The Analytical Overview of the Main Currency Pairs on 2020.06.19

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.12419
  • Open: 1.12032
  • % chg. over the last day: -0.36
  • Day's range: 1.11986 – 1.12218
  • 52 wk range: 1.0777 – 1.1494

Sales prevail on the EUR/USD currency pair. Quotes have updated local lows. The demand for risky assets is still low amid growing concerns about the second wave of the COVID-19 epidemic. The tension between Washington and Beijing has come to the fore again. Donald Trump threatened again to cut ties with China yesterday. Currently, the EUR/USD currency pair is consolidating in the range of 1.1190-1.1230. We do not exclude a further decline in the euro against the greenback. Positions should be opened from key levels.

The Economic News Feed for 2020.06.19:
  • Today we recommend paying attention to the summit of EU leaders, as well as to the speech by the Fed Chairman.
EUR/USD

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

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell EUR/USD.

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

Trading recommendations
  • Support levels: 1.1190, 1.1160
  • Resistance levels: 1.1230, 1.1260, 1.1290

If the price fixes below 1.1190, a further fall in EUR/USD quotes is expected. The movement is tending to 1.1160-1.1140.

An alternative could be the growth of the EUR/USD currency pair to 1.1250-1.1280.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.25400
  • Open: 1.24180
  • % chg. over the last day: -1.04
  • Day's range: 1.24048 – 1.24562
  • 52 wk range: 1.1466 – 1.3516

GBP/USD quotes have been declining again. The British pound has updated local lows. Currently, the GBP/USD currency pair is consolidating. The local support and resistance levels are 1.2400 and 1.2455, respectively. Yesterday, the Bank of England, as expected, kept the key marks of monetary policy at the same level. The demand for risky assets is still low. A further fall in GBP/USD quotes is possible. Positions should be opened from key levels.

The UK published optimistic retail sales data for May.

GBP/USD

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

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell 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: 1.2400, 1.2350
  • Resistance levels: 1.2455, 1.2510, 1.2565

If the price fixes below 1.2400, a further drop in GBP/USD quotes is expected. The movement is tending to 1.2360-1.2340.

An alternative could be the growth of the GBP/USD currency pair to 1.2500-1.2530.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.35710
  • Open: 1.36010
  • % chg. over the last day: +0.27
  • Day's range: 1.35697 – 1.36154
  • 52 wk range: 1.2949 – 1.4668

The USD/CAD currency pair is still being traded in a prolonged flat. There is no defined trend. Currently, the following local support and resistance levels can be distinguished: 1.3560 and 1.3615, respectively. Investors expect important economic releases from Canada. The growth of loonie against the US currency is possible. The Canadian dollar is supported by the positive dynamics of "black gold" prices. Positions should be opened from key levels.

At 15:30 (GMT+3:00), a report on retail sales will be published in Canada.

USD/CAD

Indicators do not give accurate signals: the price is consolidating near 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: 1.3560, 1.3510, 1.3455
  • Resistance levels: 1.3615, 1.3680

If the price fixes below 1.3560, USD/CAD quotes are expected to fall. The movement is tending to the round level of 1.3500.

An alternative could be the growth of the USD/CAD currency pair to 1.3650-1.3680.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.003
  • Open: 106.941
  • % chg. over the last day: -0.03
  • Day's range: 106.792 – 107.056
  • 52 wk range: 101.19 – 112.41

The USD/JPY currency pair continues to be traded in a prolonged flat. The technical pattern is ambiguous. The trading instrument is testing local support and resistance levels: 106.60 and 107.15, respectively. Financial market participants 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: the price is consolidating near 50 MA.

The MACD histogram is near the 0 mark.

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

Trading recommendations
  • Support levels: 106.60, 106.00
  • Resistance levels: 107.15, 107.65, 108.20

If the price fixes below 106.60, USD/JPY quotes are expected to fall. The movement is tending to the round level of 106.00.

An alternative could be the growth of the USD/JPY currency pair to 107.60-107.90.

by JustForex, 2020.06.19

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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