09.07.202110:16 Forex Analysis & Reviews: Fractal analysis of major currency pairs on July 9, 2021

Outlook on July 9:

Analytical overview of popular currency pairs on the H1 chart:

The key levels for the EUR/USD pair are 1.1890, 1.1839, 1.1774, 1.1741, 1.1718, and 1.1675. The price has been moving in a downward trend since June 25, but it is currently in a correction and forms an upward potential from July 8. We expect the downward movement to continue after the level of 1.1774 is broken. The target is set at 1.1741. After that, a short-term decline and consolidation can be expected in the range of 1.1741 - 1.1718. The final potential downward target is 1.1675. After reaching it, an upward pullback is expected.

A short-term growth, in turn, is possible in the range of 1.1840 - 1.1890. We expect the formation of strong initial conditions for the upward cycle up to the level of 1.1890.

The main trend is the local downward trend from June 25.

Trading recommendations:

Buy: 1.1842 Take profit: 1.1890

Buy: Take profit:

Sell: 1.1774 Take profit: 1.1741

Sell: 1.1718 Take profit: 1.1680

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 expected to develop its downward trend from July 6. The breakdown of the level of 1.3773 will lead to a short-term decline. The target is set at 1.3734 and the price may consolidate around it. If the specified target is broken, strong movement will continue to the potential target of 1.3679. The price may consolidate again near this level.

Short-term growth is likely in the range of 1.3835 - 1.3867. If the last value is broken, the upward trend from July 2 will develop. The potential target is set at 1.3930. After that, the price may consolidate in the 1.3930 - 1.3912 range.

The main trend is the downward trend from July 6.

Trading recommendations:

Buy: 1.3835 Take profit: 1.3865

Buy: 1.3868 Take profit: 1.3912

Sell: 1.3771 Take profit: 1.3735

Sell: 1.3733 Take profit: 1.3680

The key levels for the USD/CHF pair are 0.9234, 0.9200, 0.9182, 0.9131, 0.9100, 0.9050 and 0.9031. The price has formed a strong downside potential from July 7. We expect the decline to resume after the level of 0.9131 is broken. The target is set at 0.9100 and the price may consolidate near it. If this target is broken, a strong decline will continue to the target of 0.9050. The final potential downward target is 0.9031. After reaching it, the price may consolidate and pull back upwards.

Short-term growth is possible in the 0.9182 - 0.9200 range. If the level of 0.9200 is broken, a deep correction will occur. The target is set at 0.9234, which is also the key support level.

The main trend is the downward trend from July 7.

Trading recommendations:

Buy: 0.9182 Take profit: 0.9200

Buy: 0.9203 Take profit: 0.9234

Sell: 0.9130 Take profit: 0.9103

Sell: 0.9098 Take profit: 0.9050

The key levels for the USD/JPY pair are 110.71, 110.43, 110.21, 109.84, 109.51, 109.36, 109.13, and 108.99. The price has been moving in a bearish trend since July 1. We expect this trend to extend after the level of 109.84 is broken. The target is set at 109.51. After that, the price may consolidate in the range of 109.51 - 109.36. The ultimate potential downward target is 108.99. A movement to this level is expected after the breakdown of 109.35.

Short-term growth is likely in the range of 110.21 - 110.43. If the latter is broken, a deep correction will occur. The target is set at 110.71, which is also the key support level.

The main trend is the downward trend from July 1.

Trading recommendations:

Buy: 110.21 Take profit: 110.40

Buy: 110.44 Take profit: 110.70

Sell: 109.82 Take profit: 109.51

Sell: 109.35 Take profit: 109.14

The key levels for the USD/CAD pair are 1.2695, 1.2636, 1.2609, 1.2538, 1.2487, 1.2450, and 1.2400. The price has been moving in an upward trend since July 6. We expect this trend to resume after the level of 1.2538 is broken. The target is set at 1.2609. After that, short-term growth and consolidation can be expected in the 1.2609 - 1.2636 range. The final potential upward target is 1.2695. After reaching it, a downward pullback can be expected.

On the other hand, a short-term decline is possible in the range of 1.2487 - 1.2450. If the level of 1.2450 is broken, a deep correction will follow. The target is set at 1.2400, which is also the key support level.

The main trend is the upward trend from July 6.

Trading recommendations:

Buy: 1.2540 Take profit: 1.2609

Buy: 1.2637 Take profit: 1.2695

Sell: 1.2487 Take profit: 1.2452

Sell: 1.2449 Take profit: 1.2402

The key levels for the AUD/USD pair are 0.7497, 0.7456, 0.7437, 0.7409, 0.7390, 0.7354, 0.7319 and 0.7291. The price has been moving in a bearish trend since July 6. Now, we expect a short-term decline in the range of 0.7409 - 0.7390. If the last value is broken, strong movement will continue to the target of 0.7354. The price may consolidate near this level. If the specified target is broken, it will allow us to move to the level of 0.7319. The ultimate potential downward target is 0.7291. After reaching it, the price may pull back upwards.

Meanwhile, short-term growth is expected in the 0.7437 - 0.7456 range. If the latter is broken, a deep correction will occur. The target is set at 0.7497, which is also the key support level.

The main trend is the downward trend from July 6.

Trading recommendations:

Buy: 0.7437 Take profit: 0.7455

Buy: 0.7458 Take profit: 0.7495

Sell: 0.7409 Take profit: 0.7391

Sell: 0.7388 Take profit: 0.7356

The key levels for the EUR/JPY pair are 130.95, 130.58, 130.33, 129.92, 129.70, and 129.16. We are following the development of the downward trend from July 1. We expect this trend to continue after the price breaks through the range of 129.92 - 129.70. Here, the potential target is 129.16. After reaching it, an upward pullback can be expected.

In turn, short-term growth is possible in the range of 130.33 - 130.58. If the latter is broken, a deep correction will occur. The target is set at 130.95, which is also the key support level.

The main trend is the downward trend from July 1.

Trading recommendations:

Buy: 130.33 Take profit: 130.57

Buy: 130.60 Take profit: 130.95

Sell: 129.70 Take profit: 129.20

Sell: Take profit:

The key levels for the GBP/JPY pair are 152.53, 152.33, 151.94, 151.70, 151.01, 150.47, 149.92, 149.55, and 148.77. The price has been moving in a bearish trend since July 6. We expect this trend to resume after the level of 151.01 is broken. The target is set at 150.47 and the price may consolidate near it. If the level of 150.45 is broken, it will allow us to move to the level of 149.92. After that, a short-term decline and consolidation can be expected in the 149.92 - 149.55 range. The final potential downward target is 148.77. After reaching it, the price may consolidate and pull back upwards.

Short-term growth is possible in the 151.70 - 151.94 range. If the latter is broken, a deep correction will occur. The target is set at 152.33. The key support is in the range of 152.33 - 152.53.

The main trend is a downward trend from July 6.

Trading recommendations:

Buy: 151.70 Take profit: 151.93

Buy: 151.96 Take profit: 152.33

Sell: 151.00 Take profit: 150.50

Sell: 150.45 Take profit: 149.95