Forex Technical Analysis & Forecast 20.07.2020

Forex Technical Analysis & Forecast 20.07.2020

20.07.2020

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
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Japanese Candlesticks Analysis 20.07.2020 (GOLD, NZDUSD, GBPUSD)

Japanese Candlesticks Analysis 20.07.2020 (GOLD, NZDUSD, GBPUSD)

20.07.2020

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset continues moving sideways within the uptrend. After finishing a Harami reversal pattern not far from the resistance level, XAUUSD is expected to reverse. In this case, the downside target may be the support area at 1796.00. After completing the pullback, the pair may resume trading upwards. In this case, the upside target is at 1825.00.

XAUUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the sideways tendency continues. After forming an Engulfing pattern, NZDUSD may reverse and start a new pullback towards the support area at 0.6520. Later, the pair is expected to finish its sideways movement and resume growing. in this case, the upside target may be at 0.6595.

NZDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the pair is forming the ascending channel. After forming a Harami pattern close to the downside border, GBPUSD has started reversing. At the moment, the price is expected to continue trading upwards. In this case, the upside target remains at 1.2710. However, there might be another scenario, according to which the price may fall to return to 1.2485.

GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Fibonacci Retracements Analysis 20.07.2020 (GOLD, USDCHF)

Fibonacci Retracements Analysis 20.07.2020 (GOLD, USDCHF)

20.07.2020

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD is forming a slight local correction inside the post-correctional extension area between 138.2% and 161.8% fibo at 1800.60 and 1823.00 respectively. After breaking this area to the upside, the instrument may try to attack its all-time high at 1920.66. The key support is at 1670.60.

GOLD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the descending correction has reached 38.2% fibo. At the moment, the pair is moving towards the high at 1817.89 and may continue the uptrend after breaking it. At the same time, the instrument may yet start a new decline to reach 50.0% and 61.8% fibo at 1787.50 and 1780.45 respectively.

GOLD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after breaking its previous low and finishing a short-term pullback, USDCHF continues falling towards the mid-term 76.0% at 0.9350. The key downside target remains the low at 0.9176. The resistance is at 0.9580.

USDCHF_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, after testing the low, the pair has correcting towards 61.8% fibo. At the moment, the price is forming a new descending impulse. The key short-term downside targets are inside the local post-correctional extension area between 138.2% and 161.8% fibo at 0.9309 and 0.9267 respectively.

USDCHF_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The Euro wants to keep going. Overview for 20.07.2020

The Euro wants to keep going. Overview for 20.07.2020

20.07.2020

On Monday, EURUSD is staying positive and wants to keep going.

The major currency pair is rising amid investors’ improved attitude to risks and not afraid of the EU summit decisions. The current quote for the instrument is 1.1443.

So far, there is no ultimate conception of what the European leaders came to during the summit. The summit was extended through Monday because policymakers didn’t come to any decisions relating to the stability funds, which should be a basis for the EU economy’s recovery.

In addition to that, there is no final decision on the EU budget, which should reveal budgetary expenditures in 2021.

Even with all things considered, market players are staying positive and obviously expecting policymakers to reach an agreement. Everyone understands that without special tools and mechanisms the European economy recovery may linger on.

As for the statistics, this week is promising to be rather calm. Interesting numbers from Europe will not come earlier than Thursday when the region is going to report on the Consumer Confidence, which is expected to improve up to -12 points in July after being -15 points the month before. On Friday, there will be several July PMI reports from some European countries and the entire region. All indicators are expected to improve and it’s not too surprising because consumers are slowly getting back after the quarantine to their everyday life. However, August readings may show some slowdown: the proper recovery requires a lot of time, resources, and efforts.

rfxsignals July 20, 2020 No Comments

Daily Free Forex Signals For 20/07/2020

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GOLD SELL -1805.09
SL-1815.76
TP1-1801.29
TP2-1797.72

USDCHF BUY-0.94046
SL-0.93646
TP1-0.94253
TP2-0.94442

NZDUSD SELL-0.65360
SL-0.65827
TP1-0.65135
TP2-0.64904

EURAUD BUY-1.63693
SL-1.62720
TP1-1.64110
TP2-1.64609

USDCAD BUY -1.36026
SL-1.35219
TP1-1.36297
TP2-1.36663

EURGBP BUY -0.91172
SL-0.90685
TP1-0.91456
TP2-0.91718

AUDUSD SELL-0.69732
SL-0.70214
TP1-0.69511
TP2-0.69245

EURUSD SELL-1.14117
SL-1.14521
TP1-1.13925
TP2-1.13711

SILVER SELL-19.204
SL-19.773
TP1-18.912
TP2-18.585

GBPCAD SELL-1.70215
SL-1.70727
TP1-1.69957
TP2-1.69686
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The ECB didn’t change the rate and the Euro didn’t change direction. Overview for 17.07.2020

The ECB didn’t change the rate and the Euro didn’t change direction. Overview for 17.07.2020

17.07.2020

Yesterday, market players were waiting for more decisive actions from the European Central Bank to help Europe to recover from the crisis. However, at the end of the meeting, the European regulator didn’t change anything and said that it was ready to adjust its policy, if necessary, to help the region’s inflation reach its target.

The deposit facility rate remained at -0.5%, the interest rate at 0%, and the marginal lending rate at 0.25%.

In addition to that, the ECB kept the PEPP intact at €1.35T.

“The Governing Council will continue its purchases under the pandemic emergency purchase program (PEPP) with a total envelope of €1,350 billion. These purchases contribute to easing the overall monetary policy stance, thereby helping to offset the pandemic-related downward shift in the projected path of inflation.” – a quotation from the ECB comments.

The regulator once again noted that “its Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon.”

At first, EURUSD responded to such news by growing and reaching 1.1440 but after “digesting” the news, market players started massive sales of the instrument, which is now expected to fall towards 1.13.

rfxsignals July 19, 2020 No Comments

USD/CHF Forecast and Analysis July 20 — 24, 2020

Currency pair USD/CHF Dollar/Franc ends the trading week near the level of 0.9387. The pair continues to move within the correction and the downward channel. Moving averages indicate a downtrend. Prices went down from the area between the signal lines, which indicates strong pressure from the sellers of the American currency and a potential continuation of the fall of the instrument. At the moment, we should expect an attempt at another price drop and a test of the support area near the level of 0.9315. Further, a rebound and an attempt to continue the growth of the pair with a potential target above the level of 0.9945.

USD/CHF Forecast and Analysis July 20 — 24, 2020

An additional signal in favor of the growth of the Dollar Franc currency pair will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the support level on the price chart. Cancellation of the growth option for USD/CHF will be a fall and a breakdown of the 0.9165 area. This will indicate a breakdown of the support area and the continuation of the fall of the pair on Forex with a target below the 0.8865 area. Confirmation of the rise in the pair in the current trading week July 20 — 24, 2020 will be a breakdown of the resistance area and closing of quotations above the level of 0.9735, which will indicate a breakdown of the upper border of the descending channel.

 

USD/CHF Forecast and Analysis July 20 — 24, 2020 suggests an attempt to test the support level near the 0.9315 area. Then, the continued growth of USD/CHF to the area above the level of 0.9945. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the USD/CHF growth option will be a breakdown of the support area and closing of quotations below 0.9165. This will indicate a continued fall of the pair with a potential target below 0.8865.

rfxsignals July 19, 2020 No Comments

NZD/USD Forecast and Analysis July 20 — 24, 2020

Quotes of the New Zealand Dollar to US Dollar NZD/USD end the trading week near the 0.6555 area. Moving averages indicate a downtrend for the pair. Prices broke the area between the signal lines upwards, which indicates pressure from buyers of the currency pair. At the moment, we should expect an attempt to grow the currency pair on Forex and test the resistance area near the level of 0.6605. Then, a rebound and continuation of the fall of the currency pair with a potential target below the level of 0.6155.

NZD/USD Forecast and Analysis July 20 — 24, 2020

An additional signal in favor of the fall of the NZD/USD currency pair will be a test of the resistance area on the relative strength index (RSI). The second signal will be the formation of an inverted «Head and Shoulders» reversal pattern. Cancellation of the option of falling quotations in the current trading week, the week July 20 — 24, 2020 will be a strong growth and a breakdown of the 0.6855 area. This will indicate a breakdown of the resistance area and continued growth of the NZD/USD pair with a potential target above the level of 0.7275. Confirmation of the fall of the currency pair on FOREX will be the breakdown of the support area and the closing of quotations below the 0.6365 area.

 

NZD/USD Forecast and Analysis July 20 — 24, 2020 suggests an attempt to test the resistance level near the 0.6605 area. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.6155. An additional signal in favor of the fall will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to reduce the pair will be a strong growth and closing of the NZD/USD quotes above the level of 0.6855. In this case, we should expect a continuation of the rise with the target above the level of 0.7275.

rfxsignals July 19, 2020 No Comments

GOLD Price Forecast and Analysis July 20 — 24, 2020

GOLD completing the trading week near the 1810 area. XAU/USD quotes continue to move within the growth and the ascending channel. Moving averages indicate a bullish trend for Gold. Prices bounced off the area between the signal lines, which indicates pressure from buyers and a potential continuation of the upward trend. At the moment, we should expect an attempt to develop a price decline and a test of the support level near the 1685 area. Further, the GOLD price will continue to rise with a potential target above the level of 1955.

GOLD Price Forecast and Analysis July 20 — 24, 2020

An additional signal in favor of a rise in quotations and prices for GOLD in the current trading week July 20 — 24, 2020 will be a test of the rising trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for XAU/USD quotes will be a fall and a breakdown of the area of ​​1565. This will indicate a breakdown of the support level and a continued fall in GOLD prices with a target below 1495. Confirmation of the growth in the value of the asset will be a breakdown of the resistance area and closing of quotes above the level of 1845.

 

GOLD Price Forecast and Analysis July 20 — 24, 2020 assumes an attempt to test the support level near the area of ​​1685. Then, the GOLD prices will continue to rise with a target above the level of 1955. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in quotes. Cancellation of the GOLD growth option will be a fall and a breakdown of the level of 1565. This will indicate a continued decline in quotations to the area below the level of 1495.

rfxsignals July 19, 2020 No Comments

USD/JPY Forecast and Analysis July 20 — 24, 2020

Quotes of the pair USD/JPY US Dollar to Japanese Yen end the trading week near the 106.99 area. The pair continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices pushed down from the area between the signal lines, which indicates pressure from US dollar sellers and a potential continuation of the fall. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the area of ​​105.45. Then, a rebound and continued growth of the pair to the area above the level of 113.05.

USD/JPY Forecast and Analysis July 20 — 24, 2020

An additional signal in favor of the growth of the Dollar/Yen pair in the current trading week will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the support level on the price chart. Cancellation of the growth option for the USD/JPY pair in the current trading week July 20 — 24, 2020 will be a fall and a breakdown of the 104.75 area. This option will indicate a breakdown of the support area and the continuation of the fall of the pair on Forex to the area below the level of 101.05. Confirmation of the growth in the USD/JPY pair will be a breakdown of the resistance area and closing above 109.45, which will indicate a breakdown of the upper boundary of the «Triangle» model.

 

USD/JPY Forecast and Analysis July 20 — 24, 2020 implies an attempt to test the support level near the 105.45 area. Where can we expect the pair to continue to grow to the area above the level of 113.05. An additional signal in favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the pair will be a fall and a breakdown of the level of 104.75. This will indicate a continued decline in the pair with a potential target below the 101.05 area.