The Analytical Overview of the Main Currency Pairs on 2020.06.02

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.11148
  • Open: 1.11349
  • % chg. over the last day: +0.16
  • Day's range: 1.11153 – 1.11385
  • 52 wk range: 1.0777 – 1.1494

The EUR/USD currency pair has become stable after prolonged growth. Quotes are currently consolidating. The local support and resistance levels are 1.1100 and 1.1150, respectively. The demand for risky assets is still high amid hopes of a recovery in the global economy. Investors continue to monitor the conflict between Washington and Beijing, as well as mass protests throughout the United States. Positions should be opened from key levels.

Today, the publication of important economic releases is not expected.

EUR/USD

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 crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.1100, 1.1065, 1.1035
  • Resistance levels: 1.1150, 1.1180, 1.1200

If the price fixes above 1.1150, 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 1.1070-1.1050.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.23235
  • Open: 1.24889
  • % chg. over the last day: +1.20
  • Day's range: 1.24784 – 1.25543
  • 52 wk range: 1.1466 – 1.3516

There are aggressive purchases on the GBP/USD currency pair. During yesterday's and today's trading sessions, the growth of quotes exceeded 200 points. The British pound has reached 4-week highs. The trading instrument is currently consolidating. The key range is 1.2480-1.2550. The demand for risky assets is still high. The British pound has the potential for further growth. We recommend opening positions from key levels.

The news feed on the UK economy is calm.

GBP/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 and continues to rise, which gives a strong signal to buy GBP/USD.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which also indicates the bullish sentiment.

Trading recommendations
  • Support levels: 1.2480, 1.2425, 1.2365
  • Resistance levels: 1.2550, 1.2600

If the price fixes above 1.2550, further growth of GBP/USD quotes is expected. The movement is tending to 1.2600-1.2630.

An alternative could be a decrease in the GBP/USD currency pair to 1.2440-1.2400.

Open Account

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.37748
  • Open: 1.35745
  • % chg. over the last day: -1.49
  • Day's range: 1.35297 – 1.35852
  • 52 wk range: 1.2949 – 1.4668

USD/CAD quotes show a steady downtrend. During yesterday's and today's trading sessions, the drop in quotes exceeded 240 points. The recovery of "black gold" prices supports the loonie. The trading instrument is currently consolidating. The local support and resistance levels are 1.3530 and 1.3585, respectively. USD/CAD quotes have the potential for further decline. Positions should be opened from key levels.

The news feed on Canada's economy is calm.

USD/CAD

Indicators signal the power of sellers: the price has fixed below 50 MA and 100 MA.

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

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

Trading recommendations
  • Support levels: 1.3530, 1.3450
  • Resistance levels: 1.3585, 1.3675, 1.3735

If the price fixes below 1.3530, a further drop in USD/CAD quotes is expected. The movement is tending to 1.3460-1.3420.

An alternative could be the growth of the USD/CAD currency pair to 1.3640-1.3660.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.679
  • Open: 107.584
  • % chg. over the last day: -0.12
  • Day's range: 107.513 – 107.835
  • 52 wk range: 101.19 – 112.41

The technical pattern is still ambiguous on the USD/JPY currency pair. The trading instrument is in a sideways trend. At the moment, the local support and resistance levels are 107.65 and 107.90, respectively. Investors expect additional drivers. We recommend paying attention to the dynamics of US government bonds yield. Positions should be opened from key levels.

The news feed on Japan's economy is calm.

USD/JPY

Indicators do not give accurate signals: 50 MA has started crossing 100 MA.

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

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

Trading recommendations
  • Support levels: 107.65, 107.50, 107.35
  • Resistance levels: 107.90, 108.30, 108.60

If the price fixes below 107.65, USD/JPY quotes are expected to fall. The movement is tending to 107.50-107.20.

An alternative could be the growth of the USD/JPY currency pair to 108.20-108.50.

by JustForex, 2020.06.02

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