The Analytical Overview of the Main Currency Pairs on 2021.05.05

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2063
  • Prev Close: 1.2013
  • % chg. over the last day: -0.41%

The EUR/USD currency pair fell by 0.41% on Tuesday. The sellers were able to defend the resistance level of 1.2074, where the price showed a sharp downward reaction.

Trading recommendations
  • Support levels: 1.2002, 1.1957, 1.1835
  • Resistance levels: 1.2074, 1.2108, 1.2145, 1.2176, 1.2212, 1.2243

The MACD indicator started to signal a divergence, and the price failed to break through the support level of 1.2002. Such market conditions are not good for the sellers, so there is a high probability of a rebound in the next trading sessions.

Alternative scenario: if the price breaks out through the 1.2108 level and holds above, the general uptrend is likely to continue.

EUR/USD
News feed for 2021.05.05:
  • – US ADP Non-Farm Employment Change (m/m) at 15:15 (GMT+3);
  • – US ISM Services PMI (m/m) at 17:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.3906
  • Prev Close: 1.3885
  • % chg. over the last day: -0.15%

On Tuesday, the GBP/USD currency pair traded in a range near the moving average. Buyers are actively defending the 1.3835 support level, while sellers are holding the defense at the 1.3913 resistance level.

Trading recommendations
  • Support levels: 1.3835, 1.3801, 1.3756, 1.3690
  • Resistance levels: 1.3913, 1.3996, 1.4149

There is no optimal entry point for GBP/USD on the H1 timeframe right now. Traders need to wait for any of the participants to be active. The best strategy would be to either trade intraday local moves or stay out of position.

Alternative scenario: if the price breaks out through the 1.3913 resistance level and holds above, the bullish scenario is likely to become active again.

GBP/USD
There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.06
  • Prev Close: 109.28
  • % chg. over the last day: +0.20%

On Tuesday, the USD/JPY currency pair traded relatively quietly. This is primarily due to the bank holidays in Japan, which will last until Thursday. Volatility is low.

Trading recommendations
  • Support levels: 108.87, 108.44, 108.19,107.77, 107.47, 107.04
  • Resistance levels: 109.49, 109.64, 109.95, 110.51

The price is still trading above the moving average, but the MACD indicator is completely inactive. This indicates a possible start of a flat. Under such market conditions, the best strategy would be to trade intraday deals with short targets.

Alternative scenario: if the price drops below 108.44, the general downtrend will continue with a high probability.

USD/JPY
There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2274
  • Prev Close: 1.2304
  • % chg. over the last day: +0.24%

The USD/CAD currency pair continues to trade in the range. On Tuesday, the price showed the expected small rebound from the support level of 1.2270. The price reached the 1.2321 resistance level, but buyers failed to consolidate higher, and the price returned to the balance.

Trading recommendations
  • Support levels: 1.2270, 1.2165
  • Resistance levels: 1.2321, 1.2388, 1.2414, 1.2519, 1.2618

As for USD/CAD, the trend remains bearish, but the movement has begun to switch into a flat structure. The best strategy in a wide range would be to trade from the borders of this corridor. But taking into account the bearish context, it makes more sense to look for sell positions.

Alternative scenario: if the price breaks through the 1.2414 resistance level and holds above, a local corrective uptrend is likely to form.

USD/CAD
There is no news feed for today.

by Justforex, 2021.05.05

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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
10 most stable forex pairs to trade in 2021
If you are interested in forex but have never tried trading before, sooner or later, you come across the question of what currency pair is safe to trade so that you don’t lose half of your deposit on your first position. And the answer is as simple as can be, the safest currency pairs are the most stable ones. Read on to learn which currency pairs are the best to start your trading journey.
Read more
Best Gold Trading Tips For Beginners
Gold is one of the most popular assets traded worldwide by investors, funds, and speculators who aim to profit from the price fluctuations or stand up against inflation. Unfortunately, many market participants fail to catch the wave and take full advantage of what the gold market can offer due to the lack of knowledge and experience. Are you planning to become the next gold trader? Learn how to trade gold in the most profitable way.
Read more
How to Become a Successful Forex Trader in Malaysia
With broad access to online brokerage services, everyone can become a trader these days. However, few people actually find success in FX. The reason might be that many of those who try trading skip some essential steps or simply do things wrong. Learn about the best ways to become a currency trader in Malaysia from this article.
Read more