Euro Looks Confident in the Week of Summer

The US Fed Chairman Jerome Powell said on Friday that the regulator might as well consider a possibility of an earlier reduction of its QE program before the end of the year without any particular dates. He also believes that the inflation boost was temporary. In his opinion, it wouldn’t be right to tighten the monetary policy right now.

As a result, the “greenback” got a clear signal: yes, the Fed agrees that the QE program volume should be slowly reduced but the regulator is not going to do anything about it right now.

In the H4 chart, after rebounding from 1.1738, finishing the ascending wave at 1.1770, and then breaking the latter level to the upside, EUR/USD is expected to extend the correction; it has already reached the short-term upside target at 1.1808 and right now is correcting downwards. Possibly, the pair may fall to return to 1.1770 and then start another growth towards 1.1815. Later, the market may resume trading downwards with the target at 1.1711. From the technical point of view, this scenario is confirmed by MACD Oscillator: after re-entering the histogram area, its signal line is moving to the upside.

As we can see in the H1 chart, after breaking 1.1777 and finishing the ascending impulse with the short-term target at 1.1808, EUR/USD is correcting towards 1.1770. Later, the market may start another growth to break 1.1800 and then continue growing with the target at 1.1815. From the technical point of view, this scenario is confirmed by the Stochastic Oscillator: after breaking 50 to the downside, its signal line is steadily moving towards 20.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Crude Oil Correcting Cheerfully

This is the major trigger right now – market players are buying the assets that plunged significantly. A secondary catalyst is a piece of news about an explosion and fire on the platform in the Gulf of Mexico – investors believe that it may cause oil supply problems.

In general, the commodity market may establish conditions for a long-awaited rebound after a stressed period of emotional sales.

In the H4 chart, after reaching the predicted downside target at 67.00, Bret is consolidating below this level; it has already reached the downside border of the range at 65.05. Possibly, today the asset may form a new rising impulse towards 68.27 and then fall to reach 66.66, thus forming another consolidation range near the lows. Later, the market may break the range to the upside and form one more ascending wave with the target at 71.50.

From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is trading below 0 outside the histogram area and may move upwards. In the future, the line is expected to break 0, thus boosting the asset to grow towards new highs on the price chart.

As we can see in the H1 chart, after completing the ascending structure at 66.16 and forming a new consolidation range around this level, Brent is expected to break it to the upside and continue moving upwards with the first target at 67.26. After that, the instrument may correct to test 66.16 from above and then form one more ascending structure with the short-term target at 69.40.

From the technical point of view, this idea is confirmed by the Stochastic Oscillator: after breaking 50 and reaching 80, its signal line is expected to fall and return to 50. Later, the line may rebound and resume moving upwards to reach 80.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Brittish Pound Slowly Plunging

The GDP statistics for the second quarter of 2021 published by the United Kingdom were pretty much as expected, so market players switched their attention to local events. We remind you that the British economy expanded by 4.8% q/q in April-June after losing 1.6% q/q in the first quarter. As one can see, the economy is recovering and the positive report surprised no one and didn’t become a trigger for long-term confidence.

Right now, the Pound is pressured by the USD strength. Investors are pretty sure that the US Federal Reserve System will reduce its QE program sooner than expected due to strong numbers. It’s a great support to the “greenback”, which puts serious pressure on other traded currencies.

As we can see in the H4 chart, after rebounding from 1.3990, GBP/USD is correcting with the target at 1.3781; it has already completed the descending structure at 1.3790 and is currently growing towards 1.3875. Later, the market may fall towards the above-mentioned target and then complete the correction by reaching 1.4000. After that, the instrument may resume trading within the downtrend towards 1.3750.

From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is rising towards 0, a breakout of which may boost the price chart growth. On the other hand, if the line rebounds from 0, it will resume falling towards the lows and the price chart will update its lows as well.

In the H1 chart, GBP/USD is correcting downwards. Possibly, the pair may form a new descending structure towards 1.3832. After that, the instrument may grow to reach 1.3875 and then fall to return to 1.3832. In fact, the asset is expected to consolidate around 1.3832. If the price breaks the range to the downside, the market may resume falling within the downtrend with the target at 1.3750; if to the upside – extend the ascending wave up to 1.4000. After reaching 1.4000, the pair may form a reversal pattern and start a new decline.

From the technical point of view, this scenario is confirmed by the Stochastic Oscillator: its signal line is trading to rebound from 20 to the upside and grow towards 50, a breakout of which may lead to further growth to reach 80.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Crude Oil Falling Too Fast Amid Spread of Covid in Asia

The main reason for sales is an increase in the number of new diseases by the coronavirus — in Japan, China, and Malaysia. This is a very threatening situation for Asia. China, for instance, is one of the main consumers of energy consumers, and a new wave of the pandemic might send the demand for oil down. This is exactly what is pushing oil prices to the bottom.

Moreover, last week it was already obvious that oil reserves in the USA had started to increase. This news has already been included in the price, but there is a risk that the new statistic will confirm the trend.

On H4, Brent oil quotations have demonstrated a wave of decline to 69.10. Today we expect a compact consolidation range to develop around this level. With an escape upwards, a link of growth to 70.88 might follow. With an escape downwards, the correction might extend to 66.10. Then growth to 71.71 might follow. Technically, this scenario is confirmed by the MACD oscillator. Its signal line is trading under zero and has returned to the histogram area. This warns us of a possible further decline.

On H1, Brent completed a wave of decline to 70.85. Today the market has formed a consolidation range around this level and almost reached the next goal of the decline with a gap downwards. This structure can be interpreted as the fifth wave of decline, heading for 69.10. We expect a consolidation area to form around 69.10. With an escape upwards, we expect a link of growth to 70.85.

With an escape downwards, the wave might extend to 66.10. Then growth to 71.00 might follow. The goal is first. Technically, this scenario is confirmed by the Stochastic oscillator. Its signal line is heading strictly upwards. A breakaway of 20 opened a pathway for growth to 50. With a breakaway of this, growth might continue to 80.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Euro Still Holds a Strong Position

The dollar is still coping with the negative influence of the comments by the Fed’s head Jerome Powell. Last week, he stated that interest rates are far from being lifted because the labor market has obstacles to overcome. This disarmed dollar fans who had previously relied on the idea that the Fed would be winding the stimulation up quite soon.

Still, Friday statistics saved the dollar from a more serious slump. Personal expenses of Americans in July grew by 1% m/m against the forecast 0.7% of growth and a preceding decline by 0.1% m/m. The income stabilized and grew by 0.1% m/m after a slump by 2.2% m/m in June. An active anti-coronavirus vaccination canpaign made consumers more mobile, spending more on traveling and leisure.

Moreover, the final CCI by the University of Michigan in June grew to 81.2 points from 80.8 points previously. This also supported the dollar.

On H4, EUR/USD quotations have completed a wave of growth to 1.1840. At the moment, the market has formed a consolidation range around this level, broke through the high of the range, and performed a link of growth to 1.1908. Practically, this level is regarded as the local goal of a correction. Today, the price might drop to 1.1840 (a test from above). After that, another structure of growth to 1.1925 is expected. There the correction should be over, followed by a wave of decline to 1.1755.

Technically, this scenario is confirmed by the MACD. Its signal line has escaped the histogram area and is declining to zero.

On H1, EUR/USD quotations have reached 1.1908 and are trading in a wave of decline to 1.1840. At the moment, the market broke through 1.1875 downwards and completed a link of decline to 1.1850. Today, we expect a link of growth to 1.1875 (a test from below), followed by a decline to 1.1840. Then another structure of growth to 1.1925 might develop.

Technically, this scenario is confirmed by the Stochastic oscillator. Its signal line is trading above 80, which presumes a soon decline to 50, and after it is broken away — to 20.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

EURUSD Testing Significant Support

Inflation is high and may force the American regulator to be more aggressive. Also, there are risks of seeing a reduction in liquidity on behalf of the Fed, while the European Central Bank is expanding its money printing press capacity. Taken together, these factors are in favour of further USD strengthening.

The statistics published today showed that the German Ifo Business Climate dropped to 100.8 points. It means that the German businesses are predisposed more negatively than before as there are serious delivery issues, which, in their turn, put significant pressure on both industrial and retail sectors of the economy.

It was said that over 60% of the companies reported a shortage of raw materials required for manufacturing, as well as an upsurge in raw material prices. In this light, the German industry can not operate at its normal pace. Unfortunately for the European currency, it is happening at a time when the USA is experiencing a relatively powerful economic recovery and this will put additional pressure on the major currency pair.

In the H4 chart, EUR/USD is falling towards 1.1725 and may later correct to reach 1.1800. After that, the instrument may resume trading downwards with the target at 1.1690. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is trading below 0, thus confirming a further downtrend on the price chart.

As we can see in the H1 chart, after falling and reaching 1.1755, EUR/USD has completed the ascending correctional impulse at 1.1800. Possibly, the pair may rebound from the latter level and resume trading within the downtrend with the short-term target at 1.1725. From the technical point of view, this scenario is confirmed by the Stochastic Oscillator: after rebounding from 80, its signal line is steadily moving downwards to reach 50. Later, the line may break 50 and continue falling towards 20.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

EUR/USD Slowly Falling

The “greenback” got some significant support from the latest report on the retail sales in the USA, which showed 0.6% m/m in June after being -1.7% m/m the month before and against the expected reading of -0.4% m/m. The Core Retail Sales report showed 1.3% m/m against market expectations of 0.4% m/m. Despite the fact that Americans are currently spending more money on services, the demand for goods remains quite high.

The preliminary report on the Consumer Sentiment from the University of Michigan disappointed but was barely noticed by investors. Nevertheless, the indicator dropped to 80.0 points in July after being 85.5 points in the previous months, although it was expected to reach 86.5 points.

In the H4 chart, EUR/USD is forming another descending wave with the target at 1.1725. After testing this level, the instrument may continue falling. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving below 0, thus indicating that the descending wave continues.

As we can see in the H1 chart, the asset is also trading downwards and may soon reach 1.1750. Later, the market may form a new correction and then resume trading downwards with the target at 1.1725. From the technical point of view, this scenario is confirmed by the Stochastic Oscillator: its signal line is steadily moving downwards below 25.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Euro Growing a Bit

The data published last Friday by the USD provided good support o the “greenback”. The preliminary report on the UoM Consumer Sentiment showed 78.9 points in September after being 74.1 points in the previous month. The indicator was expected to improve but only up to 75.0 points.

A new week September won’t offer many important numbers from the USA but the ones that are to be published will be connected with real estate and may provide insight into the state of things with both manufacturers and consumers.

However, the lion’s share of investors’ attention will be focused on almost daily speeches to be delivered by the US Federal Reserve Chairman Jerome Powell, who may talk about assessments of the current state of the American economy.

In the H4 chart, EUR/USD is consolidating around 1.1850. If later the price breaks this range to the upside, the market may resume growing to reach 1.1960; if to the downside – start a new decline to break 1.1800 and then continue trading inside the downtrend with the target at 1.1720.

From the technical point of view, this scenario is confirmed by MACD Oscillator: after breaking 0 to the downside, its signal line is testing this level from below. If the level is broken to the upside, it may boost the ascending tendency on the price chart. However, if the line rebounds from 0 and enters the histogram area, the asset will continue trading downwards.

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As we can see in the H1 chart, after completing the ascending wave towards the upside border of the range at 1.1866, EUR/USD is expected to rebound from this level and form a new descending structure towards 1.1835. After that, the instrument may resume trading upwards to reach 1.1875. If later the price breaks this level to the upside, the asset may continue growing towards 1.1890.

However, if the instrument breaks 1.1820 to the downside, it may resume trading inside the downtrend with the target at 1.1800. From the technical point of view, this scenario is confirmed by Stochastic Oscillator: its signal line is moving towards 50. If this level is broken to the downside, it may continue falling to reach 20. Still, if the line rebounds from 50, it may imply further growth towards 80.

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Author: Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

 

Euro Quietly Growing

The Jackson Hole Economic Symposium is ahead and this year the event, which is quite “bombastic” and dramatic for financial markets, will be held online. The highlight of the symposium is a speech by the US Federal Reserve Chairman Jerome Powell on Friday, who is expected to talk about the regulator’s monetary policy outlook. What exactly he is going to say remains an open question but his speech is expected to be very delicate in statements and careful in estimations.

The diplomatic skirmish between the USA and China continues but it’s not the thing that worries market players a lot right now, although it’s a really negative factor which should be kept in sight.

Stay tuned to the RoboForex Blog for exclusive financial forecasts, professional expert analysis, how-to articles and more.

In the H4 chart, EUR/USD is growing towards 1.1814 and may later form a new descending structure to reach 1.1743. This movement may be considered as the first correctional wave. After that, the instrument may start a new growth towards 1.1811 and then resume trading inside the downtrend with the target at 1.1644 or even 1.1500. From the technical point of view, this scenario is confirmed by MACD Oscillator: after breaking 0 to the downside, its signal line is still moving inside the histogram area, thus indicating a further downtrend.

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As we can see in the H1 chart, after completing the ascending structure at 1.1815, which may be considered as a correction of last Friday’s decline, EUR/USD is expected to form a new descending structure to reach 1.1743, which is a part of the fifth structure of the descending wave.

After finishing this wave, the instrument may start a new correction towards 1.1811. From the technical point of view, this scenario is confirmed by Stochastic Oscillator: its signal line is moving above 80 and such a movement implies the final stage of the correction. The indicator is expected to fall and break 50, which may result in a boost of the decline in the price chart.

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Автоматически созданное описание

Author: Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Oil Remains Stable

A positive factor for the oil price was the information about the charter of ships by Chinese oil companies for transporting the oil in August and September. A preliminary volume to be transported from the USA to China is 20 million barrels. It may indicate that the Chinese economy is getting back to life and needs energy resources. For the oil price, it may become a long-term positive factor.

At the same time, a continuous news flow about a possibility of the second wave of COVID-19 pandemic prevents the oil from forming a stable rising movement.

Stay tuned to the RoboForex Blog for exclusive financial forecasts, professional expert analysis, how-to articles and more.

In the H4 chart, Brent is still consolidating around 45.20 and forming a Triangle pattern. Possibly, the asset may rebound from 45.20 to the upside and then form one more ascending wave to break 46.00. Later, the market may continue trading upwards with the target at 47.00 or even 49.00. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving above 0. By entering the histogram area, the line may boost the rising impulse on the price chart.

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As we can see in the H1 chart, Brent is consolidating around 45.20. Today, the asset may grow to reach 45.60 and then resume falling to return to 45.20. After that, the instrument may start another growth to break 45.60 and then continue trading upwards with the target at 46.00. From the technical point of view, this idea is confirmed by Stochastic Oscillator: its signal line is moving to rebound from 50 to the upside. Later, the line is expected to grow to reach 80 and then resume falling towards 20.

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For a look at all of today’s economic events, check out our economic calendar.

Author: Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

USD Managed to Recover

The statistics on the US employment published last Friday helped the USD to recover a little bit and this positive factor is still working for the “greenback”. For example, the Unemployment Rate dropped to 10.2% in July after being 11.1% in June and against the expected reading of 10.5%. The Non-Farm Employment Change showed 1.763M against market expectations of 1.53M.

The Average Hourly Earnings in the USA added 0.2% m/m in July, which is much better than the expected reading of -0.5% m/m.

It goes without saying that the labor market is still trying to rebound after major stress but it’s already clearly seen that the creation of new jobs will require as much as effort as it takes.

Stay tuned to the RoboForex Blog for exclusive financial forecasts, professional expert analysis, how-to articles and more.

In the H4 chart, EUR/USD is correcting downwards to reach 1.1740 and may later form one more ascending wave with the target at 1.1940. After that, the instrument may start a new decline to 1.1700. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving downwards outside the histogram area, thus indicating a correction on the price chart.

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As we can see in the H1 chart, after forming a consolidation range at 1.1828, which may be considered as a downside continuation pattern and a correctional wave, and breaking it to the downside, EUR/USD is expected to resume trading upwards to return to 1.1828. After that, the instrument may continue the correction with the target at 1.1740. From the technical point of view, this scenario is confirmed by Stochastic Oscillator: after rebounding from 80, its signal line is moving downwards. In the future, the indicator is expected to reach 50 and then may return to 80.

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Автоматически созданное описание

Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Oil Fixed Between $43-44

A new stage of the OPEC+ agreement is coming into effect. Starting from August 1st, the daily reduction of oil production is 7.7 million barrels, which is lower than the previous value, 9.7 barrels. This restriction is supposed to be valid for countries members of OPEC+ until the end of the year.

Market players are worried by the possibility of oversupply. It may well be that a stable price for oil might sooner or later boost the USA to increase oil extraction. This is exactly what is putting pressure on the oil right now.

Another thing that pushes the oil price is the coronavirus: the number of new cases is going up, which means that all pandemic-related risks are not going away anywhere.

In the H4 chart, Brent is still correcting towards 42.80. After reaching this level, the asset may form one more ascending wave to break 44.04 and then continue trading upwards with the short-term target at 45.33. Later, the market may correct towards 44.50 and then start another growth to reach 46.46. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving below 0 in the histogram area. After the line leaves the area and breaks 0 to the upside, the correction may be over.

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As we can see in the H1 chart, Brent is consolidating around 43.30; it has already broken this level to the downside and may continue falling to reach the correctional target at 42.80. After that, the instrument may start a new growth to break 43.30 and then continue trading upwards to reach 44.04. And that’s just a half of another ascending wave.

From the technical point of view, this idea is confirmed by Stochastic Oscillator: its signal line is moving to rebound from 50 to the downside. Later, the line is expected to fall to reach 20 and rebound from it. After that, the correction may be over. If later the line breaks 50, the price chart may boost its growth.

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For a look at all of today’s economic events, check out our economic calendar.

Author: Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Gold Updates Its Highs

There were two key triggers for Gold to go up. The first one lies in the investors’ high demand for “safe haven” assets: as long as the USA is looking for a new reason to fight with China, market players are keeping in sight a possibility of escalation. The second trigger is a quick decline in the USD rate. Gold is always inversely correlated with the “greenback” and one can clearly see this happening right now.

Capital markets’ physical demand for Gold is minimum, while the real sector’s demand is even lower. Industries are slowly getting back to their usual routine but their demand for the precious metal isn’t increasing.

Market players have serious doubts that the global economy will recover by a V-trajectory. This is another factor that supports Gold.

Stay tuned to the RoboForex Blog for exclusive financial forecasts, professional expert analysis, how-to articles and more.

As we can see in the H4 chart, XAU/USD is trading upwards; it has already broken 1900.00 and may later continue growing with the target at 2000.00. Possibly, today the pair may reach 1955.90 and then start a new correction towards 1900.00. Later, the market may form one more ascending structure within the uptrend with the above-mentioned target. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving inside the histogram area, thus indicating further uptrend on the price chart towards the next target level.

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In the H1 chart, the uptrend continues. By now, XAU/USD has broken 1920.20 and may continue trading upwards to reach 1950.50. After that, the instrument may form a new descending structure towards 1940.40 and then resume growing with the short-term target at 1962.60. From the technical point of view, the Stochastic Oscillator is moving downwards to reach 50. The indicator is expected to rebound from this level and start a new growth towards 80, thus confirming further uptrend on the price chart.

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Автоматически созданное описание

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Euro Is Going for The Best

The EU summit, which was originally scheduled for two days, Saturday and Sunday, will continue on Monday as well. The European leaders couldn’t agree on the parameters of the stability fund, which is strongly required by many countries that suffered from the coronavirus pandemic. Apart from that, there are nuances in a multi-year financial plan, which should be a basis for the budgets of some particular European countries and the EU itself for 2021-2027.

There are no doubts that the alliance needs tools and mechanisms to support its economy. The question is at whose expense the fund is going to accumulate money, who will control expenditures and choose where to spend money first.

Even with all things considered, market players are looking pretty confident that the outcome will be positive. This is the reason why the demand for the Euro isn’t decreasing.

Stay tuned to the RoboForex Blog for exclusive financial forecasts, professional expert analysis, how-to articles and more.

In the H4 chart, after breaking 1.1430 to the upside, EUR/USD is expected to continue growing towards 1.1480. After that, the instrument may correct to reach 1.1440 or extend the correction down to 1.1340. Later, the market may form one more ascending structure with the target at 1.1550. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving above 0 inside the histogram area, thus indicating a further uptrend on the price chart.

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As we can see in the H1 chart, after forming a consolidation range around 1.1430 and breaking it to the upside, EUR/USD is expected to continue growing towards 1.1488 with no correction. This movement should be considered as an alternative scenario because the price may start plummeting to form such correction with the target at 1.1340 at any moment. From the technical point of view, this scenario is confirmed by Stochastic Oscillator: its signal line is moving above 80. If the line breaks 80 and starts plunging towards 20, it will confirm a sharp decline on the price chart.

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Автоматически созданное описание

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Forex Technical Analysis & Forecast for July 20, 2020

EURUSD, “Euro vs US Dollar”

EURUSD is moving not far from the upside border of a wide consolidation range. Possibly, today the pair may update 1.1455 and then fall towards the downside border at 1.1350. After that, the instrument may grow towards 1.1395. If later the price breaks this range to the upside, the market may resume trading upwards to reach 1.1550; if to the downside – start a new decline with the target at 1.1250.

EURUSD

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is still consolidating around 1.2550. Today, the pair may trade downwards to reach 1.2477 and then resume growing to test 1.2550 from below. Later, the market may start a new decline with the target at 1.2450.

GBPUSD

USDRUB, “US Dollar vs Russian Ruble”

After breaking 71.31 to the upside, USDRUB is expected to continue the correction towards 72.20. Possibly, today the pair may reach this level and then fall to break 71.28. Later, the market may continue trading downwards with the target at 70.00.

USDRUB

USDJPY, “US Dollar vs Japanese Yen”

After finishing the ascending wave and reaching the target at 107.50, USDJPY is expected to continue growing towards 107.60 and then form a new descending structure to break 107.06. After that, the instrument may continue trading inside the downtrend with the target at 106.60.

USDJPY

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating around 0.9444. Possibly, the pair may fall to reach 0.9370 and then grow to break 0.9444. Later, the market may continue trading upwards with the target at 0.9474.

USDCHF

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating around 0.6982. Today, the pair may fall towards 0.6944 and then return to test 0.6982 from below. Later, the market may resume trading downwards to break 0.6944 and then continue falling with the target at 0.6900.

AUDUSD

BRENT

Brent is still correcting towards 42.58. The main scenario suggests that the price may complete this correction and grow with the target at 43.23. After that, the instrument may start a new decline towards 42.95 and then form one more ascending structure to break 43.50. Later, the market may continue trading upwards to reach 44.44.

BRENT

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating around 1803.50. Possibly, today the pair may test this level from above and then form one more ascending structure towards 1812.97. Later, the market may start another decline to return to 1803.50 and then resume trading upwards with the target at 1819.22.

GOLD

BTCUSD, “Bitcoin vs US Dollar”

After finishing the ascending wave at 9212.00, BTCUSD is trading downwards to reach 9136.00. After that, the instrument may resume trading upwards to complete this wave at 9300.00. Later, the market may resume falling to break 9000.00 and then continue moving inside the downtrend with the target at 8700.00.

BITCOIN

S&P 500

The S&P 500 Index is consolidating above 3200.5. Possibly, the asset may break this level to the downside and continue the correction towards 3111.1. However, if the price grows and breaks 3235.5, the market may continue trading upwards to reach 3300.3 and then start a new decline with the target at 3111.1.

S&P 500

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Forex Technical Analysis & Forecast for July 16, 2020

EURUSD, “Euro vs US Dollar”

EURUSD is falling towards 1.1385 and may later correct to reach 1.1416. After that, the instrument may form a new descending structure with the first target at 1.1340.

EURUSD

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading downwards to reach 1.2539 and may later correct towards 1.2591. Later, the market may start a new decline with the target at 1.2454.

GBPUSD

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is falling to break 70.60. Possibly, today the pair may break this level and then continue trading downwards with the target at 69.96. Later, the market may form one more ascending structure to test 70.50 from below and then start a new decline with the target at 69.80.

USDRUB

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed the descending structure at 106.86; right now, it is consolidating around this level. Possibly, today the pair may expand the range up to 107.12 and then resume falling with the short-term target at 106.55.

USDJPY

USDCHF, “US Dollar vs Swiss Franc”

After finishing the ascending impulse at 0.9444, USDCHF is consolidating around this level; this entire movement is considered as an upside continuation pattern. If later the price breaks this range to the upside, the market may resume trading upwards with the short-term target at 0.9517.

USDCHF

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is falling towards 0.6981 and may later grow to reach 0.0.7009. Later, the market may resume trading downwards with the target at 0.6922.

AUDUSD

BRENT

Brent has broken 43.50 to the upside; right now, it is still consolidating around this level. Possibly, the pair may break the range and grow with the short-term target at 45.00, After that, the instrument may start a new correction to return to 43.50 and then form one more ascending structure to reach 45.55.

BRENT

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating above 1804.00. Possibly, the pair may break the range to the upside and reach 1819.55. Later, the market may start another correction with the target at 1752.00.

GOLD

BTCUSD, “Bitcoin vs US Dollar”

After finishing the descending wave at 9150.00, BTCUSD is correcting towards 9210.00. After that, the instrument may resume falling to break 9000.00 and then continue trading inside the downtrend with the target at 8700.00.

BITCOIN

S&P 500

After completing the ascending wave at 3240.5, the S&P 500 Index is falling towards 3200.0. Later, the market may resume trading upwards to reach 3220.4 and then start a new decline to break 3184.5. After that, the instrument may continue falling with the target at 3111.1.

S&P 500

For a look at all of today’s economic events, check out our economic calendar.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Forex Technical Analysis & Forecast for July 15, 2020

EURUSD, “Euro vs US Dollar”

EURUSD has extended the wave up to 1.1420. Possibly, today the pair may form a new descending structure towards 1.1373 and then start another growth to reach 1.1390, thus forming a new consolidating range between these two levels. If later the price breaks this range to the downside, the market may resume trading downwards with the target at 1.1330.

Изображение выглядит как легкий, сидит, передний, освещенный Автоматически созданное описание

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the descending wave at 1.2480, GBPUSD is correcting upwards with the target at 1.2588. Later, the market may start a new decline to reach the short-term target at 1.2454.

Изображение выглядит как внутренний, ноутбук, компьютер, сидит Автоматически созданное описание

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is consolidating below 71.23. Today, the pair may fall to break 70.55 and then continue trading downwards with the target at 69.90. Later, the market may start a new correction to reach 71.27.

Изображение выглядит как сидит, большой, зеленый, темный Автоматически созданное описание

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 107.20. Possibly, today the pair may form a new descending structure to return to 107.00 and then start another growth to reach 107.50. Later, the market may resume falling towards 106.94 or even deeper, 106.60.

Изображение выглядит как легкий, сидит, освещенный, темный Автоматически созданное описание

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating around 0.9400. If later the price breaks this range to the upside at 0.9415, the market may resume trading upwards with the target at 0.9440 or even higher, 0.9550; if to the downside at 0.9388 – form a new descending structure with the target at 0.9366.

Изображение выглядит как легкий, компьютер, ноутбук, большой Автоматически созданное описание

AUDUSD, “Australian Dollar vs US Dollar”

After completing the ascending wave at 0.7017, AUDUSD is expected to fall towards 0.6967 and then grow to reach 0.6991, thus forming a new consolidating range between these two levels. If later the price breaks this range to the downside, the market may resume trading downwards with the target at 0.6924.

Изображение выглядит как воздушный змей, экран, играет, ноутбук Автоматически созданное описание

BRENT

Brent is moving not far from the upside border of the range. Possibly, the pair may break 43.30 and then continue moving upwards with the target at 45.00. After that, the instrument may start a new decline to return to 43.30 and then form one more ascending structure to reach 45.55.

Изображение выглядит как сидит, легкий, темный, ноутбук Автоматически созданное описание

XAUUSD, “Gold vs US Dollar”

After completing the ascending structure at 1805.00, Gold is consolidating around this level. If later the price breaks this range to the downside, the market may resume trading downwards to reach 1791.33 or even 1777.17; if to the upside – form one more ascending structure with the target at 1819.55.

Изображение выглядит как экран, сидит, часы, легкий Автоматически созданное описание

BTCUSD, “Bitcoin vs US Dollar”

After finishing the correction at 9260.00 and testing it from below, BTCUSD is expected to fall to break 9160.00. After that, the instrument may resume trading inside the downtrend with the target at 9000.00 or even 8700.00.

Изображение выглядит как внутренний, экран, телевидение, сидит Автоматически созданное описание

S&P 500

After the ascending structure towards 3185.0 and a gap up this morning, the S&P 500 Index is expected to reach 3240.4 and then fall to return to 3185.0, thus forming a new consolidating range between these two levels. If later the price breaks this range to the downside, the market may start a new correction with the target at 3111.1; if to the upside – form one more ascending structure towards 3300.3.

Изображение выглядит как экран, монитор, сидит, компьютер Автоматически созданное описание

For a look at all of today’s economic events, check out our economic calendar.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

ETH Is Spiritless

On D1, ETH/USD goes on correcting in an uptrend. The quotations keep trading at the lower border of the ascending channel, aiming at 61.8% Fibo. Another signal of the decline is given by the MACD: the histogram is at zero, while the signal lines have formed a Black Cross. Judging by all the factors, we may conclude that the pair will be declining to 61.8% Fibo, and in the case of a bounce, it will head for 265,00 USD. However, we should not exclude the idea that the price will break away 61.8% Fibo, aiming at 50.0%.

Изображение выглядит как карта, текст

Автоматически созданное описание

On H4, a correction of the uptrend is also continuing. The Stochastic values are in the overbought area; a Black Cross may be giving another signal of further correction. The aim of the decline is at 225.00 USD. However, a deeper correction to 218.00 USD is also possible. After testing the support, the pair may go on developing the uptrend.

Изображение выглядит как текст, карта

Автоматически созданное описание

The market still has a range of opinions about the future of the ETH and its real value. For example, in ConsenSys, they think that the ETH is underpriced. With time, they say, it may reach the price of the BTC. Since the beginning of the year, the situation around the ETH has improved significantly, which may be a serious base for such forecasts. For example, in January the ETH capitalization was 10 times lower than that of the BTC, while the volume of the leading cryptocurrency was two times higher. Currently, the situation is changing radically, and not in favor of the BTC.

A famous crypto trader Peter Brandt is sure of the stable perspectives of the ETH, and his confidence became even stronger after the ETH broke away an important resistance level against the BTC. And if the ETH takes a confident ascending course, a vast majority of cryptocurrencies will follow in tow.

The ETH has a fundamental foothold that has not realized its full potential yet. This is the Ethereum 2.0 network that market participants have been expecting for several months. The company has not yet voiced the date of a test launch, it is expected just “one of these days”. This summer, the launch remains possible, and if all the expectations are fulfilled (from passive income to the solution for the scalability problem), the ETH future will be bright.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Oil Bulls Are Very Hesitant

However, market players can’t be sure in anything, neither the oil price surge amid the increasing demand, nor the lack of demand and, as a result, predictable oil sales.

The latest data from Baker Hughes showed that the number of oil rigs in the United States fell again and on July 10th, was equal to 181 units. And now just feel the difference – at the same period of time last year, the reading was 784 units. The total rig count in the country is 258 units.

Early in the week, financial markets are anticipated to be pretty quiet but getting more and more dynamic as the trading week unfolds. For example, market players will closely follow the US comments relating to a possible resumption of trade talks with China because any negative news here may quickly become a reason for oil investors to sell the “black gold”.

Stay tuned to the RoboForex Blog for exclusive financial forecasts, professional expert analysis, how-to articles and more.

In the H4 chart, after finishing the correction at 41.41, Brent is forming a new ascending impulse towards 43.50. After reaching this level, the instrument may start another correction. However, if the price breaks 43.50 to the upside, the pair may continue trading upwards with the short-term target at 45.55. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving close to 0. Later, the line is expected to rebound from 0 and resume moving upwards.

Изображение выглядит как карта, текст

Автоматически созданное описание

As we can see in the H1 chart, Brent is consolidating around 43.00. Today, the pair may fall to expand the range down to 42.42 and complete the correction. After that, the instrument may start a new growth to reach 43.50. From the technical point of view, this idea is confirmed by Stochastic Oscillator: its signal line has broken 80; right now, it is moving near 50 and may continue falling to reach 20, thus implying a possible decline towards 42.42 on the price chart. Later, when the indicator resumes growing towards 80, the price chart may resume trading upwards as well and reach 43.50.

Изображение выглядит как карта, текст

Автоматически созданное описание

For a look at all of today’s economic events, check out our economic calendar.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Forex Technical Analysis & Forecast for July 13, 2020

EURUSD, “Euro vs US Dollar”

After completing the descending wave at 1.1255, EURUSD is moving upwards to reach 1.1338. Possibly, the pair may reach it and then form a new descending structure towards 1.1300. After that, the instrument may start another growth to reach 1.1380 and then resume trading downwards with the target at 1.1225.

EURUSD

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is moving upwards. Possibly, today the pair may reach 1.2694 and then fall towards 1.2640. Later, the market may form one more ascending structure to reach 1.2712 and then start a new decline with the target at 1.2585.

GBPUSD

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still falling towards 70.20. Later, the market may form one more ascending structure to reach 70.90 and then start a new decline with the first target at 69.50.

USDRUB

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has finished the ascending wave at 106.93; right now, it is falling. Possibly, the pair may form a new descending structure towards 106.55 and then start another correction to the upside with the first target at 107.17.

USDJPY

USDCHF, “US Dollar vs Swiss Franc”

After finishing the descending wave at 0.9399, USDCHF is expected to continue falling towards 0.9377. After that, the instrument may grow to reach 0.9440 and then resume trading inside the downtrend to return to 0.9399.

USDCHF

AUDUSD, “Australian Dollar vs US Dollar”

After breaking 0.6960 to the upside, AUDUSD is still growing and may form one more ascending structure to reach 0.6994. Later, the market may start a new decline towards 0.6965 and then resume trading upwards with the target at 0.7000.

AUDUSD

BRENT

After finishing the correction at 41.41, Brent has completed another ascending impulse towards 43.50. Today, the asset may form a new descending structure towards 42.50 and then grow to break 43.50. After that, the instrument may continue moving upwards with the short-term target at 44.55.

BRENT

XAUUSD, “Gold vs US Dollar”

After falling and reaching 1794.00, Gold is correcting towards 1805.50. Later, the market may form a new descending structure with the first target at 1792.50 and then start another correction to return to 1805.50.

GOLD

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD is consolidating around 9260.00. Today, the pair may fall towards 9060.00 and then form one more ascending structure to reach 9190.00. After that, the instrument may start a new decline with the short-term target at 8700.00.

BITCOIN

S&P 500

After breaking 3180.1 to the upside, the Index may continue growing towards 3240.5. After that, the instrument may correct to return to 3180.1 and then form one more ascending structure to reach 3300.5. Later, the market may resume trading downwards with the first target at 3100.6.

S&P 500

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.