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23.07.202008:32 Forex Analysis & Reviews: Brief trading recommendations for EUR/USD, GBP/USD and USD/JPY on 07/23/20

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Exchange Rates 23.07.2020 analysis

The EUR/USD currency pair is holding the previously set upward interest, during which market participants managed to update the maximum of the current year and find themselves on the coordinates of price fluctuations in October 2018. Such a sharp strengthening of the European currency rate in a short period of time indicates overbought, which may lead to a subsequent corrective movement in the market.

Based on the above, it can be assumed that the area of 1.1550/1.1600 will serve as a resistance level, where, if the price consolidates below 1.1550, sell positions may arise, which will lead to a subsequent corrective movement towards the values of 1.1500- 1.1450.

An alternative scenario will be considered in the event of a breakdown of the level of 1.1600, which will indicate the continued upward interest. The absence of the overbought effect indicates that there is a high speculative interest in the market, which pulls the quote along with it.

Exchange Rates 23.07.2020 analysis

After the correctional movement in the direction of the coordinate 1.2650, the GBP/USD currency pair has returned to the resistance level 1.2770 once again, where a stagnation within the 1.2720/1.2740 was formed below it. The price return to the previous level indicates the retention of buyers in the market, which may lead to a breakdown of the level of 1.2770 if the price consolidates above it.

At the same time, based on the analysis of the resistance level of 1.2770, we have repeatedly seen how the price returned to this coordinate and rebounded it again, thereby confirming its reliability, as well as the logical basis on which market participants worked.

Based on the above, it is worth applying two trading methods at once in your work:

The first method considers the breakdown of the level of 1.2770, where if the price consolidates above it, it is possible to predict the price movement in the direction of the values 1.2810-1.2885, where the subsequent resistance levels are located.

The second method considers the natural basis of the price rebound from the resistance level 1.2770, where if the price consolidates below the current stagnation 1.2720/1.2740, it is possible to predict the price movement in the direction of the values 1.2650-1.2620.

Exchange Rates 23.07.2020 analysis

For the USD/JPY currency pair, we have the fulfillment of the previously set forecast regarding the price rebound from the support area of 106.70/106.90, where the quote came the day before. The natural basis of fluctuations allows traders to know in advance where exactly the interaction of market participants with a quote will take place; technical analysis is based on this theory.

Regarding the current situation on the market, you can see that the quote approached the area of 107.20/107.40, which plays the role of resistance. If the pattern of fluctuations coincides, a rebound in the opposite direction may occur.

An alternative development scenario will be considered if the price consolidates above the level of 107.40, which will mean a breakdown of the resistance level, followed by an inertial move towards the breakdown.

It is recommended to sell a pair at a price below 107.10 with the prospect of a move to 106.70

It is recommended to buy a pair at a price above 107.40 with the prospect of a move to 107.65.

Exchange Rates 23.07.2020 analysis

Przedstawiono Gven Podolsky,
przez eksperta analitycznego
z grupy firm InsaForex © 2007-2024
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