Weak economic reports on the inflation and retail sales continue to pressure the US currency.
There were aggressive sales of USD/JPY on Friday. I plan to open deals in the current trend direction. The currency is in the process of consolidation now. I’ll look for entry points into short positions, if the price fixes below the 112.50 local support. Potential movement - to 112.25-112.00. This transaction can last for several days.
The Canadian dollar continued to strengthen against the US dollar during the last week. I don’t exclude the possibility of a technical correction now. The USD / CAD currency pair has formed a very strong reversal formation – the divergence of price and MACD histogram. I’ll buy USD/CAD, if the price fixes above the 1.2680 local resistance. Target movement - to 1.2740.
There are aggressive sales on GBP/USD. GB published a weak report on the inflation. I’ll open deals in the current trend direction. I plan to wait for the retest of the “mirror” resistance. The goal for fixing profits is the 1.3000 round level. This transaction can last for several days
Bullish sentiment continues dominating on EUR/USD. I plan to buy the pair, if the price fixes above the 1.1535 local resistance level. Potential movement - to 1.1575. I don’t exclude that EUR/USD may consolidate before the ECB meeting will be held this Thursday, July 20.
A weak report of the GB inflation caused a sharp fall of GBP/USD. The currency is consolidating at the moment. I think that there may be a downward trend continuation. I’ll sell the pair after the price fixes below the 1.3010 local support. Potential movement – to 1.2965.
The bullish sentiment is prevailing on NZD/USD now. However, I don’t exclude a technical correction in the near future. The divergence of price and MACD – a fairly strong reversal formation – was formed. I’ll sell the pair, if its price fixed near the 0.7355 local support. The goal for taking profit is 0.7330. The deal will be countertrend. My risk will be lower at the deal opening.
The divergence of MACD and price has started to implement on the USD/CAD H1 timeframe. Bears prevail on the pair. I expect a correction on the Canadian dollar soon. I’ll buy USD/CAD, if the price fixes above the 1.2640 resistance level. The goal for taking profit is 1.2670. Potential entry points may appear during the next several days.
A correction takes place on AUD/USD now. A weak report on the Australian labor marked was published during the Asian trading session. Is continues to pressure the Aussie. I’ll open deals in the current trend direction. I’ll sell, if the price fixes below the 0.7900 round level. Potential movement – to 0.7860.
The demand for the euro has sharply grown after the commentary of the ECB head. However, I think that there may be a technical correction on the EUR/USD pair. I expect the price to return to 1.1580-1.1620 and I’ll buy after it reaches this mark. Confirmations and entry points may be found on lower timeframes. The goal for the price movement is 1.1665. A suitable pattern for deals opening can be formed during the next several days.
A Pin Bar PA pattern has appeared on NZD/USD. I don’t exclude a short-term correction. I’ll open shorts after the price fixes below the 0.7425 local support. The nearest goal for taking profit is 0.7390. My risk will be minimized as it will be a countertrend deal.
Bearish sentiment continues to prevail on USD/JPY. I’ll open deals in the current trend direction and sell the pair after it fixes below the 110.75 local support. Potential movement – to 110.25-110.00. I’ll use a trailing stop for this position.
A weak statistics on business activity indices in Germany and the eurozone was published today. I expect a correction on EUR/USD in the nearest future. I’ll sell, if the price fixes below 1.1635. I think that the euro can reach the 1.1580 support level.
I expect a correction on USD/CHF soon. My fav reversal pattern – the divergence of price & MACD – has appeared on the H1 chart. I’ll buy after the price fixes above 0.9480. Take profit – at 0.9520.
I expect a bullish sentiment on USD/JPY. The technical pattern tells us about a possible correction. The price has retained the 110.70 local support, the MACD histogram began to rise. The yield of US government bonds began to grow again. I’ll buy if the price fixes above the 111.35 local resistance. Potential movement - to 111.80-112.00
The Australian dollar was under pressure amid a weak inflation statistics in Australia during the Asian trading session. The price is testing the 0.7920 mirror resistance level now. I’ll sell AUD/USD, if the price fixes below 0.7910. The goal for taking profit is 0.7880.
A correction was observed on USD/JPY yesterday. The yen has reached the 112.00 round level. It seems to me that the correctional movement can continue. The demand for the US dollar is supported by the growth of yields on US government bonds. I’ll buy the pair, if the price tests and keeps the 111.30-111.50 zone. Potential movement - to 112.00-112.25. Potential entry points into the market may appear within a few days.
Aggressive sales were observed on EUR/USD yesterday. That happened due to the Fed comments. The regulator reported about weak prospects of the inflation growth, which is below the 2% target level. Nevertheless, the technical picture is ambiguous now. I don’t rule out a correction in the near future. I highlighted the following key levels and will open positions from these marks.
Support: 1.1715, 1.1680
Resistance: 1.1745, 1.1775
I’ll sell EUR/USD if the price fixes lower the 1.1715 local support. Potential movement – to 1.1680.
I’ll buy it, if the price fixes above 1.1745. Target movement – to 1.1770-1.1775.
The bullish sentiment prevails on GBP/USD. The price has retained the 1.3125 mirror support level. I expect the further growth of the British currency. I’ll buy, if the price fixes above the 1.3155 local support. Potential movement – to 1.3200.
The news background is quite saturated today. 2 important reports are expected. The statistics on GDP of the US and Canada will be released at 12:30 (GMT). The US economy will be in the focus. The latest economic reports from the United States were mixed. At the same time, experts expect that the economic growth will be 2.6% in the second quarter compared to the previous value of 1.4%. Prior to the statistics release on majors, there won’t be strong trend movements. I’ve identified the following key levels and plan to open deals from these marks.
EUR/USD
support: 1.1680, 1.1615
resistance: 1.1725, 1.1775
