EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after finishing the correction at 38.2% fibo and breaking its previous high at 1.1422, EURUSD is still trading upwards and trying to fix above the broken high. If it succeeds, the instrument may continue growing towards the fractal high at 1.1495 and then the long-term 50.0% fibo at 1.1595.

The H1 chart shows a more detailed structure of the current uptrend. The price is moving upwards but there is a divergence on MACD, which may indicate a possible pullback soon. After completing the pullback, the instrument may resume growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1.1520 and 1.1578 respectively.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after finishing the descending wave at 23.6% fibo, USDJPY is trying to start a new rising structure to reach the targets at 61.8% and 76.0% fibo at 108.41 and 108.95 respectively. The key support is the low at 106.07.

The H1 chart shows a correctional uptrend after the descending wave, which has reached 50.0% fibo. Later, the price may continue growing towards 61.8% and 76.0% fibo at 107.58 and 107.80 respectively, and then the high at 108.16. The support is the local low at 106.64.

EURUSD, “Euro vs. US Dollar”

In the H4 chart, after fixing above 7/8, EURUSD is expected to continue growing towards the resistance at 8/8. However, this scenario may no longer be valid if the price breaks the support at 7/8 to the downside. After that, the instrument may continue falling to reach 6/8.

As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD rebounded from 5/8 several times earlier. The current situation implies that the price may rebound from the above-mentioned level again and then resume growing towards the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may continue falling to reach the support at 3/8.

In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue moving upwards.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.