The Analytical Overview of the Main Currency Pairs on 2018.07.02

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.15665
  • Open: 1.16848
  • % chg. over the last day: +1.00
  • Day's range: 1.16369 – 1.16885
  • 52 wk range: 1.0571 – 1.2557

During Friday trading session aggressive purchases were observed on the EUR/USD currency pair. The growth of quotations exceeded 100 points. The trading instrument updated local extremes. Tensions in world trade continue to put pressure on the US dollar. Currently, the local levels of support and resistance are 1.16350 and 1.16650 respectively. The EUR/USD quotes are tending to recover. We recommend opening positions from the key levels.

The news feed on 2018.07.02:
  • - The index of economic activity in the manufacturing sector of Germany at 10:55 (GMT+3:00);
  • - The index of economic activity in the manufacturing sector of the US from ISM at 17:00 (GMT+3:00).
EUR/USD

The price has fixed above 50 MA and 200 MA, which indicates the power of buyers.

The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy EUR/USD.

Stochastic Oscillator has begun to move away from the oversold zone, the %K line is above the %D line, which gives a strong signal to buy EUR/USD.

Trading recommendations
  • Support levels: 1.16350, 1.15900, 1.15600
  • Resistance levels: 1.16650, 1.16900, 1.17150

If the price fixes above the resistance level of 1.16650, further growth of the EUR/USD currency pair is expected. The movement is tending to 1.16900-1.17150.

Alternative option. If the price fixes below 1.16350, we recommend you to look for entry points to the market to open short positions. The target level of movement is 1.15900-1.15700.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30764
  • Open: 1.31950
  • % chg. over the last day: +1.00
  • Day's range: 1.31642 – 1.32097
  • 52 wk range: 1.2361– 1.4345

Demand for the pound grew significantly after the publication of optimistic data on the UK GDP. In the first quarter, the country's economy grew by 0.2%, which is higher than the market expectations of 0.1%. Currently, GBP/USD is consolidating. Local support and resistance levels are 1.31600 and 1.31850, respectively. We recommend opening positions from these marks.

At 11:30 (GMT+3:00), the index of economic activity in the manufacturing sector of Great Britain will be published.

GBP/USD

Indicators do not send accurate signals. The price has fixed between 50 MA and 200 MA.

The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy GBP/USD.

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which indicates the bullish sentiment.

Trading recommendations
  • Support levels: 1.31600, 1.31200
  • Resistance levels: 1.31850, 1.32150, 1.32500

If the price fixes below the support level of 1.31600, it is necessary to consider sales of GBP/USD. The movement is tending to 1.31300-1.31000.

Alternative option. If the price fixes above the resistance of 1.31850, GBP/USD is expected to rise. The movement is tending to 1.32150-1.32500.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32483
  • Open: 1.31406
  • % chg. over the last day: -0.86
  • Day's range: 1.31388 – 1.31892
  • 52 wk range: 1.2059 – 1.3795

During the last sessions aggressive sales have been observed on the USD/CAD currency pair. On Friday, the Canadian dollar rose by more than 100 points. Positive dynamics of oil quotations supports the Canadian dollar. At the moment, the trading instrument is consolidating in the range of 1.31600-1.31850. The positions must be opened from these marks.

The news feed on the economy of Canada is calm.

USD/CAD

Indicators point to the power of sellers: the price has fixed below 50 MA and 200 MA.

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell USD/CAD.

Stochastic Oscillator has begun to exit the overbought zone, the %K line is below the %D line, which signals the bearish sentiment.

Trading recommendations
  • Support levels: 1.31600, 1.31300, 1.31000
  • Resistance levels: 1.31850, 1.32200, 1.32500

If the price fixes below the support of 1.31600, we recommend considering sales of USD/CAD. The movement is tending to 1.31300-1.31000.

Alternative option. If the price fixes above the level of 1.31850, one should look for entry points to the market to open long positions. The target movement level is 1.32200-1.32500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.485
  • Open: 110.619
  • % chg. over the last day: +0.16
  • Day's range: 110.556 – 111.061
  • 52 wk range: 104.56 – 114.74

There is an ambiguous technical pattern on the USD/JPY currency pair. Quotations are moving in the flat. A unidirectional trend is not observed. The key trading range is 110.600-111.000. A trading instrument is tending potentially to decline. Positions must be opened from the key levels.

We recommend paying attention to the news feed on the US economy.

USD/JPY

The signals of the indicators are different. The price has fixed above 50 MA and 200 MA.

The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy USD/JPY.

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which gives a signal to sell USD/JPY.

Trading recommendations
  • Support levels: 110.600, 110.300, 110.000
  • Resistance levels: 111.000, 111.400

If the price fixes below the support level of 110.600, we recommend considering selling USD/JPY. The movement is tending to 110.300-110.000.

An alternative may be the growth of the USD/JPY quotations to the round level of 111.000.

by JustForex, 2018.07.02

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.

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