The Analytical Overview of the Main Currency Pairs on 2020.07.03

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.12505
  • Open: 1.12347
  • % chg. over the last day: -0.11
  • Day's range: 1.12243 – 1.12492
  • 52 wk range: 1.0777 – 1.1494

An ambiguous technical pattern has been developed on the EUR/USD currency pair. The United States published a rather optimistic report on the US labor market for June. The number of jobs in the country increased by 4.8 million. The unemployment rate fell to 11.1% from 13.3%. At the same time, the dollar index has kept current highs. Investors are concerned about the start of a new wave of the coronavirus epidemic. The United States reported more than 55K new cases of COVID-19 yesterday, having set a world record. Currently, the EUR/USD quotes are consolidating in the range of 1.1215-1.1250, respectively. We recommend opening positions from these marks.

News feed for 2020.07.03:
  • Today, the publication of important economic releases is not planned. US financial markets will be closed due to the holiday.
EUR/USD

Indicators do not send accurate signals: 50 MA has crossed 100 MA.

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

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

Trading recommendations
  • Support levels: 1.1215, 1.1190, 1.1170
  • Resistance levels: 1.1250, 1.1285, 1.1310

If the price fixes below 1.1215, the EUR/USD quotes are expected to fall. The movement is tending to 1.1190-1.1170.

An alternative could be the growth of the EUR/USD currency pair to 1.1280-1.1300.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24652
  • Open: 1.24640
  • % chg. over the last day: -0.01
  • Day's range: 1.24379 – 1.24866
  • 52 wk range: 1.1466 – 1.3516

The GBP/USD currency pair has stabilized after a prolonged rally. The pound sterling is currently consolidating. GBP/USD quotes are testing local support and resistance levels: 1.2450 and 1.2490, respectively. In the near future, a technical correction is possible. The growing risks of the second wave of the coronavirus pandemic put pressure on risky assets. Positions should be opened from key levels.

In June, the composite index of business activity in the UK significantly accelerated from 30.0 to 47.7.

GBP/USD

Indicators do not send 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: 1.2450, 1.2400, 1.2360
  • Resistance levels: 1.2490, 1.2530

If the price fixes below 1.2450, a correction of the GBP/USD quotes is expected. The movement is tending to the round level of 1.2400.

An alternative could be the growth of the GBP/USD currency pair to 1.2530-1.2560.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.35825
  • Open: 1.35671
  • % chg. over the last day: -0.17
  • Day's range: 1.35533 – 1.35755
  • 52 wk range: 1.2949 – 1.4668

The USD/CAD currency pair is in a sideways trend. The technical pattern is ambiguous. Participants in financial markets evaluate the US labor market report for June. The local support and resistance levels are 1.3550 and 1.3585, respectively. We recommend paying attention to the dynamics of "black gold" prices. Positions must be opened from key levels.

The news feed on the Canadian economy is calm.

USD/CAD

Indicators do not send accurate signals: the price is consolidating near 50 MA.

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

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

Trading recommendations
  • Support levels: 1.3550, 1.3525, 1.3490
  • Resistance levels: 1.3585, 1.3615

If the price fixes below 1.3550, USD/CAD is expected to fall. The movement is tending to 1.3525-1.3500.

An alternative could be the growth of the USD/CAD currency pair to 1.3615-1.3640.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.420
  • Open: 107.482
  • % chg. over the last day: +0.02
  • Day's range: 107.435 – 107.567
  • 52 wk range: 101.19 – 112.41

The USD/JPY currency pair is still consolidating. Unidirectional trends are not observed. Participants in financial markets expect additional drivers. The local support and resistance levels are 107.35 and 107.65, respectively. Demand for the "safe haven" currencies is high again. We recommend paying attention to the dynamics of yield on US government bonds. Positions must be opened from key levels.

The publication of important economic reports from Japan is not planned.

USD/JPY

Indicators do not send 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: 107.35, 107.05, 106.80
  • Resistance levels: 107.65, 107.85, 108.10

If the price fixes below 107.35, USD/JPY is expected to fall. The movement is tending to 107.00-106.70.

An alternative could be the growth of the USD/JPY currency pair to 107.90-108.10.

by JustForex, 2020.07.03

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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