The Analytical Overview of the Main Currency Pairs on 2018.07.06

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.16561
  • Open: 1.16898
  • % chg. over the last day: +0.31
  • Day's range: 1.17051 – 1.17221
  • 52 wk range: 1.0571 – 1.2557

The bullish sentiment continues to prevail on the EUR/USD currency pair. The US dollar is under pressure due to the trade conflict between the US and China. At the moment, investors took a wait-and-see position before the report on the US labor market. The key support and resistance levels are 1.16900 and 1.17200, respectively. We recommend opening positions from these marks. We recommend following up-to-date information on the trade war.

The news feed on 2018.07.06:
  • - Statistics on the US labor market at 15:30 (GMT+3:00).
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, and above the signal line, which gives a strong signal to buy EUR/USD.

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

Trading recommendations
  • Support levels: 1.16900, 1.16600, 1.16200
  • Resistance levels: 1.17200, 1.17600

If the price fixes above the resistance level of 1.17200, further growth of the EUR/USD currency pair is expected. The movement is tending to 1.17600-1.17800.

Alternative option. If the price fixes below 1.16900, we recommend looking for entry points to the market to open short positions. The target movement level is 1.16600-1.16300.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32395
  • Open: 1.32111
  • % chg. over the last day: -0.08
  • Day's range: 1.32245 – 1.32414
  • 52 wk range: 1.2361– 1.4345

Yesterday, the GBP/USD currency pair slightly decreased. At the moment, the technical pattern is ambiguous. Statistics on the US labor market is in the focus of attention. The key support and resistance levels are 1.32200 and 1.32550, respectively. We recommend opening positions from these marks. The trading instrument is tending to recover.

The news feed on the UK economy is calm.

GBP/USD

The price has fixed above 50 MA and 200 MA, which indicates the bullish sentiment.

The MACD histogram is near the 0 mark. There are no accurate signals.

Stochastic Oscillator is located near the overbought zone, the %K line is above the %D line, which gives a weak signal to buy GBP/USD.

Trading recommendations
  • Support levels: 1.32200, 1.31800, 1.31400
  • Resistance levels: 1.32550, 1.32900, 1.33200

If the price fixes above the resistance of 1.32550, further growth of the GBP/USD quotes is expected. The movement is tending to 1.32900-1.33200.

Alternative option. If the price fixes below 1.32200, it is necessary to consider sales of GBP/USD. The movement is tending to 1.31800-1.31400.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31394
  • Open: 1.31239
  • % chg. over the last day: -0.04
  • Day's range: 1.31238 – 1.31354
  • 52 wk range: 1.2059 – 1.3795

The USD/CAD currency pair is still in a sideways trend. Investors expect statistics on the US and Canadian labor market. Local support and resistance levels are 1.31200 and 1.31500, respectively. We recommend opening positions from these marks.

The news feed on 2018.07.06:
  • - Statistics on the labor market of Canada at 15:30 (GMT+3:00);
  • - The index of economic activity in Canada from Ivey at 17:00 (GMT+3:00).
USD/CAD

Indicators point to the power of sellers: the price has fixed below 50 MA and 200 MA.

The MACD histogram is near the 0 mark. There are no accurate signals.

Stochastic Oscillator is located near the oversold zone, the %K is below the %D line, which gives a weak signal to sell USD/CAD.

Trading recommendations
  • Support levels: 1.31200, 1.30800
  • Resistance levels: 1.31500, 1.31900, 1.32300

If the price fixes below the support of 1.31200, it is necessary to consider sales of USD/CAD. The movement is tending to 1.30800-1.30600.

Alternative option. If the price fixes above 1.31500, the USD/CAD quotes are expected to rise. The target movement is 1.31900-1.32100.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.613
  • Open: 110.529
  • % chg. over the last day: +0.08
  • Day's range: 110.528 – 110.631
  • 52 wk range: 104.56 – 114.74

The technical pattern on the USD/JPY currency pair is ambiguous. The trading instrument is in a sideways trend. We expect important economic statistics from the United States. At the moment, the key support and resistance levels are 110.500 and 111.750, respectively. Positions should be opened from the key levels.

The news feed on the economy of Japan is calm.

USD/JPY

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

The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy USD/JPY.

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

Trading recommendations
  • Support levels: 110.500, 110.200, 109.900
  • Resistance levels: 110.750, 111.000

If the price fixes below the support of 110.500, 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 110.750 mark, it is necessary to consider purchases of USD/JPY. The target movement level is 111.000-111.300.

by JustForex, 2018.07.06

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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