The Analytical Overview of the Main Currency Pairs on 2020.06.03

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.11349
  • Open: 1.11648
  • % chg. over the last day: +0.32
  • Day's range: 1.11677 – 1.12276
  • 52 wk range: 1.0777 – 1.1494

The EUR/USD currency pair continues to show a steady uptrend. Quotes have reached key extremes. The demand for risky assets is still high amid hopes of a recovery in the global economy. At the moment, the trading instrument is testing the resistance of 1.1230. The 1.1155 mark is already a "mirror" support. In the near future, the technical correction of the EUR/USD currency pair is not ruled out. We expect the publication of important statistics. Positions should be opened from key levels.

The Economic News Feed for 2020.06.03:
  • - German labor market report at 10:55 (GMT+3:00);
  • - Markit composite PMI in the Eurozone at 11:00 (GMT+3:00);
  • - ADP nonfarm employment change at 15:15 (GMT+3:00);
  • - ISM non-manufacturing PMI at 17:00 (GMT+3:00).
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 and above the signal line, which gives a strong signal to buy EUR/USD.

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: 1.1155, 1.1100, 1.1065
  • Resistance levels: 1.1230, 1.1300

If the price fixes above 1.1230, further growth of EUR/USD quotes is expected. The movement is tending to the round level of 1.1300.

An alternative could be a decrease in the EUR/USD currency pair to 1.1120-1.1100.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24889
  • Open: 1.25501
  • % chg. over the last day: +0.45
  • Day's range: 1.25454 – 1.26120
  • 52 wk range: 1.1466 – 1.3516

The bullish sentiment prevails on the GBP/USD currency pair. Since the beginning of this week, quotes growth has exceeded 250 points. The British pound has reached $1.26. The 1.2525 mark is the nearest support. The demand for risky currencies is still high. We do not exclude the further growth of the trading instrument. We expect important economic releases from the UK and the US. We recommend opening positions from key levels.

At 11:30 (GMT+3:00), a number of indicators on economic activity will be published in the UK.

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, which gives a signal to buy GBP/USD.

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: 1.2525, 1.2480, 1.2425
  • Resistance levels: 1.2600, 1.2650

If the price fixes above 1.2600, further growth of GBP/USD quotes is expected. The movement is tending to 1.2640-1.2670.

An alternative could be a decrease in the GBP/USD currency pair to 1.2480-1.2450.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.35745
  • Open: 1.35171
  • % chg. over the last day: -0.41
  • Day's range: 1.34801 – 1.35277
  • 52 wk range: 1.2949 – 1.4668

The USD/CAD currency pair has become stable after a significant drop. The loonie is currently consolidating in the range of 1.3480-1.3540. Financial market participants have taken a wait-and-see attitude before today's meeting of the Bank of Canada. It is expected that the regulator will keep the key marks of monetary policy at the same level. We also recommend paying attention to the dynamics of "black gold" prices. Positions should be opened from key levels.

At 17:00 (GMT+3:00), the Bank of Canada will announce its interest rate decision.

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: 1.3480, 1.3450, 1.3400
  • Resistance levels: 1.3540, 1.3585, 1.3675

If the price fixes below 1.3480, a further drop in USD/CAD quotes is expected. The movement is tending to the round level of 1.3400.

An alternative could be the growth of the USD/CAD currency pair to 1.3600-1.3640.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.584
  • Open: 108.671
  • % chg. over the last day: +1.01
  • Day's range: 108.421 – 108.848
  • 52 wk range: 101.19 – 112.41

There are aggressive purchases on the USD/JPY currency pair. Yesterday, the growth of quotes exceeded 100 points. The trading instrument has overcome and fixed above the key extremes. At the moment, USD/JPY quotes are consolidating in the range of 108.45-108.85. The USD/JPY currency pair has the potential for further growth. We expect important economic reports from the US. We recommend following current information regarding the trade conflict between Washington and Beijing. Positions should be opened from key levels.

The news feed on Japan's economy is calm.

USD/JPY

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

Trading recommendations
  • Support levels: 108.45, 108.30, 107.90
  • Resistance levels: 108.85, 109.20, 109.50

If the price fixes above 108.85, further growth of USD/JPY quotes is expected. The movement is tending to 109.20-109.40.

An alternative could be a decrease in the USD/JPY currency pair to the round level of 108.00.

by JustForex, 2020.06.03

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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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