The Analytical Overview of the Main Currency Pairs on 2019.08.07

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.12034
  • Open: 1.12005
  • % chg. over the last day: -0.03
  • Day's range: 1.12000 – 1.12196
  • 52 wk range: 1.1034 – 1.1817

During yesterday's trading, the majors showed a variety of trends. EUR/USD quotes retreated from local highs. Financial market participants continue to monitor trade negotiations between the US and China. At the moment, the EUR/USD currency pair is consolidating in the range 1.11850-1.12150. A trading instrument can recover further We recommend opening positions from key levels.

The Economic News Feed for 07.08.2019 is calm.

EUR/USD

Indicators indicate the strength of buyers: the price has fixed above 50 MA and 100 MA.

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 below the %D line, which indicates a bearish sentiment.

Trading recommendations
  • Support levels: 1.11850, 1.11600, 1.11150
  • Resistance levels: 1.12150, 1.12450, 1.12800

If the price consolidates above 1.12150, expect the quotes to grow toward 1.12450-1.12600.

Alternatively, the price can descend toward 1.11600-1.11400.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.21297
  • Open: 1.21368
  • % chg. over the last day: +0.06
  • Day's range: 1.21355 - 1.21678
  • 52 wk range: 1.2080 - 1.3385

The GBP/USD currency pair continues to trade in a protracted flat. Unidirectional trends are not observed. Participants in financial markets expect additional drivers. At the moment, the local support and resistance levels are: 1.21300 and 1.21800, respectively. We recommend keeping track of current information on the Brexit issue. In the near future, technical correction of the trading instrument after a prolonged fall is not out of the question. Positions must be opened from key levels.

The Economic News Feed for 07.08.2019 is calm.

GBP/USD

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

The MACD histogram is near the 0 mark.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which gives a signal to sell GBP/USD.

Trading recommendations
  • Support levels: 1.21300, 1.20850, 1.20500
  • Resistance levels: 1.21800, 1.22500, 1.23000

If the price consolidates above 1.21800, the price will correct toward 1.22300-1.22500.

Alternatively, the price can reduce toward 1.20850-1.20600.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32012
  • Open: 1.32756
  • % chg. over the last day: +0.50
  • Day's range: 1.32635 – 1.33149
  • 52 wk range: 1.2727 – 1.3664

The USD/CAD currency pair has again moved up. The trading tool has updated local highs. CAD is currently consolidating near the resistance at 1.33100. 1.32650 is already a "mirror" support. Pressure on the Canadian dollar is caused by a negative dynamics of oil prices. USD/CAD quotes have the potential for further growth. Investors expect important economic releases from Canada. Positions must be opened from key levels.

At 17:00 (GMT+3:00) Ivey index of business activity in Canada will be published.

USD/CAD

Indicators point to the strength of buyers: the price has fixed above 50 MA and 100 MA.

The MACD histogram is located 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 below the %D line, which indicates a bearish sentiment.

Trading recommendations
  • Support levels: 1.32650, 1.32400, 1.32000
  • Resistance levels: 1.33100, 1.33500

f the price consolidates above 1.33100, expect further growth toward 1.33400-1.33600.

Alternatively, the quotes can drop toward 1.32400-1.32100.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 105.944
  • Open: 106.460
  • % chg. over the last day: +0.35
  • Day's range: 105.933 - 106.464
  • 52 wk range: 104.97 - 114.56

An ambiguous technical picture has developed on the USD/JPY currency pair. The trading instrument is in lateral movement. The “safe haven” currency is tested by the local support and resistance levels: 106,000 and 106.550, respectively. USD/JPY quotes have the potential for further correction. We recommend that you pay attention to the dynamics of yield on US government bonds. Positions must be opened from key levels.

The Economic News Feed for 07.08.2019 is calm.

USD/JPY

Indicators do not provide accurate signals, the price has crossed 50 MA.

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

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates a correction of USD/JPY quotes.

Trading recommendations
  • Support levels: 106.000, 105.550
  • Resistance levels: 106.550, 107.100, 107.500

If the price consolidates above 106.550, expect further correction toward 107.000-107.200.

Alternatively, the quotes can decrease toward 105.600-105.400.

by JustForex, 2019.08.07

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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