The Analytical Overview of the Main Currency Pairs on 2018.06.07

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17191
  • Open: 1.17746
  • % chg. over the last day: +0.55
  • Day's range: 1.17723 – 1.17777
  • 52 wk range: 1.0571 – 1.2557

There is the bullish sentiment on the EUR/USD currency pair. During yesterday's and today's trading sessions, quotes have risen by almost 100 points and updated a two-week high. At the moment, the key support and resistance levels are 1.18000 and 1.18300, respectively. Further growth of the EUR/USD currency pair is not excluded. We recommend opening positions from the key levels.

Today, the news feed of the Eurozone and the US is calm. We recommend paying attention to the GDP data of the Eurozone (12:00 GMT+3:00).

EUR/USD

Indicators point to the power of buyers: the price has fixed above 50 MA and 200 MA.

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

Stochastic Oscillator is in the overbought zone, the %K line is above the %D line, which gives a weak signal to buy EUR/USD.

Trading recommendations
  • Support levels: 1.18000, 1.17600, 1.17000
  • Resistance levels: 1.18300, 1.18700

If the price fixes above the resistance level of 1.18300, the EUR/USD quotes are expected to grow. The movement is tending potentially to 1.18700-1.19000.

Alternative option. If the price fixes below the round level of 1.18000, we recommend looking for entry points to the market to open short positions. The target movement level is 1.17600-1.17400.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.33802
  • Open: 1.34105
  • % chg. over the last day: +0.17
  • Day's range: 1.34370 – 1.34595
  • 52 wk range: 1.2361– 1.4345

Yesterday, the GBP/USD quotes were in a sideways trend. At the moment, there is an upward trend on the GBP/USD currency pair. Further growth of the trading instrument is not excluded. The key support and resistance levels are 1.34300 and 1.34700. The positions should be opened from these marks.

Today, the news feed on the UK economy is calm.

GBP/USD

Indicator signals point to the power of buyers: the price has fixed above 50 MA and 200 MA.

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

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which indicates the GBP/USD quotes growth.

Trading recommendations
  • Support levels: 1.34300, 1.33800, 1.33300
  • Resistance levels: 1.34700, 1.35000

If the price fixes above the resistance level of 1.34700, further growth of the GBP/USD quotes is expected. The movement is tending potentially to 1.35000-1.35300.

Alternative option. If the price fixes below the already "mirror" support of 1.34300, we recommend considering sales of GBP/USD. The movement is tending potentially to 1.33800-1.33600.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29661
  • Open: 1.29435
  • % chg. over the last day: -0.19
  • Day's range: 1.29446 – 1.29574
  • 52 wk range: 1.2059 – 1.3795

Yesterday, there was a variety of trends on the USD/CAD currency pair. The Canadian dollar weakened during yesterday's trading session after the publication of the Ivey purchasing managers index, which counted to 62.5 instead of the forecasted value of 69.7. At the moment, the technical pattern is ambiguous: the trading instrument is in a sideways trend. Investors expect additional drivers. The USD/CAD quotes are trading in the range of 1.29200-1.29600. Positions should be opened from the key support and resistance levels.

We recommend paying attention to the speech of the Bank of Canada Governor Poloz.

USD/CAD

Indicators do not send accurate signals: the price crossed 50 MA and 200 MA.

The MACD histogram is near the 0 mark.

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

Trading recommendations
  • Support levels: 1.29200, 1.28800, 1.28400
  • Resistance levels: 1.29600, 1.30000, 1.30400

If the price fixes below 1.29200, the USD/CAD quotes are expected to decline. The movement is tending potentially to 1.28800-1.28600.

Alternative option. If the price fixes above the local resistance of 1.29600, we recommend looking for entry points to the market to open long positions. The movement is tending potentially to 1.30000-1.30200.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.778
  • Open: 110.178
  • % chg. over the last day: +0.30
  • Day's range: 110.055 – 110.137
  • 52 wk range: 104.56 – 114.74

The USD/JPY currency pair is in a sideways trend. Investors took a wait-and-see position before the report on GDP of Japan. Statistics will be published on Friday, June 8 (02:50 GMT+3:00). At the moment, local support and resistance levels are 109.800 and 110.150, respectively. The positions should be opened from these marks. We recommend paying attention to the US government bonds yield.

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.

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

Trading recommendations
  • Support levels: 109.800, 109.400, 109.000
  • Resistance levels: 110.150, 110.500

If the price fixes above the local resistance of 110.150, the USD/JPY currency pair is expected to grow. The target movement level is 110.500-110.700.

Alternative option. If the price fixes below the support of 109.800, it is necessary to look for entry points to the market to open short positions. The movement is tending potentially to 109.400-109.200.

by JustForex, 2018.06.07

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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