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Outlook on July 6:
Analytical overview of popular currency pairs on the H1 chart:
The key levels for the EUR/USD pair are 1.1976, 1.1928, 1.1890, 1.1834, 1.1807, 1.1766, 1.1741, and 1.1688. The price has been moving in a downward trend since June 9. Now, we expect a short-term decline in the range of 1.1834 - 1.1807. If the latter is broken, strong movement will continue to the target of 1.1766. After that, the price may consolidate in the 1.1766 - 1.1741 range. The final potential downward target is 1.1688. After reaching it, an upward pullback will occur.
A short-term growth, in turn, is possible in the range of 1.1866 - 1.1890. If the last value is broken, the upward trend will develop. Here, the potential target is 1.1976.
The main trend is the local downward trend from June 9, correction stage.
Trading recommendations:
Buy: 1.1892 Take profit: 1.1928
Buy: 1.1932 Take profit: 1.1976
Sell: 1.1834 Take profit: 1.1808
Sell: 1.1806 Take profit: 1.1767
The key levels for the GBP/USD pair are 1.3999, 1.3965, 1.3930, 1.3912, 1.3869, 1.3845, and 1.3815. The price has been moving in a bullish trend since July 2. We expect this trend to resume after the price breaks through the range of 1.3912 - 1.3930. The target is set at 1.3965. The final potential upward target is 1.3999. After reaching it, the price may consolidate and pull back downwards.
A short-term decline is possible in the range of 1.3869 - 1.3845. If the latter is broken, a deep correction will occur. The target is set at 1.3815, which is also the key support level.
The main trend is the upward trend from July 2.
Trading recommendations:
Buy: 1.3930 Take profit: 1.3965
Buy: 1.3967 Take profit: 1.3999
Sell: 1.3869 Take profit: 1.3846
Sell: 1.3843 Take profit: 1.3815
The key levels for the USD/CHF pair are 0.9364, 0.9331, 0.9315, 0.9291, 0.9269, 0.9239, 0.9212, 0.9188 and 0.9141. The price has been moving in a local upward trend since June 25, but it is in a correction at the moment. We expect growth to continue after the level of 0.9239 is broken. The first target is set at 0.9269. After that, short-term growth can be expected in the 0.9269 - 0.9291 range. If the latter is broken, it will allow us to move to the level of 0.9315. It will be followed by another short-term growth and consolidation in the range of 0.9315 - 0.9331. The ultimate potential upward target is 0.9364. After reaching it, a downward pullback can be expected.
A short-term decline is likely in the 0.9212 - 0.9188 range. If the last value is broken, the downward trend will develop. The potential target is set at 0.9141.
The main trend is the upward trend from June 9, local upward trend from June 25.
Trading recommendations:
Buy: 0.9240 Take profit: 0.9267
Buy: 0.9270 Take profit: 0.9290
Sell: Take profit:
Sell: 0.9186 Take profit: 0.9144
The key levels for the USD/JPY pair are 112.29, 111.94, 111.69, 111.36, 110.97, 110.69, 110.38, and 110.15. The price has been moving in a local upward trend from June 21 and it is currently in correction. The upward movement will possibly continue after the level of 111.36 is broken. The target is set at 111.69. After that, a short-term upward movement and consolidation can be expected in the range of 111.69 - 111.94. The final potential upward target is 112.29. After reaching it, a downward pullback will follow.
The price might consolidate in the range of 110.97 - 110.69. If the level of 110.69 is broken, it will lead to the development of a decline. The target is set at 110.38. The potential downward target is 110.15. After reaching it, the price may consolidate.
The main trend is the local upward trend from June 21, correction stage.
Trading recommendations:
Buy: 111.70 Take profit: 111.94
Buy: 111.95 Take profit: 112.29
Sell: 110.69 Take profit: 110.40
Sell: 110.37 Take profit: 110.15
The key levels for the USD/CAD pair are 1.2450, 1.2416, 1.2375, 1.2353, 1.2307, 1.2276, 1.2222, 1.2198 and 1.2155. We are watching the formation of the downward trend from July 2. Thus, we expect a short-term decline in the range of 1.2307 - 1.2276. If the last value is broken, a strong decline will continue to the target of 1.2222. After that, the price may consolidate in the 1.2222 - 1.2198 range. The ultimate potential downward target is 1.2155. After reaching it, an upward pullback can be expected.
On the other hand, short-term growth is likely in the range of 1.2353 - 1.2375. If the latter is broken, a deep correction will occur. The target is set at 1.2416, which is the key support level for the downward trend.
The main trend is the formation of the upward trend from July 2.
Trading recommendations:
Buy: 1.2353 Take profit: 1.2374
Buy: 1.2377 Take profit: 1.2416
Sell: 1.2307 Take profit: 1.2278
Sell: 1.2274 Take profit: 1.2222
The key levels for the AUD/USD pair are 0.7677, 0.7659, 0.7619, 0.7594, 0.7567, 0.7547 and 0.7516. The price has been moving in a bullish trend since July 2. In this case, we expect a short-term growth in the range of 0.7594 - 0.7619. If the latter is broken, strong growth will continue to the target of 0.7659. The final potential upward target is 0.7677. After reaching it, the price may consolidate and pull back downwards.
Meanwhile, a short-term decline can be expected in the range of 0.7567 - 0.7547. If the level of 0.7547 is broken, a deep correction will occur. The target is set at 0.7516, which is also the key support level.
The main trend is the upward trend from July 2.
Trading recommendations:
Buy: 0.7595 Take profit: 0.7617
Buy: 0.7620 Take profit: 0.7659
Sell: 0.7567 Take profit: 0.7548
Sell: 0.7545 Take profit: 0.7517
The key levels for the EUR/JPY pair are 132.67, 132.41, 132.05, 131.22, and 130.74. The situation is still in equilibrium. We expect the upward movement to continue after the level of 132.05 is broken. In this case, the target is set at 132.41. The ultimate potential upward target is 132.67, from which the local structure is expected to be formed.
In turn, the development of the downward trend is possible after the breakdown of 131.22. The first target is set at 130.74. We expect the formation of strong initial conditions up to this level.
The main trend is an equilibrium situation.
Trading recommendations:
Buy: 132.05 Take profit: 132.40
Buy: 132.42 Take profit: 132.66
Sell: 131.20 Take profit: 130.78
Sell: 130.72 Take profit: 130.10
The key levels for the GBP/JPY pair are 154.09, 153.63, 152.80, 152.38, 151.97, 151.68, and 151.06. The price has been moving in a bearish trend since June 23, but it is currently in a correction and forms an upward potential from June 29. We expect a short-term decline in the range of 152.80 - 152.38. If the latter is broken, it will allow us to move to the level of 151.97. After that, the price may consolidate in the range of 151.97 - 151.68. The ultimate potential downward target is 151.06. After reaching it, the price may pull back upwards.
The price is expected to consolidate in the range of 153.63 - 154.09. We expect the initial conditions for the upward trend to be formed up to the last value. In general, we expect the upward trend from June 29 to develop after the level of 154.10 is broken. The potential target is 154.61.
The main trend is the local upward trend from June 29.
Trading recommendations:
Buy: 154.10 Take profit: 154.60
Buy: 154.62 Take profit: 155.11
Sell: 152.78 Take profit: 152.40
Sell: 152.36 Take profit: 152.00
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