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20.07.202111:50 Forex Analysis & Reviews: Fractal analysis of major currency pairs on July 20, 2021

Outlook on July 20:

Analytical overview of popular currency pairs on the H1 chart:

Exchange Rates 20.07.2021 analysis

The key levels for the EUR/USD pair are 1.1881, 1.1851, 1.1825, 1.1771, 1.1758, 1.1726, and 1.1710. The local initial downward conditions from July 9 are being monitored. We expect the bearish trend to continue after the price breaks through the 1.1771 - 1.1758 range. The target is set at 1.1726. The final potential downward target is 1.1710. After reaching this level, the price may consolidate and pull back upwards.

A short-term growth, in turn, is possible in the range of 1.1825 - 1.1851. If the latter is broken, it will encourage the formation of a strong upward trend. The potential target is 1.1881.

The main trend is the local downward trend from July 9.

Trading recommendations:

Buy: 1.1827 Take profit: 1.1850

Buy: 1.1853 Take profit: 1.1880

Sell: 1.1758 Take profit: 1.1727

Sell: 1.1725 Take profit: 1.1710

Exchange Rates 20.07.2021 analysis

The key levels for the GBP/USD pair are 1.3761, 1.3717, 1.3687, 1.3629, 1.3582, 1.3560, and 1.3524. The price is expected to further develop the downward trend from July 12 after the level of 1.3629 is broken. The target is set at 1.3582. After that, the price may consolidate in the 1.3582 - 1.3560 range. The ultimate potential downward target is 1.3524. A movement to this level is expected after the breakdown of the level of 1.3560.

Short-term growth is expected in the 1.3687 - 1.3717 range. If the latter is broken, a deep correction will occur. The target is set at 1.3761, which is also the key support level.

The main trend is the downward trend from July 2.

Trading recommendations:

Buy: 1.3687 Take profit: 1.3716

Buy: 1.3718 Take profit: 1.3760

Sell: 1.3627 Take profit: 1.3585

Sell: 1.3560 Take profit: 1.3526

Exchange Rates 20.07.2021 analysis

The key levels for the USD/CHF pair are 0.9275, 0.9262, 0.9239, 0.9220, 0.9182, 0.9163, 0.9145 and 0.9116. The price has been moving in a bullish trend since July 15. In this case, we expect a short-term growth in the range of 0.9220 - 0.9239. If the latter is broken, it should be accompanied by strong growth to the potential target of 0.9275. After that, the price can consolidate in the range of 0.9262 - 0.9275, and hence, a downward pullback can be expected.

A short-term decline can be expected in the range of 0.9182 - 0.9163. If the last level is broken, a deep correction will occur. The target is set at 0.9145, which is also the key support level.

The main trend is the upward trend from July 15.

Trading recommendations:

Buy: 0.9220 Take profit: 0.9238

Buy: 0.9241 Take profit: 0.9262

Sell: 0.9182 Take profit: 0.9164

Sell: 0.9161 Take profit: 0.9146

Exchange Rates 20.07.2021 analysis

The key levels for the USD/JPY pair are 110.71, 110.38, 110.06, 109.84. 109.33, 109.14, 108.82, 108.68, and 108.39. The downward trend is expected to continue after the price breaks through the noise range of 109.33 - 109.14. The target is set at 108.82. After that, the price may consolidate in the 108.82 - 108.68 range. The ultimate potential downward target is 108.39. After reaching it, an upward pullback may follow.

Short-term growth is expected in the range of 109.84 - 110.06. If the level of 110.06 is broken, it will encourage the formation of initial conditions for an upward trend. The potential target is 110.38.

The main trend is the downward trend from July 14.

Trading recommendations:

Buy: 109.84 Take profit: 110.04

Buy: 110.08 Take profit: 110.36

Sell: 109.33 Take profit: 109.15

Sell: 109.13 Take profit: 108.84

Exchange Rates 20.07.2021 analysis

The key levels for the USD/CAD pair are 1.2926, 1.2885, 1.2797, 1.2756, 1.2705, 1.2667, and 1.2609. The price has been moving in a bullish trend since July 6. Now, we expect a short-term growth in the 1.2756 - 1.2797 range. If the latter is broken, strong growth will resume to the target of 1.2885. The final potential upward target is 1.2926. After reaching it, the price may consolidate and pull back downwards.

Meanwhile, a short-term decline is possible in the range of 1.2705 - 1.2667. If the last value breaks down, a deep correction will occur. The target is set at 1.2609, which is also the key support level. Its breakdown will dispose to the formation of initial conditions for a downward trend. In this case, the first potential target is 1.2565.

The main trend is the upward trend from July 6.

Trading recommendations:

Buy: 1.2798 Take profit: 1.2883

Buy: 1.2886 Take profit: 1.2924

Sell: 1.2705 Take profit: 1.2668

Sell: 1.2665 Take profit: 1.2611

Exchange Rates 20.07.2021 analysis

The key levels for the AUD/USD pair are 0.7409, 0.7374, 0.7354, 0.7319, 0.7291, 0.7239 and 0.7214. The downward trend from July 6 is considered as the main trend. In view of this, we expect a short-term decline in the range of 0.7319 - 0.7291. If the latter is broken, a strong decline will continue to the target of 0.7239. The ultimate potential downward target is 0.7214. After reaching it, the price may consolidate and pull back upwards.

On the other hand, short-term growth is likely in the range of 0.7354 - 0.7374. If the level of 0.7374 is broken, a deep correction will occur. The target is set at 0.7409, which is also the key support level.

The main trend is the downward trend from July 6.

Trading recommendations:

Buy: 0.7354 Take profit: 0.7373

Buy: 0.7376 Take profit: 0.7409

Sell: 0.7317 Take profit: 0.7292

Sell: 0.7289 Take profit: 0.7240

Exchange Rates 20.07.2021 analysis

The key levels for the EUR/JPY pair are 129.96, 129.55, 129.33, 128.72, 128.51, 128.06, and 127.88. The price has been moving in a local downward trend since July 13. Now, we expect a short-term decline in the range of 128.72 - 128.51. If the latter is broken, a strong fall will continue to the target of 128.06. The final potential downward target is 127.88. After reaching it, price consolidation and upward pullback are possible.

Alternatively, short-term growth is possible in the 129.33 - 129.55 range. If the last value is broken, a deep correction will occur. The target is set at 129.96.

The main trend is the local downward trend from July 13.

Trading recommendations:

Buy: 129.34 Take profit: 129.53

Buy: 129.57 Take profit: 129.93

Sell: 128.72 Take profit: 128.53

Sell: 128.49 Take profit: 128.06

Exchange Rates 20.07.2021 analysis

The key levels for the GBP/JPY pair are 151.32, 150.92, 150.44, 150.08, 148.97, 148.55, and 147.72. The price has been moving in a bearish trend since July 13. Currently, we expect it to move to the level of 148.97. After that, a short-term decline and consolidation can be expected in the range of 148.97 - 148.55. The ultimate potential downward target is 147.72. After reaching it, an upward pullback may follow.

In turn, short-term growth is likely in the range of 150.08 - 150.44. If the latter is broken, a deep correction will occur. The target is set at 150.92, which is also the key support level. Its breakdown will dispose to the formation of initial upward conditions. The potential target is 151.32.

The main trend is the downward trend from July 13.

Trading recommendations:

Buy: 150.08 Take profit: 150.42

Buy: 150.46 Take profit: 150.92

Sell: 148.97 Take profit: 148.57

Sell: 148.50 Take profit: 147.72

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Daichi Takahashi,
Odborný analytik spoločnosti InstaForex
© 2007-2021
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