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31.07.2020

USD/CHF: wave analysis

The pair may fall.

On the daily chart, the third wave of the higher level (3) develops, within which the wave 1 of (3) forms. Now, the fifth wave of the lower level v of 1 is developing, within which the wave (iii) of v is forming. If the assumption is correct, the pair will fall to the levels of 0.8950–0.8800. In this scenario, critical stop loss level is 0.9212.

AUD/USD: wave analysis

The pair may grow.

On the 4-hour chart, the first wave of the higher level (1) of C develops, within which the fifth wave 5 of (1) forms. Now, the development of the third wave of the lower level iii of 5 is ending, within which the wave (v) of iii has formed. If the assumption is correct, after the end of the correction iv of 5, the pair will grow to the levels of 0.7300–0.7400. In this scenario, critical stop loss level is 0.7061.

Retail Sales. Germany, 08:00 (GMT+2)

German Retail Sales data for June is due at 08:00 (GMT+2). Retail Sales measures the change in the total value of inflation-adjusted sales at the retail level, excluding automobiles and gas stations. It is the primary indicator of consumer spending, which influences the GDP. It is expected that on a monthly basis the indicator will decline from 13.9% to –3.3%, and on an annualized basis it may decline from 3.8% to 3.0%. The implementation of the forecast can put pressure on EUR.

Manufacturing PMI. China, 03:00 (GMT+2)

Chinese Manufacturing PMI data for July is due at 03:00 (GMT+2). The indicator is compiled from the enterprises responses about their purchasing activities and supply situations. At the same time, the attitude of purchasing managers to the current economic situation and prospects for its further development is evaluated. The index is expected to decline from 50.9 to 50.7 points, but will remain in the growth zone.

EUR/CAD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (1.5806). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.5963).

AUD/CHF: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is going to reverse from ascending to descending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (0.6517). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.6584).

Industrial Production. Japan, 01:50 (GMT+2)

At 01:50 (GMT+2), the data on industrial production for June will be published in Japan. Industrial Production gauges the change in the total inflation-adjusted value of output manufacturers, quarries, and utilities produced. The indicator takes into account the manufacturing and mining industries, as well as the power industry. Production is expected to rise by 1.2% in June after a serious 8.9% contraction in May. If the forecast proves correct, it can support JPY.

30.07.2020

GBP/NZD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (1.9545). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.9901).