Trading forecasts and ideas for 07/17/2023

Hello. Below are some recommendations for trading in the Forex market on 07/17/2023


On the EURUSD pair, they made targets of 1.1181 and remained in the zone of the old gap. On Friday, they formed a Doji pattern there. In general, there are still targets from above, but it is unlikely that we will continue the recoilless growth, and we will not go into a downward correction. In the statistics of transactions, there is a good set of sellers and I think we will not go far down. The first correction targets are FVG from below and its middle at 1.1074, then there are already levels around 1.1000. Inside the day, you can try to search for sales, but with an eye that you are climbing against the trend.


On the GBPUSD pair, an Inside bar pattern has formed. Here they even overfulfilled the plan and flew past the upper limit of FVG 1.3000. The next targets are from above in the area of ​​1.33500, but it would be good to go into a downward correction before that, and collect new deals in purchases. Targets for correction are around 1.2844, the 50% level and a small FVG are also there.


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The inside bar pattern was also formed on the USDCHF pair. The price updated the local low of 0.87560, and now the targets are from below, except perhaps in the area of ​​0.8237, this is the middle of the hairpin left in 2015. I would like to see a correction in the area of ​​0.8820, there is FVG a little lower, but I think we will block it completely.



The Absorption pattern was drawn on the USDCAD pair on Friday, slightly updating the latest lows. It seems that the price does not want to leave the flat for a long time. FVG remained slightly above the pattern, let's see how we react to it, and another possible place for correction is the middle of the order block 1.3320 (not marked on the chart). At these levels, I would look at the reaction, and I was already thinking whether we would continue to fall or return to the flat.


The highs of 0.6389 were carefully removed on the NZDUSD pair and formed a small pin bar. Here I am also waiting for a downward correction, to the area of ​​0.6247-0.6221. There it will be possible to take a closer look at purchases, with the expectation of continued growth to the highs of 0.6538 and above 0.6575.

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