Technical analysis of AUD/USD for July 20, 2015 Market Analysis Review

Ahead of the major events, the aussie is trading lower against USD. Monetary policy meeting minutes ate due today, data on CPI and speech of RBA governor Stevens are scheduled for tomorrow.

Today, the pair opened on a bearish note. The nearest support zone is found at 0.7330, 0.7300, and 0.7250. In the daily chart, the pair closed below a neckline of a bearish h&s pattern. This indicates further lows in the coming weeks. The weekly resistance is seen at 0.7380, 0.7420, and 0.7500. Earlier, the pair made a double top at 0.7500. Use rises to sell until the price closes below 0.7500.

At the intraday session, selling is available below 0.7330 with targets at 0.7300, 0.7250, and 0.7220.

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Technical analysis of GBP/USD for July 20, 2015 Market Analysis Review

The cable managed to paused its 3-week falling streak and gained 0.7% in the previous week.

The cable has been movinf towards higher lows and higher highs in the daily chart. It rejected at 20Dsma at yesterday's session again. It was the 4th consecutive day in a row. The near-term picture turns bearish as the cable is likely to re-test 1.5500.

Earlier in July, the cable broke the 20Dsma, but it was unable to close above that level. It seems to be capped at 1.5700 in the near term. In case of a strong close above 1.5600 20Dsma, bulls might be back on track, aiming to breake 1.5700 and open gates to 1.5800.

The cable broke a 3-month ascending trendline, being unable to close above it. These are few factors supporting the near-term bearish view towards 1.5500.

The 50Wsma is found at 1.5600 and the 20Wsma 1.5270. Bulls must close above 1.5600 this week to retain their momentum.

Recently, the S&P lowered its forecast for the British GDP growth in 2015 to 2.6 % (previously expected growth of 2.8%), but raised the forecast for the eurozone's GDP.

Bulls : The cable gave a break from the bullish broadening wedge, closing above that. The trend favors buying on dips with sl 1.5450. The 50Dsma is found at 1.5560 and 100Dema is found at 1.5440.

Intraday support is seen at 1.5575 and 1.5550 and resistance is seen at 1.5615 and 1.5650. Before further move up, the cable is likely to re-test support levels at 1.5540 and 1.5500. The intraday key level to watch is 1.5520. Selling accelerates below 1.5520 towards 1.5450.

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Technical analysis of EUR/USD for July 20, 2015 Market Analysis Review

The EU approved a 7.2 billion-euro bridge loan to Greece. The pair lost more than 2% during the previous week after 2 consecutive weeks of gaining.

Given the lack of macroeconomic data, it is understandably a quiet day on the markets. Things should pick up rapidly on Friday however as we don't have a number of high-impact data releases to look forward.

The pair closed below 20Wsma. It made a large distribution between 1.1467 and 1.1437. In the daily chart, the pair lost all moving averages. The parallel support is found at 1.0819, which is a previous swing low, and 1.0790. We have been advising to sell on rises at 1.0720. The 20Wsma is seen at 1.1080. The oscillators indicate oversold markets in different time intervals on the hourly and daily charts.

The pair has been moving towards lower lows and lower tops, falling below the lower end of the ascending trendline. The nearest support zone is found between 1.0820 and 1.0790. We recommend fresh selling only below 1.0780 with a target at 1.0720. Later, it is likely to extend towards 1.0630.

Intraday resistance is seen at 1.0860, 1.0880, and 1.0910. Support is found at 1.0820 and 1.0790.

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Technical analysis of GBP/USD for July 20, 2015 Market Analysis Review

After forming a bearish divergence and a breakout of the uptrend trendline, GBP/USD confirmed that it lost upside momentum. This could result in either a strong correction down or a consolidation.

The Fibonacci levels applied to the trendline breakout point shows that the final target, which is 0% level - S3 (1.5299), has not been reached, although the S2 support (1.5447) has been broken. Currently, the pair is trading just below the R1 (1.5614) resistance that could be a bouncing point to start a wave down.

Consider selling GBP/USD while it is trading near R1 with a target at S3 (1.53) area. Only a daily close above R2 (1.5688) might resume the long-term trend up.

Support: 1.5540, 1.5447, 1.5300, and 1.5168.

Resistance: 1.5614 and 1.5688.

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Daily analysis of major pairs for July 20, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair dropped by 280 pips last week closing below the resistance line at 1.0850. The next targets for bears are located around the support lines at 1.0800 and 1.0750. The resistance lines at 1.0950 and 1.0900 were successfully broken by bears. Thus, they might resist any rally attempts this week.

USD/CHF: As long as the EUR/USD pair goes down, the USD/CHF pair must go up. The pair moved upwards by over 200 pips last week closing above the support level at 0.9600. A break of the support level at 0.9500 (which was formerly a resistance level) was a major achievement for bulls. Until EUR or CHF gains a lot of stamina, this pair would continue going up.

GBP/USD: This currency trading instrument rallied last week, but the further rally was halted at the distribution territory around 1.5650. For a bullish bias to continue being valid, the distribution territory must be breached to the upside. Otherwise, there could be risk of a strong bearish correction this week.

USD/JPY: Several weeks ago, this market began to rally from the demand level at 120.50. It rallied by over 350 pips, going slightly above the demand level at 124.00. With further buying pressure, the supply level at 124.50 would be breached this week.

EUR/JPY: This cross first consolidated last week, but it brokeput downwards on Thursday, trending lower and lower gradually. On Friday, the price closed below the supply zone at 134.50. Since, there is a strong Bearish Confirmation Pattern in the chart, it is assumed that the southward journey would continue, especially as long as EUR is weak.

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Elliott wave analysis of EUR/NZD for July 20, 2015 Market Analysis Review

Technical summary:

We continue looking for an opportunity to move more upside towards 1.6915 and even 1.7050 on the way higher to the ideal target for wave (v) at 1.7154. That said wave (v) has already formed a top at 1.6812 and a larger correction is about to unfold. To indicate that a top is already in place, a break below the support at 1.6349 is needed. It will call for a continuation lower to at least 1.6035.

Trading recommendation:

We are long EUR from 1.6588 and will keep our stop at 1.6425.

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Elliott wave analysis of EUR/JPY for July 20, 2015 Market Analysis Review

Technical summary:

A decline from 137.80 became deeper than expected, but as long as important support at 133.27 protects the downside, we will stay cautiously bullish for a rally above minor resistance at 13527 and more importantly a break above 136.38 for a new rally to 141.06 and higer.

However, a break below 133.27 will indicate that the rally from 126.05 has been in three waves that is a sign of a corrective rally and therefore a retest of 126.05 should be expected on the way lower.

Trading recommendation:

We are long EUR from 134.07 with stop placed at 134.25. If our stop is triggered, we will re-buy EUR at 134.00 and place a stop+reverse at 133.15

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