The Analytical Overview of the Main Currency Pairs on 2019.05.23

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.11568
  • Open: 1.11501
  • % chg. over the last day: -0.04
  • Day's range: 1.11304 – 1.11573
  • 52 wk range: 1.1111 – 1.2009

EUR/USD started to descend again. The trading instrument updated the local minimums. The pressure on the EUR is caused by the weak economic releases on business activity is Germany and the EU. Right now the attention of the investors is concentrated on the EU Parliament election, which is set to begin today. Keep an eye on this issue. The quotes have prospects for further descend. You should open positions from the key levels.

The Economic News Feed for 23.05.2019:

  • - Publication of the ECB Monetary Policy Meeting Protocols (EU) – 14:30 (GMT+3:00);
  • - Number of Primary Jobless Claims (US) – 15:30 (GMT+3:00);
  • - New Real Estate Sales (US) – 17:00 (GMT+3:00);
EUR/USD

The price fixed below 50 MA and 200 MA which points towards the power of the sellers.

The MACD histogram is in the negative zone and keeps falling which points towards a bearish mood.

The Stochastic Oscillator is in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.11300, 1.11000
  • Resistance levels: 1.11500, 1.11700, 1.11850

If the price fixes below 1.11300, expect further descend towards 1.11000.

Alternatively, the quotes can correct towards 1.11700-1.11900.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27047
  • Open: 1.26516
  • % chg. over the last day: -0.34
  • Day's range: 1.26052 – 1.26658
  • 52 wk range: 1.2438 – 1.3631

GBP/USD keeps showing a negative trend. The trading instrument is close to the round 1.26000. 1.26550 acts as a local resistance. GBP is under pressure due to the Brexit situation. Theresa May can announce her resignation soon. GBP/USD has prospects for a further descend. You should open positions from the key levels.

At 11:30 (GMT+3:00) the UK will publish an retail sales report.

GBP/USD

The price fixed below 50 MA and 200 MA which points towards the power of the sellers.

The MACD histogram is in the negative zone and below the signal line which points towards selling GBP/USD.

The Stochastic Oscillator is in the oversold zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.26000, 1.25500
  • Resistance levels: 1.26550, 1.27000, 1.27550

If the price fixes below 1.26000, expect further descend towards 1.25600-1.25400.

Alternatively, the quotes can recover towards 1.27000-1.27200.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.34018
  • Open: 1.34356
  • % chg. over the last day: +0.24
  • Day's range: 1.34315 – 1.34635
  • 52 wk range: 1.2727 – 1.3664

USD/CAD is in a bullish mood. The trading instrument updated the local maximums. USD/CAD are consolidating around 1.34400-1.34650. CAD is under pressure due to the negative trends on the oil quotes. The trading instrument has further prospects for growth. Keep an eye on the US economic trends and open positions from the key levels.

The Economic News Feed for 23.05.2019 is relatively calm.

USD/CAD

The price fixed above 50 MA and 200 MA which points towards the power of the buyers.

The MACD histogram is in the positive zone and above the signal line which recommends buying USD/CAD.

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

Trading recommendations
  • Support levels: 1.34400, 1.34200, 1.34000
  • Resistance levels: 1.34650, 1.34850, 1.35100

If the price fixes above 1.34650.

Alternatively, the quotes can descend towards 1.34200-1.34000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.484
  • Open: 110.333
  • % chg. over the last day: -0.26
  • Day's range: 110.102 – 110.365
  • 52 wk range: 104.97 – 114.56

USD/JPY stabilized. There is no defined trend. The quotes are testing the local support and resistance levles at 110.100 and 110.350. The demand on the safe assets remains high due to the ambiguousness in the US/China trading negotiations. The trading instrument has a tendency to descend. Keep an eye on the US Treasury bonds' yield and open positions from the key levels.

The Economic News Feed for 23.05.2019 is calm.

USD/JPY

The indicators do not provide precise signals, the price fixed between 50 MA and 200 MA.

The MACD histogram is in the negative zone and keeps falling which gives a strong signal to sell USD/JPY.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line which points towards a bearish mood.

Trading recommendations
  • Support levels: 110.100, 109.750, 109.500
  • Resistance levels: 110.350, 110.650

If the price fixes below 110.100, expect the descend of the USD/JPY quotes towards 109.750-109.600.

Alternatively, the quotes can grow towards 110.600-110.800.

by JustForex, 2019.05.23

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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