The Analytical Overview of the Main Currency Pairs on 2018.05.31

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.15366
  • Open: 1.16612
  • % chg. over the last day: +1.08
  • Day’s range: 1.16799 – 1.16885
  • 52 wk range: 1.0571 – 1.2557

During yesterday's trading session, aggressive purchases were observed on the EUR/USD currency pair. The EUR/USD quotes rose by almost 150 points. Euro is supported by positive statistics from Germany. The trading instrument has the potential for further correction. At the moment, the key support and resistance levels are 1.16600 and 1.17300, respectively. We recommend opening positions from these marks.

The news feed on 2018.05.31:
  • – Consumer price index in the Eurozone at 12:00 (GMT+3:00);
  • – The number of initial jobless claims in the US at 15:30 (GMT+3:00);
  • – The index of pending sales in the real estate market in the US at 17:00 (GMT+3:00).
EUR/USD

The price has overcome 200 MA, which indicates the power of buyers.

The MACD histogram is in the positive zone and above the signal line, which signals to buy EUR/USD.

Stochastic Oscillator is located in the neutral zone, the %K line is crossing the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.16600, 1.16100, 1.15600
  • Resistance levels: 1.17300, 1.17800, 1.18200

If the price fixes above the resistance level of 1.17300, further growth of the EUR/USD currency pair is expected. The target movement level is 1.17800-1.18000.

Alternatively, the EUR/USD quotes may decline to 1.16100-1.15800.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32524
  • Open: 1.32841
  • % chg. over the last day: +0.23
  • Day’s range: 1.32547 – 1.32756
  • 52 wk range: 1.2361 – 1.4345

During yesterday's trading session, the GBP/USD currency pair moved away from the lows against the weakness of the US dollar. The growth of quotes exceeded 60 points. The trading instrument has the potential for further growth. At the moment, the key support and resistance levels are 1.32900 and 1.33400, respectively. We recommend opening positions from these marks.

The news feed on the UK economy is calm.

GBP/USD

The price has fixed between 50 MA and 200 MA, which are dynamic support and resistance levels.

The MACD histogram is in the positive zone, above the signal line, which gives a strong signal to buy GBP/USD.

Stochastic Oscillator is located in the neutral zone, the %K line is crossing the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.32900, 1.32400, 1.32000
  • Resistance levels: 1.33400, 1.33800, 1.34300

If the price fixes above the resistance level of 1.33400, further growth of the GBP/USD quotes is expected. The movement is tending potentially to 1.33800-1.34000.

Alternative option. If the price fixes below 1.32900, it is necessary to consider sales of GBP/USD. The target movement level is 1.32400-1.32000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30183
  • Open: 1.28731
  • % chg. over the last day: -0.95
  • Day’s range: 1.28594 – 1.28749
  • 52 wk range: 1.2059 – 1.3795

During yesterday's trading session, the USD/CAD currency pair fell significantly. The decrease in quotes was almost 150 points. Bank of Canada kept the key interest rate at the previous level of 1.25%. At the moment, the trading instrument is moving in flat. The key trading range is 1.28400-1.28850. The USD/CAD currency pair has the potential for further decrease. Positions should be opened from the key support and resistance levels.

The news feed on 2018.05.31:
  • – GDP data in Canada at 15:30 (GMT+3:00).
USD/CAD

The price has fixed below 50 MA and 200 MA, which indicates the power of sellers.

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell USD/CAD.

Stochastic Oscillator is located near the oversold zone, the %K line is crossing the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.28400, 1.28000, 1.27500
  • Resistance levels: 1.28850, 1.29400, 1.29900

If the price fixes below 1.28400, the USD/CAD quotes are expected to decline. The movement is tending potentially to 1.28000-1.27700.

Alternative option. If the price fixes above the resistance level of 1.28850, we recommend considering purchases of USD/CAD. The movement is tending potentially to 1.29400-1.29600.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.729
  • Open: 108.852
  • % chg. over the last day: -0.04
  • Day’s range: 108.814 – 108.907
  • 52 wk range: 104.56 – 114.74

The technical pattern on the USD/JPY currency pair is ambiguous. Quotes are in a sideways trend. Investors expect additional drivers. At the moment, the key support and resistance levels are 108.500 and 109.000, respectively. The positions should be opened from these marks.

The news feed on the economy of Japan is calm.

USD/JPY

Indicators do not send accurate signals. The price crossed 50 MA.

The MACD histogram is near the 0 mark. There are no signals at the moment.

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which gives a signal to sell USD/JPY.

Trading recommendations
  • Support levels: 108.500, 108.100
  • Resistance levels: 109.000, 109.500, 110.000

If the price fixes below the support level of 108.500, we recommend looking for entry points to the market to open short positions. The movement is tending potentially to 108.100-107.800.

Alternative option. If the price fixes above the round level of 109.000, it is necessary to consider purchases of USD/JPY. The movement is tending potentially to 109.500-109.800.

by JustForex, 2018.05.31

We recommend you to get acquainted with the daily overview of the news feed.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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