Forex Daily Forecast Jul 05 2019

EURUSD: At Risk Of Falling Down! GBPUSD: Remains Under Pressure Below 1.2590. USDJPY Consolidates Around Support! AUDUSD: Bullish But Vulnerable Below 0.7030 USDCAD: Bearish Eyes Further Downside!

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Forex-EURUSD -659854

EURUSD: At Risk Of Falling Down!

As long as 1.1317 resistance holds on a daily closing basis. The EURUSD remains in a pullback mode, and further down couldn’t be ruled out. Support comes at the 1.1255/1.1228 levels. It may test 1.2280/1.1317 before the next fall. Anyway; A cut through 1.1255/1.1228 will extend the corrective pullback to 1.1690 levels. Next support comes at 1.1160 levels ahead of 1.1125 levels.

On the upside. Immediate resistance comes at 1.1280/1.1317 level. Above that level would challenge 1.1355/1.1400 levels where rejection is expected. However; Above 1.1400 will restore the upside momentum and aims the 1.1455/1.1490 levels.

In conclusion: The EURUSD sees pullback threats below 1.1317 levels and a sudden fall could be seen today…

Support:1.1255, 1.1225, 1.1690,1.1160, 1.1125

Resistance: 1.1317, 1.1355, 1.1400, 1.1455, 1.1490

GBPUSD: Remains Under Pressure Below 1.2590

As long as 1.2590 (broken support turned resistance) holds on a daily closing basis. The GBPUSD remains on the downside to 1.2555/1.2530 levels. A halt is likely but a cut would open 1.1480 next, further down, support comes at 1.2418 levels ahead of 1.2375 levels.

On the upside, above 1.2590 sees recovery threats to 1.2640 levels before the next fall. Above 1.2640 will extend the corrective recovery to 1.2695/1.2745 levels.

In conclusion: The GBPUSD faces fall risk below the 1.2590 levels.

Support: 1.2555,1.2530, 1.2480, 1.2418, 1.2375, 1.2285

Resistance: 1.2590, 1.2640, 1.2695, 1.2745, 1.2812, 1.2865

USDJPY Consolidates Around Support!

As long as 107.75 support holds on a daily closing basis, the USDJPY remains neutral with risk to the upside. Resistance comes at 108.8 levels. A break will aim the 108.55 levels. A clear break above 108.55 will extend gains to 109.00/109.60 levels.

On the downside, a cut below 107.75 will terminate the last bullish run and reverse risk to 107.15 levels, below 107.15 aims the 106.60 levels.

In conclusion: The USDJPY sees consolidation around 107.75 levels before the next move.

Support: 107.75, 107.15, 106.60, 105.87, 105.00

Resistance: 108.08, 108.55, 109.00, 109.59, 110.35, 110.73

AUDUSD: Bullish But Vulnerable Below 0.7030 

The AUDUSD remains on the upside as long as 0.6992 support holds on a daily closing basis. Resistance comes at 0.7030 levels. At this point; The AUDUSD will have to break and hold above 0.7030 levels on a daily closing basis to prevent a return to the downside. If seen it target the 0.7060 levels where a break will aim the 0.7140 levels. Next resistance comes at 0.7200 levels.

Alternatively; a failure to hold above 0.7030 levels on a daily closing basis could mean a return to 0.6992 levels. A halt is likely, it may test 0.7030 again but a cut through 0.6992 support will reverse risk to the downside to 0.6960 levels. Next support comes at 0.6928/0.6875 levels.

In conclusion: The AUDUSD faces upside threats above 0.6992 levels with caution!

Support: 0.6992, 0.6960, 0.6928, 0.6875, 0.6850, 0.6800

Resistance: 0.7030, 0.7060, 0.7100, 0.7140, 0.7200

USDCAD: Bearish Eyes Further Downside!

The USDCAD remains on the downside as long as trades below 1.3075/1.3150 levels on a daily closing basis. Support comes at 1.2975 ahead of 1.2870 levels. Above 1.3150 sees recovery threats to 1.3228 levels before another fall…

In conclusion, the pair remains on the downside below 1.3075/1.3150 levels.

Support 1.2975, 1.2870, 1.2790, 1.2700, 1.2600

Resistance: 1.3075, 1.3150, 1.3228, 1.3285, 1.3365