Fractal analysis of main currency pairs on July 21, 2020

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Forecast for July 21:

Analytical review of currency pairs on the scale of H1:

The key levels for the euro / dollar pair on the H1 scale are: 1.1564, 1.1539, 1.1498, 1.1466, 1.1421, 1.1389 and 1.1345. Here, we are following the upward structure on July 10. A short-term upward movement is expected in the range of 1.1466 – 1.1498. The breakdown of the last level will lead to a pronounced upward movement. Here, the target is 1.1539. For the potential value for the top, we consider the level of 1.1564. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is possible in the range of 1.1421 – 1.1389. The breakdown of the last level will lead to a deep correction. Here, the target is 1.1345. This is a key support level for the top.

The main trend is the rising structure of July 10

Trading recommendations:

Buy: 1.1466 Take profit: 1.1496

Buy: 1.1500 Take profit: 1.1537

Sell: 1.1420 Take profit: 1.1390

Sell: 1.1387 Take profit: 1.1350

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The key levels for the pound / dollar pair on the H1 scale are: 1.2885, 1.2823, 1.2778, 1.2709, 1.2632, 1.2582, 1.2543 and 1.2480. Here, we are following the ascending structure for July 14. The continuation of the upward movement is expected after the breakdown of 1.2710, In this case, the target is 1.2778. There is a short-term upward movement, as well as consolidation in the range of 1.2778 – 1.2823. For the potential value for the top, we consider the level of 1.2885. Upon reaching which, we expect consolidation, as well as a downward pullback.

A retreat into correction is expected after the breakdown of 1.2632. In this case, the target is 1.2582. The range of 1.2582 – 1.2543 is the key support for the top, and the price passing this will encourage the formation of a downward structure. Here, the potential target is 1.2480.

The main trend is the upward cycle from July 14.

Trading recommendations:

Buy: 1.2710 Take profit: 1.2777

Buy: 1.2779 Take profit: 1.2821

Sell: 1.2630 Take profit: 1.2584

Sell: 1.2580 Take profit: 1.2545

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The key levels for the dollar / franc pair on the H1 scale are: 0.9432, 0.9412, 0.9398, 0.9371, 0.9355, 0.9343, 0.9309 and 0.9286. Here, the price forms the potential for the downward movement of July 16. The continuation of the downward movement is expected after the breakdown of the level of 0.9371. In this case, the target is 0.9355. There is consolidation near this level. The price passing the noise range 0.9355 – 0.9343 will lead to a pronounced downward movement. Here, the target is 0.9309. For the potential value for the bottom, we consider the level 0.9286. Upon reaching which, we expect an upward pullback.

A short-term upward movement is expected in the range of 0.9398 – 0.9412. The breakdown of the last level will lead to a deeper correction. Here, the target is 0.9432. This is a key support level for the downward structure from July 16.

The main trend is the descending structure from July 16

Trading recommendations:

Buy : 0.9398 Take profit: 0.9412

Buy : 0.9414 Take profit: 0.9430

Sell: 0.9370 Take profit: 0.9355

Sell: 0.9343 Take profit: 0.9310

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The key levels for the dollar / yen pair on the scale are : 108.19, 107.99, 107.70, 107.47, 107.06, 106.90 and 106.66. Here, we are following the formation of the upward potential for the top of July 15th. The continuation of the upward movement is expected after the breakdown of the level of 107.47. In this case, the target is 107.70. Price consolidation near this level. The breakdown of the level of 107.70 will lead to the development of a pronounced upward movement. Here, the goal is 107.99. For the potential value for the top, we consider the level of 108.19. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is possible in the range 107.06 – 106.90. The breakdown of the last level will have the downward structure. In this case, the target is 106.66.

The main trend: building potential for the top of July 15

Trading recommendations:

Buy: 107.48 Take profit: 107.70

Buy : 107.72 Take profit: 107.95

Sell: 107.06 Take profit: 106.92

Sell: 106.88 Take profit: 106.66

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The key levels for the Canadian dollar / US dollar pair on the H1 scale are: 1.3645, 1.3594, 1.3561, 1.3539, 1.3494, 1.3449, 1.3395 and 1.3358. Here, we are watching the formation of the potential for the downward movement from July 14. The continuation of the downward movement is expected after the breakdown of the level of 1.3494. In this case, the target is 1.3449. There is consolidation near this level. The breakdown of the level of 1.3449 will lead to a pronounced movement. Here, the target is 1.3395. For the potential value for the bottom, we consider the level of 1.3358. Upon reaching which, we expect consolidation, as well as an upward pullback.

A short-term upward movement is possible in the range of 1.3539 – 1.3561. The breakdown of the last level will lead to a deep correction. Here, the target is 1.3594. This level is the key support for the downward structure and its breakdown will be conducive to the formation of initial conditions for the top. In this case, the potential target is 1.3645.

The main trend is the formation of potential for the downward movement of July 14

Trading recommendations:

Buy: 1.3539 Take profit: 1.3560

Buy : 1.3563 Take profit: 1.3594

Sell: 1.3493 Take profit: 1.3450

Sell: 1.3447 Take profit: 1.3397

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The key levels for the Australian dollar / dollar pair on the H1 scale are : 0.7154, 0.7121, 0.7095, 0.7056, 0.7014, 0.6997, 0.6975 and 0.6946. Here, we are following the ascending structure for July 14. The continuation of the upward movement is expected after the breakdown of the level of 0.705. In this case, the target is 0.7095. A short-term upward movement, as well as consolidation are in the range of 0.7095 – 0.7121. We consider the level of 0.7154 as a potential value for the top. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is possible in the range of 0.7014 – 0.6997. The breakdown of the last level will lead to a deep correction. Here, the target is 0.6975. This is the key support level for the top and its breakdown will lead to the cancellation of the upward structure from July 14. In this case, the first target is 0.6946.

The main trend is the local upward structure of July 14

Trading recommendations:

Buy: 0.7056 Take profit: 0.7095

Buy: 0.7097 Take profit: 0.7120

Sell : 0.7014 Take profit : 0.6998

Sell: 0.6995 Take profit: 0.6975

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The key levels for the euro / yen pair on the H1 scale are: 124.66, 124.26, 123.67, 123.21, 122.56, 122.26 and 121.77. Here, we are following the upward structure on July 10. A short-term upward movement is expected in the range of 123.21 – 123.67. The breakdown of the last level should be accompanied by a pronounced upward movement. Here, the target is 124.26. For the potential value for the top, we consider the level of 124.66. Upon reaching which, we expect consolidation, as well as a downward pullback.

A short-term downward movement is possible in the range of 122.56 – 122.26. The breakdown of the last level will lead to a deep correction. Here, the target is 121.77. This is a key support level for the top.

The main trend is the rising structure of July 10

Trading recommendations:

Buy: 123.22 Take profit: 123.65

Buy: 123.70 Take profit: 124.26

Sell: 122.56 Take profit: 122.28

Sell: 122.24 Take profit: 121.80

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The key levels for the pound / yen pair on the H1 scale are : 137.73, 137.25, 136.55, 136.04, 135.48, 135.18 and 134.75. Here, price is forming a pronounced potential for the July 17 high. A short-term upward movement, as well as consolidation, is expected in the range of 136.04 – 136.55. The breakdown of the last level should be accompanied by a pronounced upward movement. In this case, the target is 137.25. We consider the level of 137.73 as a potential value for the top. Upon reaching which, we expect consolidation, as well as downward pullback.

A short-term downward movement is expected in the range of 135.48 – 135.18. The breakdown of the last level will lead to a deep correction. Here, the target is 134.75. This is a key support level for the top.

The main trend is the upward structure from July 17

Trading recommendations:

Buy: 136.18 Take profit: 136.53

Buy: 136.57 Take profit: 137.25

Sell: 135.48 Take profit: 135.20

Sell: 135.16 Take profit: 134.80

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Fractal analysis of main currency pairs on July 21st

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