Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Technical Analysis 19/7/2017

Published 07/19/2017, 07:20 AM
Updated 04/26/2020, 07:50 AM

USD/JPY: Latest trend reversal looks steady as a smooth downtrend is taking place with the dollar trading at 112.04

USD/JPY Chart

DESCRIPTION

A continuous downtrend could lead the price towards the 1st Ichimoku baseline support level at 111.66. In sequence the 2nd support awaits at 111.46 followed by the 3rd one at 111.25. At 112.27-33 the 1st resistance can be retested yet a breakthrough occurrence could lead the chart towards the 2nd and 3rd resistances at 112.69 and 112.86-90 levels respectively.

EUR/JPY: Euro hast turned into a week-long consolidation against the yen at the price of 129.21 at the moment

EUR/PY Chart

DESCRIPTION

Both directions are open right now hence, the bullish strength would result in hitting the 1st resistance at 129.89 followed by a strong 200-day MA 2nd resistance level at 130.58.77 and finally the 3rd one at 130.91. Alternatively, the bearish side offers the 1st support at 128.74. A breakthrough of the 2nd support slightly lower at 128.50 could result in an approach of the 3rd support at the round 128.00 level.

Bullish on the GBP/USD despite intraday retracement on Tuesday

GBP/USD Chart

DESCRIPTION

The outlook for the GBP/USD remains bullish despite a short term retracement yesterday. We expect the price to challenge the first resistance soon at 1.3057, the daily pivot level. If the price pushes through the initial resistance, the second resistance is on 1.3126, the July 18 high and the September 14 low. The last resistance is on 1.3180, the September 15 low. If the price reverts, the first support is on 1.3049, the daily pivot level, and the second support is expected to be at 1.3030, the June 30 high and the July 14 mid-price. The last support lies on 1.2984, the July high, also at the confluence of the 50 and 100 day moving averages.

The EUR/USD is teetering within its consolidation zone

EUR/USD Chart

DESCRIPTION

The EUR/USD is trading within Tuesday’s range, the nearest support and resistance are 1.1489, the July 12 high and 1.1583, the July 18 high respectively. Any breakouts or breakdowns will provide a clearer direction of the pair. The 2nd resistance is on 1.1616, the 2016 high whereas the last resistance is on 1.1714, the August 2015 high. The downwards support after 1.1489 is on 1.1472, the July 18 low, and the last support is at 1.1434, the July 14 mid-price.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.