The Analytical Overview of the Main Currency Pairs on 2019.07.08

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.12833
  • Open: 1.12221
  • % chg. over the last day: -0.52
  • Day's range: 1.12197 – 1.12328
  • 52 wk range: 1.1111 - 1.2009

On Friday, the US published a fairly optimistic report on the labor market in June, which caused an increase in demand for USD. The dollar index (#DX) set new monthly highs. In the non-agricultural sector of the country, 224,000 new jobs were created, which is significantly higher than the forecasted value of 160,000. The growth of the average hourly wage did not meet market expectations and amounted to 0.2%. At the same time, the previous figure was revised upwards to 0.3%. The unemployment rate rose from 3.6% to 3.7%. At the moment, EUR/USD quotes are consolidating in the range of 1.12100-1.12400. Trading instrument has the potential to further decline. We recommend to open positions from key levels.

The Economic News Feed for 08.07.2019 is calm.

EUR/USD

The price has fixed below 50 MA and 100 MA, which indicates 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 EUR/USD.

The Stochastic Oscillator is located near the overbought zone, the %K line crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.12100, 1.11600
  • Resistance levels: 1.12400, 1.12750, 1.13100

If the price consolidates below the local support of 1.12100, the quotes will drop to 1.11700-1.11500.

Alternatively, quotes could recover to 1.12700-1.13000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.25763
  • Open: 1.25248
  • % chg. over the last day: -0.43
  • Day's range: 1.25207 - 1.25334
  • 52 wk range: 1.2438 - 1.3631

Currency pair GBP / USD once again moved to a decline. The demand for USD has grown after the release of positive reports from the labor market. Tje rading tool updated key extremums and is consolidating in a rather narrow range of 1.25150-1.25350. In the near future, we deem a technical correction possible. Keep an eye on Brexit and open positions must be opened from key levels.

The Economic News Feed for 08.07.2019 is calm.

GBP/USD

The price has fixed below 50 MA and 100 MA, which indicates 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 GBP/USD.

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

Trading recommendations
  • Support levels: 1.25150, 1.24850
  • Resistance levels: 1.25350, 1.25600, 1.26000

If the price consolidates below 1.25150, the quotes will move to 1.24850-1.24600.

Alternatively, the quotes may rise toward 1.25600-1.25800.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30492
  • Open: 1.30660
  • % chg. over the last day: +0.19
  • Day's range: 1.30660 - 1.30834
  • 52 wk range: 1.2727 - 1.3664

On Friday USD/CAD had rather high trading activity. CAD was under pressure after a weak report on the labor market in Canada. At the moment, USD/CAD quotes are consolidating. Local levels of support and resistance are 1.30600 and 1.30850. Trading instrument can grow further. Pay attention to the dynamics of oil prices and open positions from key levels.

The Economic News Feed for 08.07.2019 is calm.

USD/CAD

Indicators do not give accurate signals: the price crossed 50 MA and 100 MA.

The MACD histogram is located near the 0 mark.

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

Trading recommendations
  • Support levels: 1.30600, 1.30400, 1.30000
  • Resistance levels: 1.30850, 1.31150, 1.31450

If the price consolidates above 1.30850, the quotes will grow to 1.31150-1.31400.

Alternatively, the quotes can descend to 1.30400-1.30200.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.811
  • Open: 108.435
  • % chg. over the last day: +0.61
  • Day's range: 108.280 - 108.585
  • 52 wk range: 104.97 - 114.56

The USD/JPY currency pair has stabilized after a sharp rise during Friday's trading. At the moment, the trading instrument is consolidating. The key support and resistance levels are 108.250 and 108.600, respectively. USD/JPY quotes can grow further. Pay attention to the dynamics of the yield of US Treasury Bonds. Positions must be opened from key levels.

The Economic News Feed for 08.07.2019 is calm.

USD/JPY

The price has fixed above 50 MA and 100 MA, which indicates the strength of buyers.

The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy USD/JPY.

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

Trading recommendations
  • Support levels: 108.250, 108.000, 107.700
  • Resistance levels: 108.600, 109.000

If the price consolidates above the resistance level of 108.600, the quotes can grow to 109.000 round level.

Alternatively the quotes can fall to 108.000-107.800.

by JustForex, 2019.07.08

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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