23.07.202109:45 Forex Analysis & Reviews: Fractal analysis of major currency pairs on July 23, 2021

Outlook on July 23:

Analytical overview of popular currency pairs on the H1:

The key levels for the EUR/USD pair are 1.1881, 1.1851, 1.1825, 1.1771, 1.1758, 1.1726 and 1.1710. The local initial downward conditions from July 9 remain being monitored. We expect the downward trend to resume after the price breaks through the range of 1.1771 - 1.1758. The target is set at 1.1726. The final potential downward target is 1.1710. After reaching this level, the price may consolidate and pull back upwards.

A short-term growth, in turn, is possible in the 1.1825 - 1.1851 range. If the latter is broken, it will encourage the formation of a strong upward trend. The potential target is 1.1881.

The main trend is the local downward trend from July 9.

Trading recommendations:

Buy: 1.1827 Take profit: 1.1850

Buy: 1.1853 Take profit: 1.1880

Sell: 1.1758 Take profit: 1.1727

Sell: 1.1725 Take profit: 1.1710

The key levels for the GBP/USD pair are 1.3861, 1.3838, 1.3780, 1.3761, 1.3711, 1.3687, 1.3647 and 1.3570. The price has been moving in a bullish trend since July 20. We expect this trend to continue after the price breaks through the 1.3761 - 1.3780 range. The target is 1.3838. The ultimate potential upward target is 1.3861. After reaching it, the price may consolidate and pull back downwards.

A short-term decline can be expected in the range of 1.3711 - 1.3687. If the latter is broken, a deep correction will occur. The target is set at 1.3647, which is also the key support level.

The main trend is the upward trend from July 20.

Trading recommendations:

Buy: 1.3780 Take profit: 1.3836

Buy: 1.3839 Take profit: 1.3860

Sell: 1.3711 Take profit: 1.3688

Sell: 1.3685 Take profit: 1.3648

The key levels for the USD/CHF pair are 0.9275, 0.9262, 0.9239, 0.9220, 0.9182, 0.9163, 0.9145 and 0.9116. The price has been moving in an upward trend since July 15. Here, we expect a short-term growth in the range of 0.9220 - 0.9239. If the latter is broken, it should be accompanied by strong growth to the potential target of 0.9275. After that, the price can consolidate in the range of 0.9262 - 0.9275, and hence, a downward pullback can be expected.

A short-term decline can be expected in the 0.9182 - 0.9163 range. If the last level is broken, a deep correction will occur. The target is set at 0.9145, which is also the key support level.

The main trend is the upward trend from July 15.

Trading recommendations:

Buy: 0.9220 Take profit: 0.9238

Buy: 0.9241 Take profit: 0.9262

Sell: 0.9161 Take profit: 0.9146

Sell: 0.9144 Take profit: 0.9118

The key levels for the USD/JPY pair are 111.32, 111.15, 110.88, 110.61, 110.38, 110.06, 109.86 and 109.57. The price has been moving in an upward trend since July 19. Now, we expect a short-term growth in the range of 110.38 - 110.61 If the last value is broken, it will lead the pair to the target of 110.88, and the price can consolidate near it. The breakdown of this target will be accompanied by strong growth towards the next level of 111.15. The ultimate potential upward target is 111.32. After reaching it, the price can consolidate and pull back downwards.

A short-term decline is expected in the 110.06 - 109.86 range. If the latter is broken, a deep correction will follow. The target is set at 109.57, which is also the key support level.

The main trend is the upward trend from July 19.

Trading recommendations:

Buy: 110.38 Take profit: 110.60

Buy: 110.62 Take profit: 110.86

Sell: 110.06 Take profit: 109.87

Sell: 109.84 Take profit: 109.60

The key levels for the USD/CAD pair are 1.2667, 1.2624, 1.2595, 1.2537, 1.2495, 1.2467 and 1.2412. We are following the development of the bearish trend from July 19, which will be considered as initial conditions. We expect this trend to resume after the level of 1.2537 is broken. The target is set at 1.2495. After that, the price may consolidate in the 1.2495 - 1.2467 range. The ultimate potential downward target is 1.2412. After reaching it, an upward pullback can be expected.

Meanwhile, a short-term growth is possible in the 1.2595 - 1.2624 range. If the latter is broken, it will lead to a deep correction. The target is set at 1.2667, which is also the key support level.

The main trend is the downward trend from July 19.

Trading recommendations:

Buy: 1.2595 Take profit: 1.2623

Buy: 1.2625 Take profit: 1.2665

Sell: 1.2536 Take profit: 1.2495

Sell: 1.2466 Take profit: 1.2414

The key levels for the AUD/USD pair are 0.7444, 0.7409, 0.7374, 0.7340, 0.7319, 0.7291, 0.7239 and 0.7214. The downward trend from July 6 is considered as the main trend. The price is currently in correction and has formed an upward potential from July 21. In view of this, we expect a short-term decline in the range of 0.7340 - 0.7319. If the latter is broken, it will allow us to move to the next level of 0.7291. Its breakdown should be accompanied by a strong decline to the target of 0.7239. The final potential downward target is 0.7214. After reaching it, the price may consolidate and pull back upwards.

On the other hand, short-term growth is likely in the range of 0.7374 - 0.7409. If the latter is broken, it will lead to the development of an upward trend from July 21. Here, the first potential target is 0.7444.

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

Trading recommendations:

Buy: 0.7376 Take profit: 0.7407

Buy: 0.7410 Take profit: 0.7444

Sell: 0.7340 Take profit: 0.7320

Sell: 0.7317 Take profit: 0.7292

The key levels for the EUR/JPY pair are 131.11, 130.90, 130.58. 130.28, 130.13, 129.67, 129.46 and 129.15. The price has been moving in an upward trend since July 20. We expect this trend to continue after the breakdown of the range of 130.13 - 130.28. The target is set at 130.58 and the price may consolidate around it. If the level of 130.60 is broken, strong growth will develop. The final potential upward target is 131.11. After reaching it, the price can consolidate in the range of 130.90 - 131.11 and pull back downwards.

In turn, a short-term decline is possible in the 129.67 - 129.46 range. If the last value is broken, a deep correction will occur. The target is set at 129.15, which is also the key support level.

The main trend is the upward trend from July 20.

Trading recommendations:

Buy: 130.30 Take profit: 130.56

Buy: 130.60 Take profit: 130.90

Sell: 129.66 Take profit: 129.48

Sell: 129.45 Take profit: 129.18

The key levels for the EUR/JPY pair are 131.11, 130.90, 130.58. 130.28, 130.13, 129.67, 129.46 and 129.15. The price has been moving in an upward trend since July 20. We expect this trend to continue after the breakdown of the range of 130.13 - 130.28. The target is set at 130.58 and the price may consolidate around it. If the level of 130.60 is broken, strong growth will develop. The final potential upward target is 131.11. After reaching it, the price can consolidate in the range of 130.90 - 131.11 and pull back downwards.

In turn, a short-term decline is possible in the 129.67 - 129.46 range. If the last value is broken, a deep correction will occur. The target is set at 129.15, which is also the key support level.

The main trend is the upward trend from July 20.

Trading recommendations:

Buy: 130.30 Take profit: 130.56

Buy: 130.60 Take profit: 130.90

Sell: 129.66 Take profit: 129.48

Sell: 129.45 Take profit: 129.18