The Analytical Overview of the Main Currency Pairs on 2017.07.14

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.14121
  • Open: 1.13996
  • % chg. over the last day: -0.07
  • Day's range: 1.13911 – 1.14239
  • 52 wk range: 1.0366 – 1.1616

Yesterday, the EUR/USD currency pair retained the resistance level of 1.14500, which caused the bearish sentiment. Support for the US dollar was provided by positive data on the producer price index. In June, the index increased by 0.1%, exceeding market expectations. At the moment, the key trading range is 1.13800-1.14250. The technical pattern is ambiguous. We expect important economic reports from the United States.

News background on 2017.07.14:
  • – The balance of trade in the Eurozone – 12:00 (GMT+3:00);
  • – The basic consumer price index in the US – 15:30 (GMT+3:00);
  • – Statistics on retail sales in the US – 15:30 (GMT+3:00).
EUR/USD

Indicators do not send accurate signals. The price is between 50 MA and 200 MA, which are strong dynamic levels of support and resistance.

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

Stochastic Oscillator has fixed near the overbought zone, the %K line has begun to cross the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.13800, 1.13350
  • Resistance levels: 1.14250, 1.14750

If economic reports from the US are positive, sales on the EUR/USD currency pair may prevail. The target movement level is 1.13500-1.13350.

An alternative may be the growth of EUR/USD to the resistance level of 1.14750.

The GBP/USD currecny pair

Technical indicators of the currency pair:
  • Prev Open: 1.28799
  • Open: 1.29360
  • % chg. over the last day: +0.48
  • Day's range: 1.29331 – 1.29662
  • 52 wk range: 1.1986 – 1.5020

Yesterday, the pound growth against the US dollar continued. GBP/USD rose by more than 60 points. At the moment, the price is testing the "mirror" support of 1.29500. The key resistance is a round level of 1.30000. We are waiting for statistics on inflation and retail sales in the US.

There are no important economic reports from the UK today.

GBP/USD

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

The MACD histogram is located in the positive zone and continues to rise, which signals a bullish sentiment on the GBP/USD currency pair.

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

Trading recommendations
  • Support levels: 1.29500, 1.29000
  • Resistance levels: 1.30000

If the statistics from the US turns out to be weak, the growth of GBP/USD may continue. The movement is tending potentially to the round level of 1.30000.

An alternative may be a downward trend on GBP/USD to around 1.29000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27460
  • Open: 1.27200
  • % chg. over the last day: -0.17
  • Day's range: 1.27186 – 1.27408
  • 52 wk range: 1.2458 – 1.4692

At the moment, the USD/CAD currency pair is consolidating after a sharp decline on Wednesday, July 12. The key trading range is still 1.27300-1.27,700. Today's statistics from the US can significantly affect the further dynamics of the USD/CAD currency pair.

The news background on Canada's economy is calm today.

USD/CAD

The price has fixed below 50 MA and 200 MA, which signals the power of the sellers.

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

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

Trading recommendations
  • Support levels: 1.27300, 1.26800
  • Resistance levels: 1.27700, 1.28600

If economic reports from the US are optimistic, a correction may develop on the USD/CAD currency pair. The target level of movement is the round level of 1.28000.

An alternative option may be a further USD/CAD currency pair decrease. The movement is tending potentially to the support level of 1.26800.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 113.130
  • Open: 113.254
  • % chg. over the last day: +0.23
  • Day's range: 113.148 – 113.508
  • 52 wk range: 99.08 – 123.69

Yesterday, trading on USD/JPY was quite active. However, a unidirectional trend was not observed. The currency was in a sideways trend within a range of 60 points. At the moment, the following key support and resistance levels can be identified: 113.000 and 113.750, respectively. Participants of the financial markets expect statistics from the US.

The news background on the economy of Japan is calm today.

USD/JPY

The signals of the indicators are ambiguous. The price crossed 200 MA.

The MACD histogram is located near the 0 mark.

Stochastic Oscillator has fixed near the oversold zone, the %K line is above the %D line, which gives a signal to buy USD/JPY.

Trading recommendations
  • Support levels: 113.000, 112.500
  • Resistance levels: 113.750, 114.450

If economic reports from the United States are positive, we recommend considering buying USD/JPY. The movement is tending potentially to 113.750-114.000.

Alternatively, the USD/JPY may drop to 112.750-112.500.

by JustForex, 2017.07.14

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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.