The Analytical Overview of the Main Currency Pairs on 2018.07.09

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.16898
  • Open: 1.17537
  • % chg. over the last day: +0.48
  • Day's range: 1.17621 – 1.17792
  • 52 wk range: 1.0571 – 1.2557

On Friday, the US published ambiguous statistics on the labor market. In June, the average hourly wage growth slowed down from 0.3% to 0.2%. There were aggressive purchases on the EUR/USD currency pair. Quotes rose by more than 80 points. At the moment, the key support and resistance levels are 1.17400 and 1.17800, respectively. We recommend opening positions from these marks. The trading instrument has the potential for further growth.

Today, the publication of important news from the Eurozone and the US is not expected. We recommend paying attention to the speech by the ECB President Draghi.

Investors continue to assess the risks of a trade war between the US and China.

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 is in the neutral zone, the %K line is below the %D line, which signals to sell EUR/USD.

Trading recommendations
  • Support levels: 1.17400, 1.17000, 1.16600
  • Resistance levels: 1.17800, 1.18200

If the price fixes above the resistance level of 1.17800, further growth of the EUR/USD currency pair is expected. The movement is tending to 1.18200-1.18400.

Alternative option. If the price fixes below 1.17400, the EUR/USD quotes are expected to correct. The target movement level is 1.17000-1.16800.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32111
  • Open: 1.33181
  • % chg. over the last day: +0.44
  • Day's range: 1.33046 – 1.33185
  • 52 wk range: 1.2361– 1.4345

On Friday, a bullish trend was observed on the GBP/USD currency pair. The growth of quotes exceeded 90 points. At the moment, the technical pattern is ambiguous. Investors expect additional drivers. The key support and resistance levels are 1.32900 and 1.33300, respectively. We recommend opening positions from these marks. In the near future, technical correction is not ruled out.

The news feed on the UK economy is calm.

GBP/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 GBP/USD.

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

Trading recommendations
  • Support levels: 1.32900, 1.32500, 1.32100
  • Resistance levels: 1.33300, 1.33700

If the price fixes above the resistance of 1.33300, further growth of the GBP/USD quotes is expected. The movement is tending to 1.33700-1.33900.

Alternative option. If the price fixes below 1.32900, it is necessary to consider sales of GBP/USD. The movement is tending to 1.32500-1.32100.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31239
  • Open: 1.30844
  • % chg. over the last day: -0.39
  • Day's range: 1.30844 – 1.30988
  • 52 wk range: 1.2059 – 1.3795

On Friday, the bearish sentiment was observed on the USD/CAD currency pair. Quotes fell by 70 points. At the moment, the technical pattern is ambiguous: the trading instrument is moving in flat. Local support and resistance levels are 1.30700 and 1.31000, respectively. We recommend opening positions from these marks.

Today, the publication of important news from Canada is not expected. On Wednesday, the Bank of Canada will decide on a key interest rate.

USD/CAD

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

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

Trading recommendations
  • Support levels: 1.30700, 1.30200
  • Resistance levels: 1.31000, 1.31400, 1.31800

If the price fixes below the support of 1.30700, further decrease of the USD/CAD currency pair is expected. The movement is tending to 1.30200-1.30000.

Alternative option. If the price fixes above the round level of 1.31000, the USD/CAD quotes are expected to grow. The target movement level is 1.31400-1.31600.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.529
  • Open: 110.387
  • % chg. over the last day: -0.14
  • Day's range: 110.445 – 110.544
  • 52 wk range: 104.56 – 114.74

The technical pattern on the USD/JPY currency pair is ambiguous. The trading instrument is consolidating. Investors expect additional drivers. Quotes are moving in a rather narrow trading range of 110.400-111.600. Positions should be opened from the key levels. We recommend paying attention to the 10-year US government bonds yield.

The news feed on the economy of Japan is calm.

USD/JPY

Indicators do not send accurate signals: 50 MA is crossing 200 MA.

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

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: 110.400, 110.200, 109.900
  • Resistance levels: 110.600, 110.850, 111.100

If the price fixes below the support of 110.400, we recommend looking for entry points to the market to open short positions. The movement is tending to the round level of 110.000.

Alternative option. If the price fixes above the level of 110.600, it is necessary to consider purchases of USD/JPY. The target movement level is 110.850-111.100.

by JustForex, 2018.07.09

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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.

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