The Analytical Overview of the Main Currency Pairs on 2020.06.11

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.13387
  • Open: 1.13746
  • % chg. over the last day: +0.26
  • Day's range: 1.13241 – 1.13953
  • 52 wk range: 1.0777 – 1.1494

The EUR/USD currency pair continues to consolidate. There is no defined trend. Investors assess the results of the Fed meeting. The regulator does not plan to raise interest rates, at least until the end of 2022. The Central Bank intends to continue to support the national economy, which has been suffered significantly by the COVID-19 pandemic. The Fed forecasts a 6.5% reduction in the country's GDP this year. At the moment, the key range is 1.1320-1.1400. Today, we expect important economic releases from the US. Positions should be opened from key levels.

The Economic News Feed for 2020.06.11:
  • - Initial jobless claims in the US at 15:30 (GMT+3:00);
  • - US producer price index at 15:30 (GMT+3:00).
EUR/USD

Indicators do not give accurate signals: the price is testing 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: 1.1320, 1.1250, 1.1195
  • Resistance levels: 1.1400, 1.1450, 1.1500

If the price fixes above the round level of 1.1400, further growth of EUR/USD quotes is expected. The movement is tending to 1.1440-1.1460.

An alternative could be a decrease in the EUR/USD currency pair to 1.1270-1.1240.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27259
  • Open: 1.27450
  • % chg. over the last day: +0.13
  • Day's range: 1.26510 – 1.27545
  • 52 wk range: 1.1466 – 1.3516

GBP/USD quotes have become stable after prolonged growth. At the moment, the technical pattern is ambiguous. Financial market participants assess the Fed meeting. The key support and resistance levels are 1.2640 and 1.2730, respectively. Correction of the trading instrument is possible in the near future. 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 has fixed between 50 MA and 100 MA.

The MACD histogram has moved into the negative zone, which indicates the development of the correction movement.

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: 1.2640, 1.2585, 1.2500
  • Resistance levels: 1.2730, 1.2800

If the price fixes above 1.2730, GBP/USD purchases should be considered. 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: 1.34166
  • Open: 1.34115
  • % chg. over the last day: -0.01
  • Day's range: 1.33973 – 1.34984
  • 52 wk range: 1.2949 – 1.4668

The loonie is being traded in a flat. There is no defined trend. At the moment, USD/CAD quotes are testing the "mirror" resistance of 1.3490. The 1.3425 mark is the nearest support. The USD/CAD currency pair is tending to recover after a prolonged fall. We recommend paying attention to the dynamics of oil quotes. 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 100 MA.

The MACD histogram has moved into the positive zone, 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: 1.3425, 1.3360, 1.3300
  • Resistance levels: 1.3490, 1.3570

If the price fixes above 1.3490, USD/CAD quotes are expected to correct. The movement is tending to 1.3550-1.3580.

An alternative could be a decrease in the USD/CAD currency pair to 1.3370-1.3340.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.727
  • Open: 107.087
  • % chg. over the last day: -0.58
  • Day's range: 106.896 – 107.235
  • 52 wk range: 101.19 – 112.41

The USD/JPY currency pair continues to show a steady downtrend. The trading instrument has updated local lows again. USD/JPY quotes have found support at the level of 106.90. The 107.25 mark is the nearest resistance. The further growth of the yen against the greenback is possible. We recommend paying attention to economic reports from the US. 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 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 is below the %D line, which gives a signal to sell USD/JPY.

Trading recommendations
  • Support levels: 106.90, 106.50
  • Resistance levels: 107.25, 107.65, 107.90

If the price fixes below 106.90, a further drop in USD/JPY quotes is expected. The movement is tending to 106.50-106.30.

An alternative could be the growth of the USD/JPY currency pair to 107.60-107.80.

by JustForex, 2020.06.11

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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