The Analytical Overview of the Main Currency Pairs on 2018.06.08

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17746
  • Open: 1.17983
  • % chg. over the last day: +0.17
  • Day's range: 1.17706 – 1.17791
  • 52 wk range: 1.0571 – 1.2557

The technical pattern on the EUR/USD currency pair is ambiguous. Investors are waiting for the ECB meeting to be held next week. At the moment, the key support and resistance levels are 1.17600 and 1.18000, respectively. We recommend opening positions from these marks.

The news feed on the economy of the Eurozone and the US is calm.

EUR/USD

Indicators do not send accurate signals: the price crossed 50 MA.

The MACD histogram is near the 0 mark.

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

Trading recommendations
  • Support levels: 1.17600, 1.17200, 1.16600
  • Resistance levels: 1.18000, 1.18400

If the price fixes above the already "mirror" resistance level of 1.18000, further growth of the EUR/USD quotes is expected. The movement is tending potentially to 1.18400-1.18700.

Alternative option. If the price fixes below 1.17600, we recommend looking for entry points to the market to open short positions. The target movement level is 1.17200-1.17000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.34105
  • Open: 1.34212
  • % chg. over the last day: +0.02
  • Day's range: 1.34098 – 1.34265
  • 52 wk range: 1.2361– 1.4345

The GBP/USD currency pair is in a sideways trend. Investors expect additional drivers. On Monday, important economic statistics from the UK will be published. The key support and resistance levels are 1.34000 and 1.34400. The positions should be opened from these marks.

Today the news feed from the UK is calm.

GBP/USD

Indicators do not send accurate signals: the price crossed 50 MA.

The MACD histogram is near the 0 mark.

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which indicates a decrease in the GBP/USD quotes.

Trading recommendations
  • Support levels: 1.34000, 1.33600, 1.33100
  • Resistance levels: 1.34400, 1.34800

If the price fixes above the resistance level of 1.34400, the GBP/USD quotes are expected to rise. The movement is tending potentially to 1.34800-1.35000.

Alternative option. If the price fixes below the round level of 1.34000, we recommend considering sales of GBP/USD. The movement is tending potentially to 1.33600-1.33400.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29435
  • Open: 1.29773
  • % chg. over the last day: +0.30
  • Day's range: 1.30021 – 1.30151
  • 52 wk range: 1.2059 – 1.3795

There is an upward trend on the USD/CAD currency pair. During yesterday's and today's trading session, quotes have risen by almost 60 points. Today, economic data from Canada are in the focus of attention. At the moment, the key support and resistance levels are 1.29800 and 1.30200, respectively. The positions should be opened from these marks. The further growth of the trading instrument is not excluded.

At 15:30 (GMT+3:00) statistics on the labor market in Canada will be published.

USD/CAD

Indicators point to the power of buyers: the price has fixed above 50 MA and 200 MA.

The MACD histogram is in the positive zone and above the signal line, which signals to buy USD/CAD.

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which also indicates the USD/CAD quotes growth.

Trading recommendations
  • Support levels: 1.29800, 1.29400, 1.29000
  • Resistance levels: 1.30200, 1.30600

If the price fixes above 1.30200, further growth of the USD/CAD quotes is expected. The movement is tending potentially to 1.30600-1.30800.

Alternative option. If the price fixes below the support of 1.29800, we recommend looking for entry points to the market to open short positions. The movement is tending potentially to 1.29400-1.29200.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.178
  • Open: 109.673
  • % chg. over the last day: -0.41
  • Day's range: 109.345 – 109.503
  • 52 wk range: 104.56 – 114.74

There is a downward trend on the USD/JPY currency pair. During yesterday's and today's trading sessions, quotes have fallen by more than 80 points. At the moment, local support and resistance levels are 109.300 and 109.650, respectively. The positions should be opened from these marks. We recommend paying attention to the US government bonds yield.

Today, during the Asian trading session, weak data on GDP of Japan have been published.

USD/JPY

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

The MACD histogram is in the negative zone and continues to decline, which indicates the bearish sentiment.

Stochastic Oscillator has reached the oversold zone, the %K line is below the %D line, which gives a signal to sell USD/JPY.

Trading recommendations
  • Support levels: 109.300, 108.900, 108.500
  • Resistance levels: 109.650, 110.000

If the price fixes below 109.300, further decrease of the USD/JPY currency pair is expected. The target movement level is 108.900-108.700.

Alternative option. If the price fixes above the resistance of 109.650, it is necessary to look for entry points to the market to open long positions. The movement is tending potentially to 110.000-110.200.

by JustForex, 2018.06.08

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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