The Analytical Overview of the Main Currency Pairs on 2021.05.13

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2145
  • Prev Close: 1.2069
  • % chg. over the last day: -0.62%

Despite rising inflation in the US, the EUR/USD price fell sharply by 0.62% on Wednesday. Buyers are trying to hold the support level of 1.2074, but the upside initiative is weak.

Trading recommendations
  • Support levels: 1.2074, 1.2026, 1.2002, 1.1957, 1.1835
  • Resistance levels: 1.2115, 1.2150, 1.2176, 1.2212, 1.2243

The trend is still bullish. However, the price fell under the moving average, while the MACD indicator went into the negative area. If the buyers do not react now, the deep correction might turn into a new general downtrend. Today is a bank holiday in Europe, so volatility will be low at the European session.

Alternative scenario: if the price breaks down through the 1.2074 support level and holds below, the general uptrend is likely to be broken.

News feed for 2021.05.13:
  • – US Unemployment Claims (w/w) at 15:30 (GMT+3);
  • – US 30-y Bond Auction (m/m) at 20:01 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.4136
  • Prev Close: 1.4058
  • % chg. over the last day: -0.55%

The GBP/USD currency pair looks stronger than the euro. On Wednesday, the buyers could not hold the support level of 1.4110. As a result, the price corrected lower within the remaining bullish trend.

Trading recommendations
  • Support levels: 1.3996, 1.3913,1.3835, 1.3801, 1.3756, 1.3690
  • Resistance levels: 1.4110, 1.4207

The price is still above the moving average. The MACD indicator moved into the negative area. Such market conditions allow opening sell deals within the local downward correction as well as buy deals from the support levels within the main upward trend.

Alternative scenario: if the price breaks down through the 1.3913 support level and holds below, the bullish scenario is likely to be canceled.

News feed for 2021.05.13:
  • – UK BOE Governor Andrew Bailey Speaks at 19:00 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.60
  • Prev Close: 109.70
  • % chg. over the last day: +1.01%

On Wednesday, the USD/JPY currency pair broke out of the range upwards with an impulsive movement. The priority change level has shifted to 109.01. While the price is above this level, the medium-term bullish trend continues.

Trading recommendations
  • Support levels: 109.01, 109.40, 108.87, 108.44, 108.19,107.77, 107.47, 107.04
  • Resistance levels: 109.64, 109.95, 110.51

The MACD indicator has moved into the positive area, and the price is above the moving average. The strategy for trading is very simple: to look for long deals from the support levels. But now, the price has strongly deviated from the dynamic moving average. Therefore, taking into account the 109.64 resistance level ahead, it is worth waiting for a small pullback down.

Alternative scenario: if the price drops below 109.01, the general downtrend is likely to resume.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2099
  • Prev Close: 1.2135
  • % chg. over the last day: +0.29%

The USD/CAD currency pair has become more active. Buyers finally showed initiative from the support level of 1.2075.

Trading recommendations
  • Support levels: 1.2075
  • Resistance levels: 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519, 1.2618

The trend remains bearish for USD/CAD. But taking into account several divergences on the MACD indicator and the initiative of buyers, most likely, the price will go to a local correction upwards. For this reason, it is important for the buyers to wait until the price breaks out through at least one resistance level.

Alternative scenario: if the price breaks out through the 1.2321 resistance level and holds above, a local corrective uptrend is likely to form.

News feed for 2021.05.13:
  • – Canada BOC Governor Tiff Macklem Speaks at 18:00 (GMT+3).

by Justforex, 2021.05.13

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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