FOREX CHART ANALYSIS JUL 23 - BREAKING BARRIERS

Jul 23, 2020
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There are some really interesting movements on the charts today. We can see the price breaking new barriers. 

Latest updates

  • The decline of the dollar has accelerated in recent weeks when a new coronavirus outbreak is taking place in the US and the improvement of economic prospects abroad has reduced the attractiveness of the USD.
  • New US stimulus package is behind schedule.
  • Gold and silver futures continue to rise after surpassing historical highs in the expectation that low or negative real interest rates will be a fact of life for many years to come.
  • Chinese Foreign Ministry spokesman Wang Wenbin said on July 22 that the United States abruptly asked it to close its consulate in Houston, Texas, US, in an unprecedented escalation.
  • US Assistant Secretary of State David Stillwel said the Chinese Consulate General in Houston is an intelligence center for the US military.

USD/JPY

forex-chart-analysis-usdjpy

USDJPY is still not attractive when the price continues to be stuck in a small range between 106.7 and 107.4. We are not trading at the moment but waiting for breakout signals to hit the outer bounds. If the price breaks above, the target will be 108. The opposite is 106, but it should be noted that the RR ratio is not really good.

EUR/USD

forex-chart-analysis-eurusd

The price has officially broken the peak that has been sustained for more than a year - the level of 1,157, opening the possibility of continuing to go up to higher prices. However, the market is in a state of overbought and there has not been any significant correction since the breakout. You should wait patiently for a better price before you add more long positions. The main potential area is the MA20.

GBP/USD

forex-chart-analysis-gbpusd

After the pin bar signal dropped, the price corrected sharply to MA20 as expected and rebounded, showing that the buying power is still abundant. In the short term, we continue to expect the price to break the zone of 1,280 and go up to 1,290. For the hanging man pattern on the daily chart, when the price penetrates the bottom of the model - the level of 1.264, we will pay attention to it.

USD/CAD

forex-chart-analysis-usdcad

Prices have had a standard retest and continue to follow the prediction. The target remains the price zone of 1.33. When approaching, you can consider exiting the order or moving the Stop Loss and further analyzing the price action here.

AUD/USD

forex-chart-analysis-audusd

Price creates a new peak. However, when approaching the strong resistance, it has continuously created bearish signals, especially on the daily chart. I do not encourage you to trade AUDUSD now because of the conflict signal. We need to observe more.