Forex Daily Forecast Jul 19 2019

EURUSD: Sees Consolidation!GBPUSD: Recovers. But Vulnerable Medium Term. USDJPY: Risk Remains Lower! AUDUSD: Bullish But Looks Exhausted. It May Take A Breath. USDCAD: Bearish Eyes Further Downside... 

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EURUSD: Sees Consolidation!

The EURUSD maintained a bullish momentum yesterday, bottomed at 1.1204 levels. Topped at 1.1280 levels. Now the focus will be on the 1.1280 levels. The EURUSD will have to break and hold above the 1.1280 levels on a daily closing basis to prevent the market to return to the downside. If seen, it will target the 1.1330 levels. A halt is likely. It may test 1.1300/1.1200 levels before another rise. However; above 1.1330 aims the 1.1360 levels. Furthermore, resistance stands at the 1.1410 levels.

Alternatively; a failure to hold above the 1.1280 levels could mean a return to the 1.1204 /1.1180 levels. A cut below support aims the 1.1160 levels ahead of 1.1127 levels. Next support comes at 1.1080 levels.

In Conclusion: The EURUSD sees upside threats above 1.1204 levels with caution…

Note: The pair may spike to 1.1300 levels, then back to close below 1.1280 levels. Minors support comes at 1.1250 levels.

Support: 1.1250, 1.1205, 1.1180, 1.1160, 1.1127

Resistance: 1.1280, 1.1300, 1.1330, 1.1360, 1.1410

GBPUSD: Recovers. But Vulnerable Medium Term 

Although the GBPUSD maintained a strong bullish momentum yesterday. Topped at 1.2557 levels. Bottomed at 1.2422 levels. The pair will have to hold and break above 1.2557 levels to prevent a return to the downside. IF seen, it will target the 1.2605 levels. A halt is likely, it may test 1.2557 levels before another up. Anyway; above 1.2605 levels aims 1.2666 levels. Furthermore, resistance comes at 1.2736 levels ahead of 1.2782 levels.

Conversely, a failure to hold and break above 1.2557 levels could mean a return to 1.2430/1.2400 levels. A cut below support will restore the downside momentum and aim the 1.2350 levels. Next support comes at the 1.2285 levels.

In conclusion: The GBPUSD continues to consolidate in the medium-term outlook.

Note: Minor support comes at 1.2520 levels ahead of 1.2458 levels.

Support: 1.2520, 1.2458, 1.2430, 1.2400, 1.2350

Resistance: 1.2557, 1.2605, 1.2666, 1.2735, 1.2782

USDJPY: Risk Remains Lower!

As long as 107.93/108.45 resistance holds on a daily closing basis. The USDJPY remains on the downside. Support comes at 107.75 levels. A cut aims the 106.60 levels.  A halt is likely. It may test 107.15 before another down. However; Below 106.60 sees more weakness to the 105.87 levels. Next support comes at 105.32 levels.

On the upside. Resistance comes at 107.93 levels. A break will challenge 108.45 levels. It should turn lower from here. Anyway; above 108.45  sees recovery threats to the 109.00 levels. Nex resistance comes at 109.59 levels.

In conclusion: The USDJPY sees downside threats below 107.93/108.45 levels.

Support: 107.15, 106.60, 105.87, 105.32, 104.63

Resistance: 107.93, 108.45, 109.00, 109.59, 110.50

AUDUSD: Bullish But Looks Exhausted. It May Take A Breath

As long as 0.7007 support holds on a daily closing basis. The AUDUSD remains on the upside. Resistance comes 0.7075 levels. A halt is very likely. It may turn lower from here. Anyway; support comes at 0.7037 levels ahead of 0.7007 levels(main). Below 0.7007  faces a pullback threat to 0.6970 levels ahead of 0.6925 levels. Furthermore, support comes at 0.6875 levels.

On the upside. Mains resistance comes at the 0.7075 levels( daily and weekly static resistance). A break will extend gains to 0.7130 levels. Next resistance comes at 0.7178 levels.

In conclusion: The AUDUSD still sees upside threats above 0.7007 levels.

Support: 0.7009, 0.6970, 0.6925, 0.6875

Resistance: 0.7075, 0.7130, 0.7178, 0.7238

Note: The assumed target around 0.7070 has been reached according to the weekly time-frame….. So. A corrective pullback could be seen in the upcoming days. Only a break above 0.7075 will invalid this view…

 

USDCAD: Bearish Eyes Further Downside…

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

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