Weekly Forex technical forecast July 06 - 10

Technical analysis of the currency market Forex for the coming week July 6-10, 2020. As part of this week, an analyst will explore opportunities to trade in key assets of the Forex market.

EUR/USD


The Euro vs. the dollar has moved into a sideways trend with extremely low volatility. We can mark a sideways corridor with the borders of 1.1171 and 1.1279. During the last week the price tried to rise up from the corridor twice, but every time it went back down. The histogram looks up, but the oscillator is close to the neutral values. Taken together, all these data indicate that as long as the price is inside the corridor, it is impossible to trade, or it is possible to use channel strategies, but globally we are waiting to go beyond the boundaries. It will be possible to trade in the direction of the exit.


Weekly Forex technical forecast July 06 - 10

GBP/USD


Last week for this currency pair has brought what we talked about in the previous week's review: the market closed above the trend lines and above the level of 1.2405. Now it is very important to note that the upward movement did not work out impulse, but it stopped when the level of moving averages was reached. Histogram has entered the area above zero and continues to increase its maximum values. Therefore, we can say that the upward trend for the coming week is a priority. The ideal entry point for the upward trend will be close to the level of 1.2405.

Weekly Forex technical forecast July 06 - 10

USD/JPY


The level of 175.492 is very important and key for this currency pair. The past week resulted in the market rising above this line, although before that it had been tested for several weeks in a row, but could not break it. Another important characteristic of the current market segment is that all indicators are close to neutral values and do not show any trend. The same is confirmed by the price chart, where the price of the currency pair literally stuck to the level of moving averages. Therefore, we say that the level 175.492 is the key one. We should wait for the price to test this level, and in the direction of movement from this level it will be possible to trade.

Weekly Forex technical forecast July 06 - 10

AUD/USD


The key feature of the Australian dollar against the American dollar is still the upward trend. This week makes you think about the formation of new upward positions. There are several reasons for that. Firstly, the histogram looks up and for the first time in a long time it has reached the area above 0.Second, the price and the oscillator are close to reaching the important levels. We can say that if the oscillator rises above the level of 65, and the price fixes above the level of 0.6933, it will be possible to trade on the rise.

Weekly Forex technical forecast July 06 - 10

USD/CAD


The dollar vs. the Canadian dollar is characterized by a stage of decreasing volatility, when the price, even under pressure of a slight downtrend, but literally stuck to the level of moving averages. By the way, it is one of many assets, which demonstrated such tendency last week. Oscillators do not show a trend, and the histogram looks down. A little lower from the current segment is the level of 1.3518. We can assume that when this level is reached, the market will need a correction and an upward movement may occur. This is what we use for our work.

Weekly Forex technical forecast July 06 - 10

USD/CHF


The dollar against the Swiss franc still managed to consolidate below the level of 0.9480, but the downward movement was strong and the momentum did not work. Nevertheless, what we talked about in the previous week's review worked. The only thing is that now it is possible to make an adjustment, that for the current market segment it is possible to mark a narrow price corridor with the boundaries of 0.9427 and 0.9480. As long as the price is within this range, it is impossible to trade. Further in the direction of breakage it will be possible to open transactions. This assumption is confirmed by indicators that are close to neutral values and do not show even attempts to form a trend movement.

Weekly Forex technical forecast July 06 - 10

USD/RUB


This currency pair creates considerable food for thought to open an upward position. There is almost everything for that. First of all, we are talking about the fact that the oscillator is close to neutral values, but it demonstrates only attempts to break through upwards. There were at least three such attempts. Despite the fact that the histogram is looking down, the price is rising, so we can talk about divergence, but it is insignificant. It is also very important to mark 2 candlesticks of the last week, during which the dollar price against the Russian ruble rose above 73.50. Both candlesticks have left a very long shadow upwards as a result, but this allows us to speak about the dynamics. It is very important - such 2 candlesticks speak about uncertainty. Therefore, it is better to refrain from trading ideally. If you want to trade, you can take a risk and open a position to go up again at 73.00.

Weekly Forex technical forecast July 06 - 10

Gold


Gold is still unable to form a strong upward trend, although it is trying. The past week has seen all indicators looking down and indicating that a downtrend is dominant. If you look at the price chart, there is no trend. There is a sideways movement. It is most likely that the market will need correction and the movement will occur downwards. It will only be possible to trade on the downside if the price fixes below 1760.00. If the market manages to consolidate above 1780.00, it will be possible to trade on rise.

Weekly Forex technical forecast July 06 - 10
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