The Analytical Overview of the Main Currency Pairs on 2021.06.02

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2223
  • Prev Close: 1.2213
  • % chg. over the last day: -0.09%

The EUR/USD currency pair failed to break through the resistance level of 1.2243, and the price was slightly corrected, mainly due to the strengthening of the dollar index. Short-term support for the US currency was provided by the US Treasury Department, which held several treasury bond auctions yesterday. Such actions usually lead to the withdrawal of liquidity from the financial system, which is good for the dollar index.

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

The trend remains bullish. The price is trading above the moving average. The divergence on the MACD indicator has already been executed. Under such market conditions, it is better to look for buy trades from the support levels, relying on the continuation of the price growth.

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: 1.4205
  • Prev Close: 1.4147
  • % chg. over the last day: -0.41%

Yesterday, the British pound unexpectedly fell on the impulse movement and returned to the wide corridor, forming a false break area above. The price also broke through the local uptrend line. The main reason for the fall is the strengthening of the dollar index. Also, the Governor of BoE Andrew Bailey said yesterday that economic recovery in the Foggy Albion could cause a substantial rise in inflation and lead to the tightening of monetary policy the following year.

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 trading near the moving average, and the MACD indicator is in the negative zone. Under such market conditions, traders are better to look for buy trades from the nearest support levels. With a high probability, the price will go down to the lower boundary of the wide range of 1.4110-1.4207.

Alternative scenario: if the price breaks 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: 109.55
  • Prev Close: 109.48
  • % chg. over the last day: -0.06%

On Tuesday, the USD/JPY currency pair formed a narrow flat. It is easy to notice that the buyers are pushing the price higher, relying on a breakout. If the price fixes above the resistance level of 109.64, the local upward momentum will resume.

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

At the moment, the mid-term trend is bullish. The price is above the moving average and the priority change level of 109.00. Under such market conditions, traders are better to look for buy trades from the support levels, relying on the continuation of the 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: 1.2058
  • Prev Close: 1.2070
  • % chg. over the last day: +0.10%

Yesterday, the USD/CAD currency pair tried to break through the support level of 1.2032 but failed to consolidate below. Buyers sharply pushed the price back, forming a false breakdown of the level.

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

The local downtrend line has not yet been broken, so the trend remains bearish. Given that the price formed a false breakdown and returned to the moving average on an impulse move, buyers behave more aggressively. Under such market conditions, traders are better to look for both sell trades from the nearest resistance levels and buy trades from the support levels, but only on intraday timeframes within the upside momentum. But it should not be missed that the price is inside a wide corridor of 1.2032-1.2137.

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, 2021.06.02

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
Setting the Clock Right: The Best Time To Trade Forex In India And Other Tips
In the forex market, many components come together for ensuring smooth operations and positive outcomes for a trader. Careful timing of trades is one of such components. In this article, we will explain how market timing is made, what time is best (and relatively worse) for trading, and how to choose the best time for forex trading in India.
Read more
The Matter of Trends: The Most Trending Forex Pairs
The forex market is lucrative for beginners and experienced traders alike because of high liquidity, various trading options, and earning potential that can be successfully realized with a properly chosen forex pair. Then the first question a trader should ask themselves is what pairs to trade and how to predict trends to make a profit off them. In this article, we will explore the trending potential of forex pairs, how to select the best pairs in forex, and uncover short-term and long-term trends.
Read more
Best Time for EUR/USD Trading
EUR/USD covers two leading economies, including European and American. It obtains more than half of the total trading volume on the Forex market. Let's review the key factor impacting the EUR/USD volatility.
Read more