Forex Daily Forecast Jul 17 2019

EURUSD Bearish But Around Critical Support. GBPUSD: Very Bearish Below 1.2458 Levels. USDJPY: Faces Pullback Threats Below 108.45 levels. AUDUSD: Consolidates With Upside Bias! USDCAD: Bearish Despite Recovery Attempts!

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EURUSD Bearish But Around Critical Support

The EURUSD continued its bearish momentum yesterday. Topped at 1.1260 levels. And bottomed at 1.1200 levels. This development leaves the pair targeting the 1.1180/1.1160 levels. A halt is very likely. It may turn higher from here. However; Below 1.1160 aims the 1.1160 levels. Next support comes at the 1.1127 levels ahead of 1.1080 levels.

On the upside. Immediate resistance comes at 1.1245/1.1260 levels ahead of 1.1283 levels (main). Above 1.1283 sees recovery threats to 1.1330 levels. Furthermore, aims the 1.1370/1.1423 levels.

In conclusion: The EURUSD continues to consolidate with downside bias below 1.1283 levels.

Notes: The pair around medium-term demand zone, so moving downward is not easy at all. selling the pair on a rebound near resistance levels with a small target is recommended.

GBPUSD: Very Bearish Below 1.2458 Levels…

The GBPUSD maintained a strong bearish momentum yesterday. Topped at 1.2519 levels, bottomed at the 1.2395, and closed at 1.2402 levels. This development leaves the pair targeting the 1.2350 levels. A halt is likely. It may test 1.2400 levels before another down. Anyway; Below 1.2350 aims 1.2285 levels. Next support comes at 1.2215 levels ahead of 1.2155 levels.

On the upside. Immediate resistance comes at 1.2458 levels (broken support turned resistance). Stability below this level will keep the pair under heavy pressure. Anyway; above 1.2458 aims the 1.2520 levels (main). It should turn lower from here. But if this fails to happen. It will challenge the 1.2590 levels.

In conclusion: The GBPUSD sees downside threats below 1.2520/1.2458 levels.

Support: 1.2400, 1.2350, 1.2285, 1.2215

Resistance: 1.2458, 1.2520, 1.2590, 1.2640

USDJPY: Faces Pullback Threats Below 108.45

As long as 108.45 resistance holds on a daily closing basis. The USDJPY remains in a pullback mode and further downside is likely. Support comes at 107.75 levels. A halt is likely. It may turn higher from here. However; Below 107.75 aims 107.15 levels. Next support comes at 106.60 levels.

On the upside. Resistance comes at 108.45 levels. A break will challenge 109.00 levels. That is to say, above 109.00 restores the upside momentum and paves the way to 109.60 levels. Next resistance comes at 110.50 levels.

In conclusion: The USDJPY faces pullback threats below 108.50 levels…

Support: 107.75, 107.15, 106.60, 105.87

Resistance: 108.45, 109.00, 109.59, 110.50

AUDUSD: Consolidates With Upside Bias!

As long as 0.7009 support holds on a daily closing basis. The AUDUSD remains neutral with risk to the upside. resistance comes at 0.7037 where a break will aim 0.7070 levels. A halt is likely. It may test 0.7035/0.7009 before another rise. However; Above 0.7070 aims 0.7130 levels. Furthermore, resistance comes at 0.7178 levels.

A failure to hold below 0.7009 levels on a daily closing basis could mean a return to 0.7040 levels.

On the downside. Support comes at 0.7009 levels. Below this level faces pullback threats to 0.6970 levels. Next support comes at 0.6925 levels.

In conclusion: The AUDUSD still sees upside threats above 0.7009 levels despite hesitation. Below 0.7009 faces pullback threats to 0.6970/0.6925 levels.

Support: 0.7009, 0.6970, 0.6925, 0.6875

Resistance: 0.7037, 0.7070, 0.7130, 0.7178

USDCAD: Bearish Despite Recovery Attempts!

As long as 1.3088/1.3133 resistance holds on a daily closing basis. The USDCAD remains on the downside to 1.3015 levels ahead of 1.2930 levels. Above 1.3133 sees recovery threats to 1.3188/1.3222 levels before another fall.

Support: 1.3015, 1.2930, 1.2860, 1.2820

Resistance: 1.3088, 1.3133, 1.3188, 1.3222