Analysis of the major currency pairs for the upcoming week 2021.07.19 - 2021.07.23
Jul 20, 2021
4 min read
Peter JanssenMarket expert


The euro will soon end its downtrend and start a long-term trend towards the 1.2100 level. This week we can expect a slight downward movement, spikes and reversal volatility in the 1.800 - 1.700 price range. In case of breakdown and consolidation below 1.700, options for opening short positions can be considered. The general recommendation is to prepare for a reversal and opening of long positions, an approximate target is the level of 1.2000.


The pound starts a long downward movement, which is clearly seen on the weekly charts. A recommendation to open only sell positions. The closest target is a decline to the levels of 1.3660 and 1.3500.


Gold is approaching the completion of the triangle formation on the weekly timeframe, but the momentum after the completion of the pattern will not appear soon. While the range of movement of the precious metal is narrowing, which means that moves are possible both down and up, but with a return to the average price of 1.800. In such a situation, you can use averaging and other systems operating in a flat.


The Canadian has broken through the resistance levels and started a confident uptrend. Only long positions are recommended on price rollbacks, as well as when the level of 1.2800 is broken. Profit taking when approaching 1.3000.


The yen is ready for a downward movement, while it has not yet gained strength to break through the support. General recommendation for conservative trading this week, consider only selling when a rollback to the 110.600 level and when the 109.200 is broken.


The confident downward movement of the Austrian is likely to continue in the coming week. We only open sells when pullbacks are around 500 pips and when the price breaks out at 0.7300.


The impulse movement is being prepared by the New Zealander. In case of a very probable breakout and consolidation below the level of 0.69100, one can confidently start selling. The immediate goal of taking profit is to reach the price of 0.67700.


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