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The Analytical Overview of the Main Currency Pairs on 2017.06.12

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.12051
  • Open: 1.12066
  • % chg. over the last day: -0.16
  • Day's range: 1.11967 – 1.12166
  • 52 wk range: 1.0366 – 1.1616

Last week, the bearish sentiment prevailed on EUR/USD. At the moment, the technical pattern is ambiguous. The key trading range is still 1.11800-1.12250. Trading during the Asian session was calm. The market is waiting for additional drivers. We recommend opening positions from the key levels.

The news background is calm today.

EUR/USD

The price is between 50 MA and 200 MA, which are strong dynamic levels of support and resistance.

The MACD histogram has moved into the positive zone and continues to rise, which indicates the EUR/USD quotations increase.

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

Trading recommendations
  • Support levels: 1.11800, 1.11200
  • Resistance levels: 1.12250, 1.12800

If the price consolidates below the support level of 1.11800, you need to look for entry points to the market in order to open short positions. The movement is tending potentially to 1.11500-1.11200.

Alternative option. If the EUR/USD quotes overcome the level of 1.12250, the bullish sentiment may prevail. The target level of movement is 1.12600-1.12800.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28092
  • Open: 1.27099
  • % chg. over the last day: -1.61
  • Day's range: 1.27072 – 1.27696
  • 52 wk range: 1.1986 – 1.5020

During the Asian trading session, there was a correction on GBP/USD after a sharp drop on Friday, June 9. The pound remains under pressure due to the results of the parliamentary elections in the UK. At the moment, the key support and resistance levels are: 1.27100 and 1.27600, respectively.

The publication of important economic reports from the UK today is not planned.

GBP/USD

Indicators point to a "bearish" sentiment. The price is below 50 MA and 200 MA.

The MACD histogram has fixed in the negative zone and continues to decline, which signals a downward trend on GBP/USD.

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

Trading recommendations
  • Support levels: 1.27100, 1.26750, 1.26400
  • Resistance levels: 1.27600, 1.28350

It is better to open positions from key levels.

If the price has fixed below the local support 1.27100, the downward trend in GBP/USD may continue. The target movement level is 1.26750-1.26400.

Alternative option. If the GBP/USD rate overcomes the local resistance of 1.27600, technical correction may develop. The movement is tending potentially to 1.27900-1.28350.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.35019
  • Open: 1.34542
  • % chg. over the last day: -0.28
  • Day's range: 1.34375 – 1.34637
  • 52 wk range: 1.2458 – 1.4692

On Friday, aggressive sales were observed on the USD/CAD currency pair. Demand for the Canadian dollar has grown significantly. This is due to the publication of an optimistic report on the labor market in Canada. At the moment, the following key levels can be singled out: support -1.34350; resistance -1.34700.

Important news on Canada's economy is not released today.

USD/CAD

Indicators do not send accurate signals. 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 is located in the neutral zone, the %K line is above the %D line, which signals a USD/CAD correction.

Trading recommendations
  • Support levels: 1.34350, 1.34000
  • Resistance levels: 1.34700, 1.35000, 1.35200

We believe that the downward trend in USD/CAD may continue. If the price fixes below the support level 1.34350, we recommend considering sales. The movement is tending potentially to 1.34000-1.33750.

Alternative option. If the USD/CAD quotes overcome the level of 1.34700, the corrective movement may develop. The immediate goal for profit taking is a round level of 1.35000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.856
  • Open: 110.310
  • % chg. over the last day: +0.31
  • Day's range: 110.145 – 110.440
  • 52 wk range: 99.08 – 123.69

In the Asian trading session, the yen formed local levels of support and resistance: 110.150 and 110.400 respectively. At the moment, USD/JPY is consolidating. Support for the US dollar is provided by the growth of yield on government securities. Nevertheless, it is better to open positions from the key levels.

The publication of important economic reports from Japan is not planned today.

USD/JPY

The signals of the indicators are ambiguous. The price crossed 50 MA and 200 MA.

The MACD histogram has begun to decline and moved to the negative zone, which indicates a "bearish" sentiment on USD/JPY.

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

Trading recommendations
  • Support levels: 110.150, 109.800, 109.250
  • Resistance levels: 110.400, 111.000

If the price fixes below the local support of 110.150, the bearish sentiment may prevail on USD/JPY. The closest target for fixing profits is the mark of 109.800.

Alternative option. If the USD/JPY quotes overcome the local resistance of 110.400, it is necessary to consider purchases. The movement is tending potentially to the round level of 111.000.

by JustForex, 2017.06.12

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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