The Analytical Overview of the Main Currency Pairs on 2020.05.29

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10009
  • Open: 1.10711
  • % chg. over the last day: +0.66
  • Day's range: 1.10678 – 1.11199
  • 52 wk range: 1.0777 – 1.1494

The EUR/USD currency pair continues to show a steady uptrend. During yesterday's and today's trading sessions, the growth of quotes exceeded 120 points. The trading instrument has updated and fixed above the key extremes. The US has published weak economic releases again. Washington-Beijing conflict is still in the spotlight. Tensions between the two countries continue to escalate due to China’s national security laws for Hong Kong. At the moment, EUR/USD quotes are testing the level of 1.1120. The 1.1070 mark is key support. The euro has the potential for further growth relative to the greenback. We recommend opening positions from key levels.

News Feed on the US Economy for 2020.05.29:
  • - Consumer price index in the Eurozone at 12:00 (GMT+3:00);
  • - Personal spending in the US at 15:30 (GMT+3:00).

We also recommend paying attention to the speech by the Fed Chairman.

EUR/USD

Indicators signal the power of buyers: the price has fixed above 50 MA and 100 MA.

The MACD histogram is in the positive zone, indicating the bullish sentiment.

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

Trading recommendations
  • Support levels: 1.1070, 1.1035, 1.0990
  • Resistance levels: 1.1120, 1.1170, 1.1200

If the price fixes above 1.1120, further growth of EUR/USD quotes is expected. The movement is tending to the round level of 1.1200.

An alternative could be a decrease in the EUR/USD currency pair to 1.1040-1.1000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.22588
  • Open: 1.23104
  • % chg. over the last day: +0.56
  • Day's range: 1.22918 – 1.23584
  • 52 wk range: 1.1466 – 1.3516

The last sessions trades on the GBP/USD currency pair have been very active. At the same time, there is no defined trend. Rumors of negative interest rates continue to put pressure on the British pound. Currently, GBP/USD quotes are consolidating. The key range is 1.2290-1.2360. We recommend opening positions from key levels.

The news feed on the UK economy is calm.

GBP/USD

Indicators do not give accurate signals: the price is testing 50 MA.

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

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the bearish sentiment.

Trading recommendations
  • Support levels: 1.2290, 1.2235, 1.2205
  • Resistance levels: 1.2360, 1.2400

If the price fixes below 1.2290, GBP/USD quotes are expected to fall. The movement is tending to 1.2250-1.2210.

An alternative could be the growth of the GBP/USD currency pair to a round level of 1.2400.

Open Account

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.37504
  • Open: 1.37636
  • % chg. over the last day: +0.07
  • Day's range: 1.37531 – 1.37937
  • 52 wk range: 1.2949 – 1.4668

USD/CAD quotes continue to consolidate. There is no defined trend. Financial market participants expect additional drivers. The loonie is testing local support and resistance levels: 1.3730 and 1.3790, respectively. We recommend paying attention to the dynamics of "black gold" prices. A trading instrument has the potential for further decline. Positions should be opened from key levels.

At 15:30 (GMT+3:00), a report on Canada's GDP will be published.

USD/CAD

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

The MACD histogram is near the 0 mark.

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

Trading recommendations
  • Support levels: 1.3730, 1.3700
  • Resistance levels: 1.3790, 1.3820, 1.3870

If the price fixes below 1.3730, a further drop in USD/CAD quotes is expected. The movement is tending to 1.3700-1.3670.

An alternative could be the growth of the USD/CAD currency pair to 1.3820-1.3850.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.730
  • Open: 107.640
  • % chg. over the last day: -0.07
  • Day's range: 107.081 – 107.316
  • 52 wk range: 101.19 – 112.41

During the Asian trading session, aggressive sales were observed on the USD/JPY currency pair. The drop in quotes exceeded 50 points. The trading instrument found support at 107.10. The 107.30 mark is local resistance. Tensions between the US and China support the demand for "safe-haven" currencies. USD/JPY quotes have the potential for further decline. Positions should be opened from key levels.

Japan published weak data on retail sales and industrial production.

USD/JPY

Indicators signal the power of sellers: the price has fixed below 100 MA.

The MACD histogram is in the negative zone, indicating the bearish sentiment.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which gives a signal to buy USD/JPY.

Trading recommendations
  • Support levels: 107.10, 106.80, 106.50
  • Resistance levels: 107.30, 107.45, 107.60

If the price fixes below 107.10, a further drop in USD/JPY quotes is expected. The movement is tending to 106.80-106.60.

An alternative could be the growth of the USD/JPY currency pair to 107.45-107.60.

by JustForex, 2020.05.29

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.

Open Account

Get Free Analytics

* required fields