The Analytical Overview of the Main Currency Pairs on 2020.06.09

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.12933
  • Open: 1.12949
  • % chg. over the last day: -0.20
  • Day's range: 1.12552 – 1.13148
  • 52 wk range: 1.0777 – 1.1494

The EUR/USD currency pair has become stable. Investors have started partially fixing positions before the Fed meeting. The trading instrument is testing the following key support and resistance levels: 1.1250 and 1.1320, respectively. In the near future, the technical correction of EUR/USD quotes is possible after a significant rally last week. We recommend following current information regarding the conflict between Washington and Beijing. Positions should be opened from key levels.

The Economic News Feed for 2020.06.09:
  • - Preliminary data on Eurozone GDP at 12:00 (GMT+3:00);
  • - JOLTS job openings at 17:00 (GMT+3:00).
EUR/USD

Indicators do not give accurate signals: the price has fixed between 50 MA and 100 MA.

The MACD histogram has started declining, which indicates the development of the correction movement.

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

Trading recommendations
  • Support levels: 1.1250, 1.1195, 1.1155
  • Resistance levels: 1.1320, 1.1380

If the price fixes above 1.1320, EUR/USD purchases should be considered. The movement is tending to 1.1380-1.1420.

An alternative could be a decrease in the EUR/USD currency pair to 1.1200-1.1180.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.26758
  • Open: 1.27232
  • % chg. over the last day: +0.04
  • Day's range: 1.26592 – 1.27556
  • 52 wk range: 1.1466 – 1.3516

GBP/USD quotes have become stable after prolonged growth. Currently, the British pound is being traded in a flat. There is no defined trend. Financial market participants have taken a wait-and-see attitude before the Fed meeting. The key range is 1.2635-1.2740. In the near future, a technical correction of the trading instrument is possible. We recommend opening positions from key levels.

The news feed on the UK economy is calm today.

GBP/USD

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

The MACD histogram is near the 0 mark.

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

Trading recommendations
  • Support levels: 1.2635, 1.2585, 1.2500
  • Resistance levels: 1.2740, 1.2800

If the price fixes above 1.2740, further growth of GBP/USD quotes is expected. The movement is tending to 1.2800-1.2830.

An alternative could be a decrease in the GBP/USD currency pair to 1.2580-1.2550.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.34098
  • Open: 1.33753
  • % chg. over the last day: -0.10
  • Day's range: 1.33598 – 1.34565
  • 52 wk range: 1.2949 – 1.4668

The USD/CAD currency pair has been growing. The trading instrument has updated local highs. The loonie is currently consolidating in the range of 1.3400-1.3465. In the near future, the technical correction of USD/CAD quotes is possible after a prolonged fall. We recommend paying attention to the dynamics of "black gold" prices. Positions should be opened from key levels.

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

USD/CAD

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

The MACD histogram has started growing, which indicates the development of 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: 1.3400, 1.3360
  • Resistance levels: 1.3465, 1.3530, 1.3570

If the price fixes above 1.3465, further growth of USD/CAD quotes is expected. The movement is tending to 1.3530-1.3570.

An alternative could be a decrease in the USD/CAD currency pair to 1.3360-1.3320.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.589
  • Open: 108.434
  • % chg. over the last day: -1.09
  • Day's range: 107.793 – 108.543
  • 52 wk range: 101.19 – 112.41

There are aggressive sales on the USD/JPY currency pair. During yesterday's and today's trading sessions, the drop in quotes exceeded 170 points. The trading instrument has set new local lows. At the moment, USD/JPY quotes are consolidating in the range of 107.90-108.25. The yen has the potential for further growth against the greenback. Positions should be opened from key levels.

The news feed on Japan's economy is calm.

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 has started crossing the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 107.90, 107.60, 107.40
  • Resistance levels: 108.25, 108.55

If the price fixes below 107.90, a further drop in USD/JPY quotes is expected. The movement is tending to 107.60-107.40.

An alternative could be the growth of the USD/JPY currency pair to 108.50-108.80.

by JustForex, 2020.06.09

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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