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Forex Analysis & Reviews: Forecast for EUR/USD on July 1, 2022

Mixed data on Europe and the US came out on Thursday, which led to a breakthrough of counter-dollar currencies into correction, the dollar index lost 0.39% on the day. If you look closely at adjacent markets, and there the yield on 5-year US government bonds decreased from 3.13% to 3.04% and the S&P 500 fell by 0.88% while gold fell by 0.55%, then the idea arises that the growth of the euro and other currencies occurred primarily due to the short-term weakness of the dollar itself. This weakness may extend the corrective growth of the euro to the MACD line on the daily chart (1.0515), but then we are waiting for a new round of weakening of the single currency.



The eurozone CPI for June will be released today, the forecast for it is 8.4% Y/Y against 8.1% Y/Y in May. The US ISM index of business activity in the manufacturing sector for June will also be published, the forecast for which is 54.9 against 56.1 earlier. The discrepancy in the data may help the euro to technically finalize the correction.

On the EUR/USD daily chart, the price is near the target level of 1.0493, which was not worked out yesterday, this is a technical factor of the price's desire to go above this resistance to the MACD line (1.0515). The price could also fall from current levels if the dollar's weakness was due to speculative reasons, then large players will open long positions on the dollar due to the positions of euro optimists. Ultimately, we are still waiting for the euro at the target level of 1.0340 - at the low of January 2017.

The price has settled above the MACD indicator line on the four-hour chart, but the Marlin Oscillator is still in the negative zone. As in the daily chart, the current situation is not defined. Consolidating below the MACD line will increase the chances of moving downward, settling above the level of 1.0493 will slightly delay the euro with a reversal into a new wave of weakening.



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Forex Analysis & Reviews: Elliott wave analysis of NZD/USD for July 4, 2022



NZD/USD is still correcting the long-term decline from the 1.4900 high in 1973 to 0.3900 in 2000 and we are looking for a continuation higher to the 50% corrective target at 0.9450 before the correction is complete.

In the short term, we expect support near 0.6050 to be able to protect the downside for the next impulsive rally towards our long-term target near 0.9450 to complete the correction and come under new downside pressure.

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

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Forex Analysis & Reviews: Forecast for EUR/USD on July 5, 2022

In the absence of American players on the market yesterday, the euro did not fall, and growth is planned this morning. The correction will probably continue to the target level of 1.0493 with a slight overlap, until the MACD indicator line of the daily scale (1.0515) is worked out.



The daily Marlin Oscillator is turning up, helping the correction. From the indicated resistances, a price reversal to the target level of 1.0340 is likely. If the price settles above 1.0493 (this is an alternative), the price will continue to rise to the target level of 1.0600. Yesterday's small attempt to increase the price was stopped by the MACD indicator line of the four-hour scale. The Marlin Oscillator is currently crossing the border with the territory of the growing trend, which helps the price to re-attack the MACD line (1.0454). Breaking this line will open the 1.0493 target.



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

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Forex Analysis & Reviews: Forecast for EUR/USD on July 6, 2022

The euro fell 158 points yesterday, leaving the nearest support at 1.0340 far behind. The decline in the euro was qualitative - the fall occurred in all major stock exchange values: Dow Jones -0.42%, EuroStoxx50 -2.68%, oil -8.34% (WTI), the yield on 5-year US government bonds decreased from 2.91 % to 2.82%.



The fall in the Eurozone Composite PMI for June from 54.8 to 52.0 added to this. Obviously, the price is now facing the 1.0170 target. We are waiting for a correction from this level, and then again a decline to a new bearish target of 1.0020. The price fell with a reversal from the MACD indicator line on a four-hour scale. The price settled under the level of 1.0340. The Marlin Oscillator is rising slightly correctively, after which it will be ready to continue the decline along with the price.



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

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[b]GBPUSD Potential For Bearish Continuation | 7th July 2022[b/]

[img]https://forex-images.ifxdb.com/userfiles/20220707/analytics62c68f957384e_source!.jpg[img/]

On the H4, with prices moving below the ichimoku indicator and within the descending channel, we have a bearish bias that price will drop from our 1st resistance at 1.19313 where the horizontal pullback resistance and 61.8% fibonacci projection are to our 1st support at 1.18235 where the 161.8% fibonacci extension, -61.8% fibonacci expansion and 61.8% fibonacci projection are. Alternatively, price could rise to 2nd resistance at 1.19762 in line with the pullback resistance, 100% fibonacci projection and 38.2% fibonacci retracement.

[b]Trading Recommendation [b/]

Entry: 1.19313

Reason for Entry:

Horizontal pullback resistance

Take Profit: 1.18235

Reason for Take Profit:161.8% fibonacci extension, -61.8% fibonacci expansion and 61.8% fibonacci projection

Stop Loss: 1.19762

Reason for Stop Loss:

Pullback resistance, 100% fibonacci projection and 38.2% fibonacci retracement

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Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for July 8, 2022



We are looking for a break below support at 159.98 to confirm that the X-wave has peaked at 168.98 and wave Y now is in motion towards the 150.09 target and possibly even lower to the 61.8% corrective target near 145.72.

We expect minor resistance at 164.62 will be able to cap the upside for a break below support at 159.98 confirming the next part of the decline towards 150.09. *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.


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Forex Analysis & Reviews: Technical Analysis of GBP/USD for July 11, 2022

Technical Market Outlook: The GBP/USD pair has retraced 61% of the last wave down and hit the level of 1.2054, however after the pull-back the bulls are still trying to resume the bounce. Despite this bounce, the weak and negative momentum on the H4 time frame chart supports the bearish outlook. The supply zone located between the levels of 1.2160 - 1.2187 is still the main short-term obstacle for bulls that needs to be broken if the rally is expected to be continued.



Weekly Pivot Points:
WR3 - 1.2601
WR2 - 1.2311
WR1 - 1.2169
Weekly Pivot - 1.2022
WS1 - 1.1879
WS2 - 1.1732
WS3 - 1.14433

Trading Outlook: The price broke below the level of 1.3000 quite long time ago, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The bulls are now trying to start the corrective cycle after a big Pin Bar candlestick pattern was made on the weekly time frame chart. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.

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

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Forex Analysis & Reviews: Forecast for EUR/USD on July 12, 2022

The euro fell by 146 points on Monday and almost reached the target level of 1.0020. The Marlin Oscillator has shown a small reversal from the oversold zone and the price is close to correction, but if the target level of 1.0020 is overcome, then the bears' last effort may reach the target of 0.9950. Further, a correction to the area of 1.0100/70 is likely.



A more aggressive price decline is possible, in this case, the price could reach the 0.9850 target, and then we are waiting for a correction to 1.0020. The main scenario is marked with dotted lines on the four-hour chart. According to this plan, the price will reach the nearest target level of 0.9950, the Marlin Oscillator will form a convergence with the price, and the correction will focus on the MACD indicator line (1.0170 or slightly lower).



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Forex Analysis & Reviews: USDCHF, Potential For Bullish Bounce | 13th July 2022



On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 0.97233 where the horizontal pullback support is to our 1st resistance at 1.00485 in line with the 100% Fibonacci projection is. Alternatively, price may not break 1st support and head for 2nd support at 0.95268 where the horizontal pullback support.

Trading Recommendation
Entry: 0.97233 Reason for Entry: Horizontal pullback support Take Profit: 1.00485
Reason for Take Profit: 100% Fibonacci projection
Stop Loss: 0.95268
Reason for Stop Loss:Horizontal pullback support

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

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Forex Analysis & Reviews: Forecast for EUR/USD on July 14, 2022

Yesterday, the euro traded in a wide range at the support of 1.0020. As a result, the day ended with a white candle of 20 points. This morning the white candle is already covered by the black one, the price is trying to consolidate under the target level of 1.0020. Consolidating below the level opens new bearish targets: 0.9950 and 0.9850.



The signal line of the Marlin Oscillator is developing in its own descending channel on a daily scale. Now there is a slight rebound of the signal line from the lower border of the channel and the prospect of further decline is not great. With the price reaching 0.9850, a deep correction is likely, about three figures. Yesterday's range did not come out of the downward trend on the four-hour chart - the upper shadow was limited by the balance indicator line. The Marlin Oscillator briefly went into the positive area, now it is falling again in the negative area. There is room to move down.



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

Analysis are provided by InstaForex.

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