The Analytical Overview of the Main Currency Pairs on 2019.06.05

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.12407
  • Open: 1.12514
  • % chg. over the last day: +0.12
  • Day's range: 1.12506 – 1.12656
  • 52 wk range: 1.1111 – 1.2009

USD stabilized around the 7-month minumums against the basket of the world currencies. It is under pressure due to growing prospects that the Federal Reserve will lower the key interest rates this year. The Central Bank representatives are worried about the low inflation as well as a trade conflicts escalating in the world economy. According to the CME Firewatch Tool, 55% of the financial markets expect the Federal reserve to lower the key interest range on the meeting on Jule 31. The quotes are currently moving sideways, the key range being 1.12300-1.12700. The trading instrument can grow further. You should open positions from the key levels.

The Economic News Feed for 05.06.2019:

  • - An array of reports on the economic activity (EU) - 11:00 (GMT+3:00);
  • - Retail Sales Volume (EU) – 12:00 (GMT+3:00);
  • - ADP Nonfarm Employment Change (US) – 15:15 (GMT+3:00);
  • - ISM Non-Manufacturing Business Activity (US) – 17:00 (GMT+3:00);
  • - Beige Book (US) – 21:00 (GMT+3:00);
EUR/USD

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 but below the signal line which gives a weak signal to buy EUR/USD.

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: 1.12300, 1.12150, 1.11900
  • Resistance levels: 1.12700, 1.13000

If the price fixes above 1.12700, expect further growth towards 1.13000-1.13200.

Alternatively, the quotes can fall towards 1.12000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.26639
  • Open: 1.26988
  • % chg. over the last day: +0.30
  • Day's range: 1.26965 – 1.27193
  • 52 wk range: 1.2438 – 1.3631

GBP/USD is in a bullish mood. GBP set the new local maximums. The demand for the USD fell due to the growing threats of the Federal Reserve to decrease the key rates soon. Right now the quotes are testing the 1.27200. 1.26850 acts as a mirror resistance. The trading instrument can recover further. You should open positions from the key levels.

At 11:30 (GMT+3:00) the UK will publish a business activity index in the Service industry.

GBP/USD

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 keeps rising which gives a strong signal to buy GBP/USD.

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

Trading recommendations
  • Support levels: 1.26850, 1.26400, 1.26100
  • Resistance levels: 1.27200, 1.27450

If the price fixes above the 1.27200 resistance level, expect further growth towards 1.27450-1.27700.

Alternatively, the quotes can fall towards 1.26500-1.26400.

Open Account

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.34403
  • Open: 1.33923
  • % chg. over the last day: -0.34
  • Day's range: 1.33739 – 1.33970
  • 52 wk range: 1.2727 – 1.3664

USD/CAD showcases agressive sales. During the last two days the quotes fell by 60 points. CAD reached the key minimums. Right now the local support and resistnance are 1.33750 and 1.34000. The demand for USD lowered. The trading instrument has prospects for a further descend. Keep an eye on the US economic releases and open positions from the key levels.

The Economic News Feed for 05.06.2019 is calm.

USD/CAD

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

The MACD histogram is in the negative zone and keeps falling which gives a strong signal to sell 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: 1.33750, 1.33500
  • Resistance levels: 1.34000, 1.34300, 1.34600

If the price fixes below 1.33750, expect further descend towards 1.33500-1.33300.

Alternatively, the quotes can recover towards 1.34300-1.34500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.054
  • Open: 108.136
  • % chg. over the last day: +0.16
  • Day's range: 107.971 – 108.271
  • 52 wk range: 104.97 – 114.56

USD/JPY stabilized after a significant fall since the beginning of May. There is no defined trend. The key support and resistance levels are 107.850 and 108.350. JPY has a tendency to grow against the USD. The demand on the safe assets remains high. The investors are watching the key reports from the US. You should open positions from the key levels.

The Economic News Feed for 05.06.2019 is calm.

USD/JPY

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

The MACD histogram is close to 0.

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: 107.850, 107.500
  • Resistance levels: 108.350, 108.850, 109.200

If the price fixes below 107.850, expect further descend towards 107.500-107.300.

Alternatively, the quotes can recover towards 108.600-108.800.

by JustForex, 2019.06.05

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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
How to Interpret Inflation Data?
The Consumer Price Index, better known as CPI, is an important economic indicator regularly published by major economies to provide timely information on current inflation.
Read more
Setting the Clock Right: The Best Time To Trade Forex In India And Other Tips
In the forex market, many components come together for ensuring smooth operations and positive outcomes for a trader. Careful timing of trades is one of such components. In this article, we will explain how market timing is made, what time is best (and relatively worse) for trading, and how to choose the best time for forex trading in India.
Read more
The Matter of Trends: The Most Trending Forex Pairs
The forex market is lucrative for beginners and experienced traders alike because of high liquidity, various trading options, and earning potential that can be successfully realized with a properly chosen forex pair. Then the first question a trader should ask themselves is what pairs to trade and how to predict trends to make a profit off them. In this article, we will explore the trending potential of forex pairs, how to select the best pairs in forex, and uncover short-term and long-term trends.
Read more