Welcome friend!

What July can bring us?

 

Another month is behind us. As I was afraid some correction occured and our forecasted move did not bring that much of a profit. However our forecats from previous month are still valid.

As in many cases what happens on EUR/USD market is very important for other markets. For the last two weeks traders could feel like on carousel. There is important area between 1.38 and 1.41 levels.If any of these is broken market should follow in this direction with bigger move. Action on chart of RSI indicator may be helpful here. For raising move 1.45 is a resistance level. Is market fails 1.35 is a support level.

We have similar situation on GBP/USD market. Important area exists between 1.60 and 1.66 levels. If any of these levels is broken with close price, market should follow in the same direction. If market raises 1.75 will be target level while 1.55 will be level to test if market fails.

Last market we look today at is AUD/CAD. If we assume that previous two months were periods of consolidation we may expect a move to 0.95 level. RSI indicator is in clear uptrend. However at 0.93 level there may be small consolidation.