Fractal analysis of major currency pairs on July 12, 2021

Outlook on July 12:

Analytical overview of popular currency pairs on the H1 chart:

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The key levels for the EUR/USD pair are 1.1986, 1.1957, 1.1933, 1.1890, 1.1848, 1.1825, and 1.1783. The upward trend from July 8 is expected to develop after the level of 1.1890 is broken. Here, the target is 1.1933. After that, short-term growth and consolidation can be expected in the range of 1.1933 - 1.1957. The final potential upward target is 1.1986. After reaching it, a downward pullback can be expected.

A short-term decline, in turn, is possible in the 1.1848 - 1.1825 range. If the latter is broken, the development of a downward trend will be in favor. The potential target is 1.1783.

The main trend is the upward trend from July 8.

Trading recommendations:

Buy: 1.1890 Take profit: 1.1932

Buy: 1.1934 Take profit: 1.1955

Sell: 1.1848 Take profit: 1.1827

Sell: 1.1823 Take profit: 1.1785

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The key levels for the GBP/USD pair are 1.4051, 1.4009, 1.3968, 1.3919, 1.3871, 1.3840, and 1.3802. The price has been moving in a bullish trend since July 8. We expect this trend to continue after the level of 1.3919 is broken. The target is set at 1.3968 and the price may consolidate around it. Its breakdown will allow us to move to the next level of 1.4009. We also expect a price consolidation near it. The ultimate potential upward target is 1.4051, from which a downward pullback is expected.

A short-term decline is likely in the range of 1.3871 - 1.3840. If the last value is broken, a deep correction will follow. The target is set at 1.3802, which is also the key support level.

The main trend is the upward trend from July 8.

Trading recommendations:

Buy: 1.3919 Take profit: 1.3967

Buy: 1.3970 Take profit: 1.4007

Sell: 1.3870 Take profit: 1.3842

Sell: 1.3838 Take profit: 1.3802

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The key levels for the USD/CHF pair are 0.9234, 0.9200, 0.9182, 0.9131, 0.9100, 0.9050 and 0.9031. The price has formed a strong downward trend from July 7. We expect the downward movement to resume after the level of 0.9131 is broken. The target is set at 0.9100 and the price may consolidate near it. If this target is broken, a strong decline will continue to the target of 0.9050. The final potential downward target is 0.9031. After reaching it, the price may consolidate and pull back upwards.

Short-term growth is possible in the 0.9182 - 0.9200 range. If the level of 0.9200 is broken, a deep correction will occur. The target is set at 0.9234, which is also the key support level.

The main trend is the downward trend from July 7.

Trading recommendations:

Buy: 0.9182 Take profit: 0.9200

Buy: 0.9203 Take profit: 0.9234

Sell: 0.9130 Take profit: 0.9103

Sell: 0.9098 Take profit: 0.9050

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The key levels for the USD/JPY pair are 110.71, 110.43, 110.21, 109.84, 109.51, 109.36, 109.13 and 108.99. The price has been moving in a bearish trend since July 1. We expect this trend to extend after the level of 109.84 is broken. The target is set at 109.51. After that, the price may consolidate in the range of 109.51 - 109.36. The ultimate potential downward target is 108.99. A movement to this level is expected after the breakdown of 109.35.

Short-term growth can be expected in the range of 110.21 - 110.43. If the latter is broken, a deep correction will occur. The target is set at 110.71, which is also the key support level.

The main trend is the downward trend from July 1.

Trading recommendations:

Buy: 110.21 Take profit: 110.40

Buy: 110.44 Take profit: 110.70

Sell: 109.82 Take profit: 109.51

Sell: 109.35 Take profit: 109.14

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The key levels for the USD/CAD pair are 1.2695, 1.2636, 1.2609, 1.2538, 1.2450, 1.2400, and 1.2303. The price has been moving in an upward trend since July 6. We expect this trend to resume after the level of 1.2538 is broken. The target is set at 1.2609. After that, short-term growth and consolidation can be expected in the 1.2609 - 1.2636 range. The final potential upward target is 1.2695. After reaching it, a downward pullback can be expected.

On the other hand, a short-term decline is likely in the range of 1.2450 - 1.2400, hence an upward reversal is very possible. If the last value is broken, it will favor the development of a downward trend. The target is set at 1.2303.

The main trend is the upward trend from July 6.

Trading recommendations:

Buy: 1.2540 Take profit: 1.2609

Buy: 1.2637 Take profit: 1.2695

Sell: 1.2449 Take profit: 1.2403

Sell: 1.2495 Take profit: 1.2310

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The key levels for the AUD/USD pair are 0.7538, 0.7497, 0.7440, 0.7409, 0.7390, 0.7354, 0.7319 and 0.7291. The price has been moving in a bearish trend since July 6, but it is currently in a deep correction. We expect it to further decline after the level of 0.7440 is broken, The first target is set at 0.7409. After that, a short-term decline is expected in the 0.7409 - 0.7390 range. If the latter is broken, strong movement will resume to the target of 0.7354. The price may consolidate near it. If this target is broken, it will allow us to move to the level of 0.7319. The ultimate potential downward target is 0.7291. After reaching it, the price may pull back upwards.

Meanwhile, the key support for the downside is the level of 0.7497. Its breakdown will encourage the development of an upward trend. The first potential target is 0.7538.

The main trend is the downward trend from July 6, correction stage.

Trading recommendations:

Buy: 0.7500 Take profit: 0.7530

Buy: Take profit:

Sell: 0.7440 Take profit: 0.7410

Sell: 0.7388 Take profit: 0.7356

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The key levels for the EUR/JPY pair are 131.82, 131.63, 131.16, 130.89, 130.56, 130.33, 130.03, 129.57, and 129.16. The price has been forming an upward trend since July. In this case, we expect a short-term growth in the 130.89 - 131.16 range. If the level of 131.16 is broken, strong growth will continue to the target of 131.82. After that, the price may consolidate in the range of 131.63- 131.82.

In turn, a short-term decline is possible in the range of 130.56 - 130.33. If the latter is broken, a deep correction will occur. The target is set at 130.03, which is also the key support level.

The main trend is the formation of an upward trend from July 8.

Trading recommendations:

Buy: 130.90 Take profit: 131.14

Buy: 131.18 Take profit: 131.63

Sell: 130.56 Take profit: 130.35

Sell: 130.31 Take profit: 130.05

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The key levels for the GBP/JPY pair are 154.73, 154.40, 153.58, 153.28, 152.53, 152.25 and 151.70. The price has been moving in a bullish trend since July 8. Now, we expect a short-term growth in the 153.28 - 153.58 range. If the latter is broken, strong growth will continue to the target of 154.40. The final potential upward target is 154.73. After reaching it, the price may consolidate and pull back downwards.

A short-term decline is likely in the range of 152.53 - 152.25. If the last value is broken, it will lead to a deep correction. The target is set at 151.70, which is also the key support level.

The main trend is the upward trend from July 8.

Trading recommendations:

Buy: 153.28 Take profit: 153.57

Buy: 153.61 Take profit: 154.40

Sell: 152.53 Take profit: 152.26

Sell: 152.21 Take profit: 151.74

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

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