So, the value of data on the credit market in the UK, which is usually not very interesting for investors, will increase dramatically. It is expected that consumer lending will grow from 0.8 billion pounds to 1.0 billion pounds. Moreover, the number of approved mortgage applications should increase from 65,409 to 65,990. And just because the dollar is heavily overbought, the data on the lending market will have a beneficial effect on the pound. But only if the forecasts are confirmed. If the data turns out to be worse than forecasts, then the market will ignore them.

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The EUR/USD pair continued to delight the speculators with a downward movement, having descended more than 130 points in two trading days. Considering the trading chart in general terms, we see that the local low of 1.2381 has fallen under the pressure of short positions, leaving behind only impulse candles, I will note without any pullbacks and slowdowns.

It is likely to assume that the dollar in the current period of time, is clearly overbought, and stagnation - a pullback is seen as a fairly realistic picture. The point of the supports in this case can serve as close to having the coordinates of 1.2350, which reflects the mirror level of the 2016-2017 year. It is also worth considering the moment that if the pressure of the bears does not subside, then getting into the band with more extended boundaries of 1.2300/1.2370 will be delayed for the next day.

From the point of view of a comprehensive indicator analysis, we see that a downward interest keeps us on all the major time intervals and only in the event of stagnation the first interest shift can occur starting from the smaller time frames.

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Technical analysis of ETH/USD for 29/07/2019:

Crypto Industry News:

According to a published press release, the Greek billionaire and television director Alka David and his Swiss consortium launched the SWX Coin token supported by cannabis.

According to the announcement, the consortium also launched the Swissx Bank of Cannabis to handle the token. The stock exchange will be based in Gstaad, Switzerland, and soon the Caribbean headquarters will be announced. The token is supposedly based on Blockchain Bitcoin, and a single unit is directly related to the median of the global premium cannabis flower price.

Initially, the bank and its coin will probably manage all Swissx financial transactions with its partners in the United States, Europe, and the Caribbean, but the coin was designed to be a transparent system for all transactions. Swissx also claims that Prime Minister Kitts-Nevis Denzil Douglas joined the bank's board.

SWX will supposedly be used to pay farmers and will be exchangeable for cash at any time.

Technical Market Overview:

The ETH/USD pair keeps trading inside of a narrow price range between two levels of $189.91 - $223.38. The bulls did not make any decision regarding the possible move higher, so the bullish momentum is decreasing as the price goes nowhere fast. In order to continue the move upwards, the bulls must break through the Fibonacci retracement levels located at $223.38, $233.77 and $244.16. Oterwise, the market will stay inside of the trading range or will be pushed lower by bears to test the technical support at the level of $189.91 again.

Weekly Pivot Points:

WR3 - $247.21

WR2 - $236.28

WR1 - $220.47

Weekly Pivot - $209.37

WS1 - $191.97

WS2 - $182.25

WS3 - $161.51

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 sooner or later.

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Elliott wave analysis of EUR/JPY for July 29, 2019

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EUR/JPY is currently correcting the strong spike up form the 120.02 low. Ideally support in the 120.54 - 120.69 will capture the downside for a break above minor resistance at 121.13. A break above this minor resistance, will indicate the completion of the corrective decline and the beginning of a new impulsive rally higher to at least 122.13 and ideally well beyond here confirming a long-term bottom was seen at 120.02 and a new impulsive rally is developing as wave III.

R3: 121.84

R2: 121.68

R1: 121.38

Pivot: 121.13

S1: 120.69

S2: 120.54

S3: 120.44

Trading recommendation:

We are long EUR from 120.85 with our stop placed at 120.00

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Technical analysis of BTC/USD for 29/07/2019:

Crypto Industry News:

On Thursday, July 25, on the panel at which Russian officials, lawyers and economists appeared, the regulation of the cryptocurrency market was discussed. The event took place in the "Gazeta Parlamentarna" conference center, an editorial board managed by the Federal Assembly, the Russian Parliament.

The experts concluded that the integration of cryptocurrencies with the Russian financial system is a matter of a distant future. They added that issuing money other than the ruble is considered illegal by the Constitution.

Second, financial supervisors are confused about the origin of Bitcoin and other digital currencies. There are also fears that many criminals may use cryptocurrencies for illegal purposes.

The round table was moderated by Senator Ludmila Bokowa, who is the first deputy chairman of the Council of the Federation Committee on Constitutional Legislation and State Construction. She stated:

"I consider it advisable not to force the [crypts market] process, but to analyze the experiences of larger [global] economies. Let's see how regulations are implemented there and what benefits or damages the country can get after introducing such regulations. "

The guests of the meeting were, among others Dmitry Zacharov, a member of the Legal Affairs Committee for the Digital Economy of the Russian Lawyers Association, Mikhail Bykowski, member of the Fintech thematic working group as part of the Digital Economy Competence Center and Arseny Poyarkov, vice president of the National Association for Digital Economy.

Technical Market Overview:

The BTC/USD pair has tested the technical support located at the level of $9,070 and bounced strongly off it towards the level of $9.521. There is interesting H4 candlestick that was left as a result of this price action which indicated a potential move higher, but so far the price is still under the trendline. Only a sustained breakout above the trendline might be the clue from the market that the wave C is completed and now it is a time for another impulsive rally. The next technical resistance is seen at the level of $10,166.

Weekly Pivot Points:

WR3 - $11,468

WR2 - $11,040

WR1 - $10,062

Weekly Pivot - $9,661

WS1 - $8,704

WS2 - $8,287

WS3 - $7,289

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 GBP/USD for 29/07/2019:

Technical Market Overview:

The GBP/USD pair has broken below the local support at the level of 1.2381 and made a new local low at the level of 1.1261 at the time of writing. The inability of bulls to bounce more than to the level of the nearest technical resistance is a clear example of a strong bear market in which sellers have control over the price. The momentum indicator remains weak nad negative, which indicated a further possible spike towards the level of 1.2100. The trend is still down and there are no signs of a trend reversal yet.

Weekly Pivot Points:

WR3 - 1.2594

WR2- 1.2550

WR1 - 1.2446

Weekly Pivot - 1.2406

WS1 - 1.2296

WS2 - 1.2257

WS3 - 1.2154

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 1.2100 and 1.1983. All the corrections are just the local correction inside of a downtrend.

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Technical analysis of EUR/USD for 29/07/2019:

Technical Market Overview:

The EUR/USD pair is still trading above the key technical support at the level of 1.1108. The short-term bounce from this level did not change the difficult situation for bulls as the spike up was not even able to break through the technical resistance at the level of 1.1181. The momentum is still weak and negative and there are no signs of a trend reversal. The next target for bears is located at the level of 1.1023.

Weekly Pivot Points:

WR3 - 1.1307

WR2- 1.1265

WR1 - 1.1188

Weekly Pivot - 1.1140

WS1 - 1.1055

WS2 - 1.1016

WS3 - 1.0927

Trading recommendations:

After the level of 1.1181 gas been violated, the best strategy for the current market conditions is to trade with the larger timeframe trend, which is still down. The Ending Diagonal pattern has not been finished yet and the bears are in full control of the market. The longer-term target is seen at the level of 1.0814, from where the traders can expect a larger rebound.

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Forecast for EUR/USD on July 29, 2019

EUR/USD

On Friday, the dollar strengthened against all major currencies, the dollar index added 0.20%. The euro fell by 18 points. On this day, optimism for the markets was set by good data on US GDP - for the 2nd quarter, the increase was 2.1% against the expected 1.8%. There was a slight correction this morning. Range support of 1.1107/16 from two attempts (July 25 and 26) has defended itself, the price continues to consolidate in the range of the last four days. Tomorrow will be a difficult day - the Bank of Japan announces a decision on monetary policy, consumer spending indicators in Germany and France will also be released, and on income/expenditure of consumers in the United States. Forecasts are optimistic for the dollar; German GfK Consumer Climate for August is expected to decrease from 9.8 to 9.7, US consumer spending for June may increase by 0.3%.

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On the daily chart, the Marlin oscillator develops with a slight increase, in fact, it is a reaction to the price consolidation without signs of rising or falling, that is, the market, regardless of the events of recent days, took a short breather.

On the four-hour chart, the Marlin is already in the growth zone, but there are no reversal patterns - this is a sign of the oscillator being depleted before further decline to the trend. Corrective price exit for the upper limit of the 1.1155 range is possible, but above it is the MACD line, so we wait for the outset to continue until tomorrow. In the future, we are waiting for the price at 1.1074 - at the Fibonacci level of 123.6% and 1.0985 - at the level of 138.2%.

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Forecast for GBP/USD on July 27, 2019

GBP/USD

On Friday, the British pound fell by 70 points, to the nearest target of 1.2280 less than 100 points remained, where the price is waiting for the support of the embedded line of the price channel. On the daily chart, the Marlin oscillator is not in a hurry to fall, which indicates that there is still a potential to decline, in particular, to the second goal of 1.2055, also determined along the line of the price channel.

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On the four-hour chart, the price went deep enough below the balance and MACD line, the signal line of the Marlin oscillator also did not very quickly go into the negative zone. The trend is completely declining.

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Technical analysis: Important Intraday Levels For EUR/USD, July 29, 2019

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When the European market opens, some economic data will be released such as Spanish Flash CPI y/y. The US will not publish any economic data today, 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: 1.1183. Strong Resistance: 1.1177. Original Resistance: 1.1166. Inner Sell Area: 1.1155. Target Inner Area: 1.1129. Inner Buy Area: 1.1103. Original Support: 1.1092. Strong Support: 1.1081. Breakout SELL Level: 1.1075. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis: Important Intraday Levels for USD/JPY, July 29, 2019

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In Asia, Japan will release the Retail Sales y/y and the US will not publish any economic data today. 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 : 109.03. Resistance. 2: 108.82. Resistance. 1: 108.61. Support. 1: 107.34. Support. 2: 107.13. Support. 3: 107.92. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Forecast for AUD / USD pair on July 29, 2019

AUD / USD pair

Last Friday, the "Australian" pushed through the support node with force from the trend line of the price channel to the indicator support balance and MACD. The decline was 39 points, where it slowed down on the red line of the price channel of a higher price scale.

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On the H4 graph, a weak divergence formed on the Marlin oscillator. It is possible to return the price to the price channel that has become the resistance (blue line) at 0.6935 on the daily chart. On H4, the marlin will exit even more and once again, the market will be able to get accustomed to the "bearish" goals. The most noticeable target of 0.6866 is the low of May 17-23.

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EUR/USD approaching support, potential bounce!

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EURUSD is approaching our first support where we are expecting a bounce above this level.

Entry: 1.1120

Why it's good : Horizontal swing low support

Stop Loss : 1.1062

Why it's good : 100% Fibonacci extension

Take Profit : 1.1185

Why it's good: Horizontal pullback resistance, 23.6% Fibonacci retracement, 100% Fibonacci extension

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NZD/USD testing support, potential bounce!

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NZDUSD testing support, potential bounce!

Description :

Price is testing its support at 0.6616 where it could bounce back to its resistance.

Entry: 0.6616

Why it's good : horizontal overlap support, 76.4% Fibonacci retracement, 100% Fibonacci extension

Stop Loss : -

Why it's good : -

Take Profit : 0.6656

Why it's good: 100% Fibonacci extension, horizontal overlap resistance

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USD/JPY bouncing off 1st support, further rally!

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USDJPY bouncing off 1st support at 108.365 where a further rally could occur.

Entry :108.365

Why it's good : 23.6% Fibonacci retracement

Horizontal swing low support

Take Profit : 108.75

Why it's good : horizontal swing high resistance

100% Fibonacci extension

78.6% Fibonacci retracement

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Fractal analysis of major currency pairs on July 29

Forecast for July 29:

Analytical review of H1-scale currency pairs:

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For the euro / dollar pair, the key levels on the H1 scale are: 1.1212, 1.1195, 1.1174, 1.1162, 1.1119, 1.1104 and 1.1073. Here, the price is in the correction zone from the downward structure on July 18. The continuation of the movement to the top is expected after the price passes the noise range 1.1162 - 1.1174. In this case, the goal is 1.1195. Price consolidation is near this level. For the potential value for the top, we consider the level of 1.1212.

Short-term downward movement is possible in the range of 1.1119 - 1.1104. The breakdown of the latter value will allow us to expect movement towards a potential target - 1.1073. From this level, we expect a rollback to the top.

The main trend is the local downward structure of July 18, the stage of correction.

Trading recommendations:

Buy 1.1175 Take profit: 1.1195

Buy 1.1197 Take profit: 1.1212

Sell: 1.1119 Take profit: 1.1105

Sell: 1.1103 Take profit: 1.1075

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For the pound / dollar pair, the key levels on the H1 scale are: 1.2448, 1.2415, 1.2398, 1.2354, 1.2315 and 1.2294. Here, we determined the subsequent targets from the downward structure on July 19. The continuation of the movement to the bottom is expected after the breakdown of the level of 1.2354. In this case, the target is 1.2315. For the potential value for the bottom, we consider the level of 1.2294. After reaching which, we expect consolidation, as well as rollback to the top.

Short-term upward movement is possible in the range of 1.2398 - 1.2415. The breakdown of the last value will lead to a deep correction. Here, the target is 1.2448. This level is a key support for the downward structure.

The main trend is the downward cycle of July 19.

Trading recommendations:

Buy: 1.2398 Take profit: 1.2414

Buy: 1.2417 Take profit: 1.2448

Sell: 1.2354 Take profit: 1.2320

Sell: 1.2315 Take profit: 1.2295

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For the dollar / franc pair, the key levels on the H1 scale are: 0.9952, 0.9930, 0.9919, 0.9888, 0.9871 and 0.9850. Here, we are following the development of the ascending structure of July 22. Short-term upward movement is possible in the range of 0.9941 - 0.9952. The breakdown of the latter value will lead to movement to the potential target - 0.9970. From this level, we expect a rollback to the bottom.

Short-term downward movement is possible in the range of 0.9919 - 0.9908. The breakdown of the latter value will lead to a prolonged correction. Here, the target is 0.9888. This level is a key support for the upward structure.

The main trend is the ascending structure of July 22.

Trading recommendations:

Buy : 0.9941 Take profit: 0.9950

Buy : 0.9954 Take profit: 0.9970

Sell: 0.9919 Take profit: 0.9909

Sell: 0.9907 Take profit: 0.9888

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For the dollar / yen pair, the key levels on the scale are : 109.48, 109.29, 108.94, 108.74, 108.54, 108.40, 108.16 and 107.92. Here, we are following the development of the ascending structure of July 18. Short-term upward movement is expected in the range of 108.74 - 108.94. The breakdown of the last value should be accompanied by a pronounced upward movement. In this case, the target is 109.29. We consider the level of 109.48 to be a potential value for the top. Upon reaching this level, we expect consolidation as well as a rollback to the bottom.

Short-term downward movement is possible in the range of 108.54 - 108.40. The breakdown of the last value will lead to a prolonged correction. Here, the goal is 108.16. This level is a key support for the upward structure. Its price passage will have to form the initial conditions for the downward cycle. Here, the potential goal is 107.92.

The main trend: the ascending structure of July 18.

Trading recommendations:

Buy: 108.75 Take profit: 108.92

Buy : 108.95 Take profit: 109.29

Sell: 108.54 Take profit: 108.42

Sell: 108.38 Take profit: 108.16

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For the Canadian dollar / Us dollar pair, the key levels on the H1 scale are: 1.3279, 1.3259, 1.3217, 1.3201, 1.3157, 1.3140, 1.3117 and 1.3085. Here, we determined the subsequent targets from the local ascending structure on July 25th. The continuation of the movement to the top is expected after the price passes the noise range 1.3201 - 1.3217. In this case, the goal is 1.3259. For the potential value for the top, we consider the level of 1.3279. After reaching which, we expect consolidation, as well as a rollback to the bottom.

Short-term downward movement is possible in the range of 1.3157 - 1.3140. The breakdown of the latter value will have to form a downward structure. Here, the first target is 1.3117. For the potential value for the bottom, we consider the level of 1.3085.

The main trend is the local ascending structure of July 25.

Trading recommendations:

Buy: 1.3217 Take profit: 1.3257

Buy : 1.3260 Take profit: 1.3278

Sell: 1.3157 Take profit: 1.3140

Sell: 1.3138 Take profit: 1.3118

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For the Australian dollar / Us dollar pair, the key levels on the H1 scale are : 0.6958, 0.6934, 0.6921, 0.6907, 0.6888 and 0.6852. Here, we follow the development of the downward structure of July 18. Short-term downward movement is expected in the range of 0.6907 - 0.6888. From here, we expect a key turn to the top. The breakdown of the level of 0.6888 will lead to a move to a potential target of 0.6852. But in this case, we expect an unstable trend development.

Short-term upward movement is possible in the range of 0.6921 - 0.6934. The breakdown of the latter value will lead to a prolonged correction. In this case, the target is 0.6958.

The main trend - the downward structure of July 18.

Trading recommendations:

Buy: 0.6921 Take profit: 0.6934

Buy: 0.6936 Take profit: 0.6955

Sell : 0.6905 Take profit : 0.6890

Sell: 0.6884 Take profit: 0.6855

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For the euro /yen pair, the key levels on the H1 scale are: 122.07, 121.62, 121.47, 121.26, 120.92, 120.74 and 120.49. Here, the price forms the initial conditions for the upward movement of July 25. The continuation of the movement to the top is expected after the breakdown of the level of 121.26. In this case, the goal is 121.47. We expect clearance of the expressed structure to the level of 121.62. For the potential value for the top, we consider the level of 122.07. The movement to which is expected after the breakdown of the level of 121.62.

Consolidated movement is possible in the range of 120.92 - 120.74. The breakdown of the last value will lead to a prolonged correction. Here, the goal is 120.49. This level is a key support for the top.

The main trend is the formation of the initial conditions for the upward cycle of July 25.

Trading recommendations:

Buy: 121.26 Take profit: 121.45

Buy: 121.64 Take profit: 122.05

Sell: 120.72 Take profit: 120.54

Sell: 120.45 Take profit: 120.10

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For the pound / yen pair, the key levels on the H1 scale are : 134.93, 134.62, 134.45, 134.24, 134.10, 133.68 and 133.38. Here, we are following the formation of the downward structure of July 25. The continuation of the movement to the bottom is expected after the price passes the noise range 134.24 - 134.10. In this case, the goal is 133.68. We consider the level of 133.38 to be a potential value for the bottom. After reaching which, we expect consolidation, as well as a rollback to the correction.

Short-term upward trend is possibly in the range of 134.45 - 134.62. The breakdown of the last value will lead to a prolonged correction. Here, the goal is 134.93. This level is a key support for the downward structure.

The main trend - the formation of the potential for the bottom of July 25.

Trading recommendations:

Buy: 134.45 Take profit: 134.60

Buy: 136.64 Take profit: 134.90

Sell: 134.10 Take profit: 133.70

Sell: 133.65 Take profit: 133.40

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

Control zones USDCHF 07/29/19

Since the closing of last week's trading occurred above the WCZ 1/2 0.9925-0.9914. The downward momentum can be considered complete. The new phase gives you the opportunity to enter a long position. Today's support is the WCZ 1/4 0.9890-0.9885. The zone is within the average daytime running, so it is a great place to look for a point of entry to purchase.

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Work within the upward impulse may require a deeper correction. In this case, a local accumulation zone will be formed.

The second option, which is a time-stretched entry to purchases, is the test of WCZ 1/2 0.9835-0.9825. One day will not be enough for such a fall, so a decline to the specified zone should be considered as a weekly goal. It is difficult to consider purchases from current levels, since the size of the stop loss will be quite large.

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Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.

Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change several times a year.

Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.

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

Control zones USDCAD 07/29/19

Today's trading takes place near the WCZ 1/4 1.3155-1.3151, which makes it possible to consolidate a part of sales that were opened on Friday. If there is no short position yet, you will need to wait for the breakdown of the specified zone and the closure of the US session below it. This will allow a more conservative entry into the market tomorrow. The next decline target will be the WCZ 1/2 1.3111-1.3103.

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It is important to understand that sales made from a weekly control zone need to be transferred to breakeven after the test of the WCZ 1/4, since the upward movement is now an impulse.

An alternative growth model will become relevant if the pair fails to consolidate below the WCZ 1/4. In this case, a false breakdown pattern of Friday's low will form today. This will provide an opportunity to enter the purchase, the purpose of which will be to update the monthly high. Further growth will depend on the extremum test.

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Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.

Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change several times a year.

Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.

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

Control zones NZDUSD 07/29/19

The downward movement is a mid-term impulse. This makes it possible to keep last week's sales open. It is important to understand that the close of trading on Friday occurred below the range of the average weekly move. This suggests an increase in the probability of a return of up to 90%. A high probability of a return may provide better prices for selling.

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After returning to the framework of last week's average move, a search for a resistance zone will be required. This is necessary to enter a short position in a simple pattern.

The alternative option of falling without returning to the middle course has a low probability, so it is better not to make sales from current grades. If the fall continues without a return, then it is necessary to find a significant support level target in order to enter a correctional long position, since the probability of a return is 90%.

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Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.

Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change several times a year.

Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.

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

Control zones GBPUSD 07/29/19

The opening of trading of the current week occurred at the level of a monthly low, which indicates a downward priority. Retention of sales is the basis of a trading plan. Any growth must be perceived as corrective and used for repeated entries in a short position. The closest resistance is the WCZ 1/4 1.2467-1.2459, the test of which obliges you to consider selling patterns.

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The fall can be continued from the current levels. In this case, selling will not be profitable, since it is not possible to set an adequate stop loss.

An alternative model will be developed if growth exceeds Friday's fall. The probability of forming such a model is 30%, which makes it auxiliary. Closing today's trading above the level of 1.2467 will move the movement into the flat phase, where the weekly extremes will take the first place.

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

GBP/USD. July 28th. Results of the week. Boris Johnson's statements on Brexit are surprising

4-hour timeframe

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The amplitude of the last 5 days (high-low): 80p - 58p - 64p - 96p - 81p.

Average amplitude for the last 5 days: 76p (86p).

Sometimes political games start to look ambiguous and raise many questions. It is obvious that ordinary citizens see only the "tip of the iceberg" of all political processes in any country. At the same time, any government shows the "picture" so that the population clearly understands the vector of political actions. In the UK over the past three years, there have often been questions to the government, which is not something about not being able to bring an end to Brexit, but that they cannot even come to a common opinion on which scenario it should be implemented. One gets the feeling that such a "hanging" state is beneficial for the UK government. How it can be beneficial is only known to the government itself. However, a long time ago, it was clear to any ordinary citizen that Theresa May's deal does not suit the Parliament. That the EU leaders are not satisfied with the proposal to remove the "backstop" mechanism from the current deal. And what do we have in the end? Boris Johnson assumes the post of prime minister and immediately declares that in order to conclude an agreement with the European Union, Brussels must make concessions on the issue of the North Irish border. But the European Union did not take any steps towards new negotiations. Brussels has been saying for several months now that the current version of the agreement is the best that it can offer. Immediately after this controversial speech by Johnson, the European Union once again makes an official statement that there will be no new negotiations. This statement is not made by just "some" member of the European Commission, but by Jean Claude Juncker, its head. And what does Johnson answer him literally in 2 days? Johnson reports that in order to sign a new agreement, the European Union must abandon the "spare mechanism" at the border between Northern Ireland and Ireland. As a result, traders more and more begin to regard the whole situation as some kind of pun, and in the meantime the pound sterling continues to calmly fall, because there is simply nothing left for it.

Trading recommendations:

The pound/dollar currency pair resumed the downward movement. Therefore, it is now recommended to continue selling the pound sterling with the goal of a support level of 1.2303.

After the pair has been consolidated above the critical line, it will be possible to buy the British currency, however, with extreme caution and small lots. The first goal is the 1.2591 level.

In addition to the technical picture should also take into account the fundamental data and the time of their release.

Explanation of the illustration:

Ichimoku indicator:

Tenkan-sen - the red line.

Kijun-sen - the blue line.

Senkou Span A - light brown dotted line.

Senkou Span B - light purple dotted line.

Chikou Span - green line.

Bollinger Bands indicator:

3 yellow lines.

MACD Indicator:

Red line and histogram with white bars in the indicator window.

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

EUR/USD. July 28th. Results of the week. What does the US GDP figures show?

4-hour timeframe

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The amplitude of the last 5 days (high-low): 78p - 19p - 64p - 29p - 86p.

Average amplitude for the last 5 days: 55p (53p).

On Friday, July 26, the EUR/USD pair resumed its downward movement, having previously adjusted to the critical line. The ECB meeting was the main event of last week, after which it became clear that the regulator is preparing to reduce rates, restart the quantitative easing program. That is, the current state of the EU economy forces Draghi to go for softening measures. In addition, a preliminary report on US GDP for the second quarter was published on Friday. It turned out that there was a 2.1% growth while the forecast was +1.8%. As we mentioned on Friday morning, it doesn't matter how much GDP growth slows down compared to the first quarter, it's important whether it exceeds the forecast value. It exceeded so the US dollar again received support for the Forex market. In addition, we have repeatedly said that until the ECB begins to tighten monetary policy, it will be difficult for the European currency to expect long-term strengthening, since all US macroeconomic indicators are much higher. Accordingly, even if the "numbers" are falling in the United States, the situation over there still remains better than in the eurozone. Now the Fed may lower the key rate on July 31, but traders are unlikely to actively get rid of the dollar, since this decision was expected by market participants, and the refinancing rate will then be at 2.25%, and in the eurozone it will be at a 0.0% level. Despite expectations of an easing in US monetary policy, the dollar showed no excitement. Technically, the euro/dollar has updated two-year lows this week, respectively, it has all the technical grounds to continue falling.

Trading recommendations:

EUR/USD rebounded from the Kijun-Sen line. Thus, it is now recommended to re-sell the euro with targets at levels 1.1101 and 1.1072 and maintain open shorts until the MACD reverses to the top.

We recommend buying the euro/dollar pair dollar not earlier than when traders overcome the Kijun-sen line with targets at 1.1185 and 1.1269, but with minimal lots, since the bulls remain extremely weak.

In addition to the technical picture should also take into account the fundamental data and the time of their release.

Explanation of the illustration:

Ichimoku indicator:

Tenkan-sen - the red line.

Kijun-sen - the blue line.

Senkou Span A - light brown dotted line.

Senkou Span B - light purple dotted line.

Chikou Span - green line.

Bollinger Bands indicator:

3 yellow lines.

MACD Indicator:

Red line and histogram with white bars in the indicator window.

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