The Analytical Overview of the Main Currency Pairs on 2017.07.11

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.13967
  • Open: 1.13974
  • % chg. over the last day: -0.05
  • Day's range: 1.13824 – 1.13997
  • 52 wk range: 1.0366 – 1.1616

Yesterday's trading on EUR/USD was calm. The currency was in a sideways trend with a range of 30 points. At the moment, the technical pattern is ambiguous. The key support and resistance levels are 1.13750 and 1.14150, respectively. Investors are waiting for the speech of Fed Chairman Yellen before the US Congress, which will be held on Wednesday, July 12.

The news background is calm today. At 17:00 (GMT+3:00) statistics on the number of open jobs in the JOLTS labor market will be published.

EUR/USD

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

The MACD histogram has fixed near the 0 mark.

Stochastic Oscillator has gone out of the oversold zone, the %K line is above the %D line, which signals the purchase of EUR/USD.

Trading recommendations
  • Support levels: 1.13750, 1.13400
  • Resistance levels: 1.14150, 1.14400

We recommend opening positions from the key levels.

If the price fixes below the support level of 1.13750, the bearish sentiment may prevail on the EUR/USD currency pair. The movement is tending potentially to 1.13400.

Alternative option. If the EUR/USD quotes overcome the level of 1.14150, it is necessary to consider purchases. The immediate goal for profit-taking is 1.14.400.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28745
  • Open: 1.28744
  • % chg. over the last day: -0.08
  • Day's range: 1.28693 – 1.29034
  • 52 wk range: 1.1986 – 1.5020

At the moment, the GBP/USD currency pair is being traded in the flat. The following key levels can be distinguished: support – 1.28600; resistance – 1.29000. The market is waiting for additional drivers. Tomorrow a report on the labor market in the UK will be published, which may have an impact on the further alignment of forces on the GBP/USD currency pair.

Today, the financial markets participants will follow the speeches of representatives of the Bank of England Haldane and Broadbent at 12:00 (GMT+3:00) and 14:00 (GMT+3:00), respectively.

GBP/USD

The signals of the indicators are ambiguous. The price has crossed 50 MA.

The MACD histogram is near the 0 mark.

Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, which gives a signal to buy GBP/USD.

Trading recommendations
  • Support levels: 1.28600, 1.28250
  • Resistance levels: 1.29000, 1.29400

If the price fixes below 1.28600, we recommend you to look for entry points to the market in order to open short positions. The immediate goal for profit-taking is 1.28250.

Alternative option. If the GBP/USD quotes overcome the round level of 1.29000, it is necessary to consider purchases. The movement is tending potentially to 1.29400.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28759
  • Open: 1.28850
  • % chg. over the last day: +0.10
  • Day's range: 1.28850 – 1.29150
  • 52 wk range: 1.2458 – 1.4692

Yesterday on the USD/CAD currency pair, the strong enough support and resistance levels were formed: 1.28750 and 1.29250, respectively. In the current trading week, the meeting of the Bank of Canada will be in the focus of attention, which will be held on Wednesday, July 12. The financial markets participants expect that the Central Bank will tighten the monetary policy.

The news background on Canada's economy is calm today. At 15:15 (GMT+3:00) the statistics on the volume of new homes construction will be released.

USD/CAD

Indicators do not send accurate signals. The price has crossed 50 MA.

The MACD histogram is located near the 0 mark.

Stochastic Oscillator is near the overbought zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.28750
  • Resistance levels: 1.29250, 1.29900

If the price fixes above the resistance level of 1.29250, a correction may develop on the USD/CAD currency pair. The movement is tending potentially to 1.29750-1.29900.

Alternative option. If the USD/CAD quotes overcome the support level of 1.28750, we recommend considering sales. The target level of movement is 1.28250-1.28000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 113.887
  • Open: 114.021
  • % chg. over the last day: +0.08
  • Day's range: 114.011 – 114.480
  • 52 wk range: 99.08 – 123.69

In the Asian trading session, the bullish sentiment prevailed on USD/JPY. The currency overcame and fixed above the level of 114.250, which had already acted as a "mirror" support. The yen formed a local resistance at 114.450. The technical pattern indicates the possibility of further growth in USD/JPY.

Today, publication of important statistics on the economy of Japan is not planned.

USD/JPY

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

The MACD histogram is located in the positive area and above the signal line, which signals the purchase of USD/JPY.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which signals a possible correction on USD/JPY.

Trading recommendations
  • Support levels: 114.250, 113.600
  • Resistance levels: 114.450

If the price fixes above the local resistance of 114.450, we recommend you to look for entry points to the market in order to open long positions. The closest target for profit taking is the 114.750 mark. When following a position, one should use a trailing stop.

by JustForex, 2017.07.11

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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.