The Analytical Overview of the Main Currency Pairs on 2019.05.29

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.11912
  • Open: 1.11600
  • % chg. over the last day: -0.27
  • Day's range: 1.11526 – 1.11725
  • 52 wk range: 1.1111 – 1.2009

The worries about the escalation of the US/China trade conflict have lowered the demand on the risky assets. EUR/USD started to descend and updated the local minimums. An additional support to the USD is given by the positive customer trust reports in the US. The investors are waiting for additional drivers. The key levels are 1.11500 and 1.11750, you should open positions from them.

At 10:55 (GMT+3:00) the market participants will be evaluating the labour market report from Germany.

EUR/USD

The price fixed below 200 MA which points to the power of the buyers.

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 is below the %D line which recommends selling EUR/USD.

Trading recommendations
  • Support levels: 1.11500, 1.11300, 1.11000
  • Resistance levels: 1.11750, 1.12000, 1.12200

If the price fixes below 1.11500, epxect further descend towards 1.11300-1.11000.

Alternatively, the quotes can grow towards 1.12000-1.12200.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.26767
  • Open: 1.26533
  • % chg. over the last day: -0.15
  • Day's range: 1.26420 – 1.26650
  • 52 wk range: 1.2438 – 1.3631

The GBP/USD technical picture remains ambiguous. There is no defined trend. The financial market participants are waiting for more information regarding Brexit. The key support and resistance levels are 1.26400 and 1.26850. GBP can descend further. You should open positions from the key levels.

The Economic News Feed for 29.05.2019 is calm.

GBP/USD

The indicators point to the power of the buyers, the price fixed below 50 MA and 200 MA.

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

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

Trading recommendations
  • Support levels: 1.26400, 1.26000
  • Resistance levels: 1.26850, 1.27100, 1.27450

If the price fixes below 1.26400, expect further descend towards the round 1.26000.

Alternatively, the quotes can correct towards 1.27200-1.27400.

Registration

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.34411
  • Open: 1.34828
  • % chg. over the last day: +0.33
  • Day's range: 1.34822 – 1.35120
  • 52 wk range: 1.2727 – 1.3664

CAD is weakened in comparison to the USD before the Bank of Canada meeting. The regulator is expected to keep the key interest rate of 1.75%. Keep an eye on the rhetorics of its representatives. The USD/CAD quotes are testing the key resistance at 1.35100. The nearest support is 1.34850. Open positions from these levels.

At 17:00 (GMT+3:00) the Bank of Canada will announce its decision on the key interest rate.

USD/CAD

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

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

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line which points towards the bullish mood.

Trading recommendations
  • Support levels: 1.34850, 1.34650, 1.33500
  • Resistance levels: 1.35100, 1.35500

If the price fixes above 1.35100, expect further growth towards 1.35500-1.35700.

Alternatively, the quotes can descend towards 1.34600-1.34400.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.490
  • Open: 109.356
  • % chg. over the last day: -0.15
  • Day's range: 109.148 – 109.435
  • 52 wk range: 104.97 – 114.56

USD/JPY is in a bearish mood. The trading instrument is consolidating around 109.150. 109.450 acts as a mirror resistance. The demand for the safe assets remains high due to a trading conflict and ambiguous global economic trends. Keep an eye on the US Treasury bonds' yield and open positions from the key levels.

The Economic News Feed for 29.05.2019 is calm.

USD/JPY

The price fixed below 50 MA and 200 MA which points to the power of the buyers.

The MACD histogram is in the negative zone and below the signal line which points a strong 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: 109.150, 109.000, 108.600
  • Resistance levels: 109.450, 109.700, 110.000

If the price fixes below 109.150, expect further descend towards 108.700-108.500.

Alternatively, the quotes can grow towards 109.600-109.800.

by JustForex, 2019.05.29

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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