The Analytical Overview of the Main Currency Pairs on 2019.05.24

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.11501
  • Open: 1.11812
  • % chg. over the last day: -0.28
  • Day's range: 1.11726 – 1.12056
  • 52 wk range: 1.1111 – 1.2009

EUR/USD started to recover and updated the local maximums. The investors began to fix positions after a long rally. The escalation of the trade war between Washington and Beijing increased the expectation for the FRS to lower the interest rates this year. An additional pressure is cause by the negative trends in the US Treasury bonds' yield. The market participants are watching the EU Parliament elections. The quotes are consolidating around 1.11800-1.12000. You should open positions from these levels. EUR has prospects for further recovery.

The Economic News Feed for 24.05.2019:

  • - Report on the Orders of Durable Goods (US) – 15:30 (GMT+3:00);
EUR/USD

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

The MACD histogram is in the positive zone and keeps rising which points towards a further correction of the EUR/USD quotes.

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: 1.11800, 1.11500, 1.11300
  • Resistance levels: 1.12000, 1.12200, 1.12450

If the price fixes above 1.12000, expect further descend towards 1.12300-1.12500.

Alternatively, the quotes can descend towards 1.11500-1.11300.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.26516
  • Open: 1.26525
  • % chg. over the last day: +0.01
  • Day's range: 1.26477 – 1.26879
  • 52 wk range: 1.2438 – 1.3631

GBP/USD stabilized after a long descend. The GBP is consolidating. The local support and resistance levels are 1.26500 and 1.27000. The market participants are waiting for the relevant info regarding Brexit. A technical correction remains possible. You should open positions from the key levels.

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

GBP/USD

The indicators do not provide precise signals, the price has crossed 50 MA.

The MACD histogram has moved into a positive zone which points towards a correction of GBP/USD.

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

Trading recommendations
  • Support levels: 1.26500, 1.26000
  • Resistance levels: 1.27000, 1.27550, 1.28000

If the price fixes above 1.27000, expect further correction towards 1.27500-1.27800.

Alternatively, the quotes can fall towards 1.26200-1.26000.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.34356
  • Open: 1.34721
  • % chg. over the last day: +0.33
  • Day's range: 1.34459 – 1.34824
  • 52 wk range: 1.2727 – 1.3664

USD/CAD started to descend after a sharp growth. The trading instrument updated the local minimums. The key support and resistance levels are 1.34450 and 1.34700. The demand for USD weakens. Keep an eye on the oil quotes dynamics and open positions from the key levels.

The Economic News Feed for 24.05.2019 is calm.

USD/CAD

The indicators do not provide precise signals: 50 MA has crossed 200 MA.

The MACD histogram is close to 0.

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

Trading recommendations
  • Support levels: 1.34450, 1.34200, 1.34000
  • Resistance levels: 1.34700, 1.34900, 1.35100

If the price fixes below 1.34450, epxect a correction towards 1.34000.

Alternatively, the quotes can grow towards 1.34800-1.35000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.333
  • Open: 109.594
  • % chg. over the last day: -0.73
  • Day's range: 109.456 – 109.745
  • 52 wk range: 104.97 – 114.56

USD/JPY is showing an agressive bearish trend. The quotes have descended by 70 points. The demand for the safe assets has grown since the trade negotiations between the US and China seem to have reached a dead end. Right now the quotes are consolidating around 109.500-109.750. Keep an eye on the US economic reports. The currency pair has a tendency to descend.

The national basis consumer price index in Japan for April confirmed the market expectations and reached 0.9%.

USD/JPY

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

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

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: 109.500, 109.150, 109.000
  • Resistance levels: 109.750, 110.100, 110.350

If the price fixes below 109.500, expect further descend towards 109.150-109.000.

Alternatively, the quotes can grow towards 110.000-110.200.

by JustForex, 2019.05.24

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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