07.07.202110:20 Forex Analysis & Reviews: Fractal analysis of major currency pairs on July 7, 2021

Outlook on July 7:

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 1.1890 - 1.1928. If the last value is broken, this will encourage the development of an upward trend. The potential target is set at 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 1.3930, 1.3912, 1.3867, 1.3835, 1.3773, 1.3734, and 1.3679. The price is close to canceling the upward trend from July 2, which requires a breakdown of the level of 1.3773. The target is set at 1.3734 and the price may consolidate near it. If the indicated target is broken, strong movement will continue to the potential target of 1.3679. The price may consolidate again around this level.

Short-term growth is likely in the range of 1.3835 - 1.3867. If the level of 1.3867 is broken, the upward trend from July 2 will develop. The potential target is set at 1.3930. After that, a price consolidation in the range of 1.3930 - 1.3912 can be expected.

The main trend is the upward trend from July 2, deep correction stage.

Trading recommendations:

Buy: 1.3835 Take profit: 1.3865

Buy: 1.3868 Take profit: 1.3912

Sell: 1.3773 Take profit: 1.3735

Sell: 1.3733 Take profit: 1.3680

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 and consolidation are possible 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: 0.9212 Take profit: 0.9190

Sell: 0.9186 Take profit: 0.9144

The key levels for the USD/JPY pair are 111.32, 111.05, 110.88, 110.38, 110.21, 109.99, 109.84, and 109.51. The price has been moving in a bearish trend since July 1. Here, we expect a short-term decline in the range of 110.38 - 110.21. If the last value is broken, strong movement will continue to the level of 109.99. After that, the price may consolidate in the range of 109.99 - 109.84. The ultimate potential downward target is 109.51. After reaching it, an upward pullback can be expected.

Short-term growth is possible in the range of 110.88 - 111.05. If the latter is broken, a deep correction will occur. The target is set at 111.32, which is also the key support level.

The main trend is the downward trend from July 1.

Trading recommendations:

Buy: 110.88 Take profit: 111.05

Buy: 111.07 Take profit: 111.32

Sell: 110.37 Take profit: 110.22

Sell: 110.19 Take profit: 110.00

The key levels for the USD/CAD pair are 1.2636, 1.2609, 1.2538, 1.2491, 1.2450, 1.2416, 1.2375, and 1.2303. The price has formed a strong potential for the upward trend from July 6. Now, we expect a short-term growth in the range of 1.2491 - 1.2538. If the latter is broken, strong upward movement will continue to the target of 1.2609. The final potential upward target is 1.2636. After reaching it, the price may pull back downwards.

On the other hand, a short-term decline is likely in the 1.2450 - 1.2416 range. If the level of 1.2416 is broken, a deep correction will occur. The target is set at 1.2375, which is also the key support level. Its breakdown will dispose of the development of a downward trend. Here, the potential target is 1.2303.

The main trend is the formation of the upward trend from July 6.

Trading recommendations:

Buy: 1.2492 Take profit: 1.2536

Buy: 1.2540 Take profit: 1.2609

Sell: 1.2450 Take profit: 1.2417

Sell: 1.2414 Take profit: 1.2376

The key levels for the AUD/USD pair are 0.7619, 0.7594, 0.7557, 0.7531, 0.7513, 0.7482, 0.7455, 0.7409 and 0.7390. The price is close to canceling the upward trend from July 2, which requires a breakdown of 0.7482. The target is set at 0.7455 and the price may consolidate around it. If the indicated target is broken, a strong decline will continue to the next target of 0.7409. The ultimate potential downward target is 0.7390. After reaching it, price consolidation and an upward pullback can be expected.

Meanwhile, short-term growth is expected in the range of 0.7513 - 0.7531. If the latter is broken, a deep correction will occur. The target is set at 0.7557, which is also a key resistance level for the subsequent development of an upward trend.

The main trend is the upward trend from July 2, deep correction stage.

Trading recommendations:

Buy: 0.7514 Take profit: 0.7531

Buy: 0.7533 Take profit: 0.7555

Sell: 0.7482 Take profit: 0.7457

Sell: 0.7453 Take profit: 0.7411

The key levels for the EUR/JPY pair are 131.52, 131.19, 130.95, 130.43, 130.08, 129.92, and 129.70. The price has been moving in a bearish trend since July 1. We expect this trend to continue after the level of 130.43 is broken. The target is set at 130.08. After that, the price may consolidate in the 130.08 - 129.92 range. The ultimate potential downward target is 129.70. After reaching it, the price may consolidate and pull back upwards.

In turn, short-term growth is expected in the range of 130.95 - 131.19. If the level of 131.19 is broken, a deep correction will occur. The target is set at 131.52, which is also the key support level.

The main trend is the downward trend from July 1.

Trading recommendations:

Buy: 130.95 Take profit: 131.17

Buy: 131.21 Take profit: 131.50

Sell: 130.43 Take profit: 130.08

Sell: 129.92 Take profit: 129.70

The key levels for the GBP/JPY pair are 154.05, 153.63, 153.23, 153.00, 152.29, 151.92, 151.26, and 151.01. The price has been moving in a downward trend since June 23, but it is currently forming a local downward potential from July 6. We expect a short-term decline in the range of 152.29 - 151.92. If the last value is broken, a strong decline will continue to the target of 151.26. After that, there will be a short-term decline in the 151.26 - 151.01 range, from which a pullback into correction can be expected.

Short-term growth is possible in the range of 153.00 - 153.23. If the latter is broken, a deep correction will occur. The target is set at 153.63, which is also the key support level.

The main trend is forming a downward potential from July 6.

Trading recommendations:

Buy: 153.24 Take profit: 153.60

Buy: 153.65 Take profit: 154.05

Sell: 152.29 Take profit: 151.93

Sell: 151.90 Take profit: 151.26