The Analytical Overview of the Main Currency Pairs on 2021.05.31

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2190
  • Prev Close: 1.2191
  • % chg. over the last day: +0.01%

On Friday, the EUR/USD currency pair temporarily fell below the priority change level but failed to hold there. A strong reaction followed from the support level of 1.2138, and the price returned back to the moving average on the impulsive move.

Trading recommendations
  • Support levels: 1.2168, 1.2138, 1.2115, 1.2074, 1.2026, 1.2002, 1.1957
  • Resistance levels: 1.2205, 1.2243, 1.2311

The trend remains bullish, as the price has failed to consolidate below 1.2168 and returned back to the wide range of 1.2168-1.2243, forming a false breakdown. Now the price is accumulating near the moving average again. Under such market conditions, it is better for traders to look for buy trades from the support levels.

Alternative scenario: if the price breaks down through the 1.2168 support level and fixes below, the general uptrend is likely to be broken.

EUR/USD
There is no news feed for today.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.4201
  • Prev Close: 1.4185
  • % chg. over the last day: -0.11%

The British pound is still trading within a wide range of 1.4110-1.4207. Now the price is holding near the 3-month high and is pushing up to the upper boundary of the range. All this increases the probability of a possible breakout.

Trading recommendations
  • Support levels: 1.4110, 1.4075, 1.3996, 1.3913,1.3835, 1.3801, 1.3756, 1.3690
  • Resistance levels: 1.4207, 1.4338

For the GBP/USD currency pair, the trend remains bullish. The price is above the moving average, the MACD indicator is inactive for now. On Friday, the price corrected a little bit to the moving average line, but the buyers quickly bought the pound back. Traders are better to look for buy trades on intraday timeframes. A breakout of the 1.4107 resistance level will open the way to 1.4338.

Alternative scenario: if the price breaks down through the 1.4075 support level and consolidates below, the bullish scenario is likely to be canceled.

GBP/USD
There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.75
  • Prev Close: 109.83
  • % chg. over the last day: +0.07%

As expected, the USD/JPY currency pair corrected to the support level of 109.64. Despite the weakness of the dollar index, the price of USD/JPY is rising, indicating very low fundamental support for the Japanese currency.

Trading recommendations
  • Support levels: 109.64, 109.28, 109.00, 108.66, 108.44, 108.19, 107.77, 107.47
  • Resistance levels: 109.95, 110.51

At the moment, the mid-term trend has changed to bullish. The price is above the moving average and is supported by the local uptrend line. Under such market conditions, traders are better to look for buy trades from the support levels, relying on the continuation of price growth.

Alternative scenario: if the price falls below 109.00, the general downtrend is likely to resume.

USD/JPY
There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2063
  • Prev Close: 1.2073
  • % chg. over the last day: +0.08%

The USD/CAD currency pair formed a narrow flat again within a wider range of 1.2032-1.2137. A breakout from this range will activate an alternative scenario and break the medium-term downward dynamics.

Trading recommendations
  • Support levels: 1.2032, 1.1944
  • Resistance levels: 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519

At the moment, the price is trading right in the middle of the wide corridor, which makes it difficult to find good entry points. The local trend line does not allow the sellers to lower the price. Under such market conditions, traders are better to look for trades on intraday timeframes only. But it is worth opening a sell position only after a breakdown of the local trend line.

Alternative scenario: if the price breaks out through the 1.2137 resistance level and fixes above, a local corrective uptrend is likely to form.

USD/CAD
There is no news feed for today.

by Justforex, 2021.05.31

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
Choosing Currency Pairs in Forex Trading
The forex market is the most liquid one among other markets where banks, brokers, corporations, traders, investment and hedge funds actively participate in the exchanging operations and set the pace. In this article you will find out how to make this "currency choice" and meet your trading objectives.
Read more
The Best Time to Trade Forex in Malaysia
The forex market has its ups and downs throughout the day, meaning that the activity in the morning is completely different from the activity in the evening. As a trader, you want to enter the market at its most active hours. Read on to learn more about the most advantageous time for trading currency pairs in Malaysia.
Read more
What is the Best Time to Trade Forex in Indonesia
Your trading results depend on many things. One of them is the time of the day when you trade. This article is to help you build an optimal schedule for your profitable forex trades and find the best hours for trading forex in India.
Read more