The Analytical Overview of the Main Currency Pairs on 2018.07.20

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.16366
  • Open: 1.16417
  • % chg. over the last day: +0.13
  • Day's range: 1.16262 – 1.16736
  • 52 wk range: 1.0571 – 1.2557

On the EUR/USD currency pair, an ambiguous technical pattern has occured. The quotes are in a sideways trend. The trading instrument is testing local support and resistance levels: 1.16350 and 1.16750, respectively. Investors expect additional drivers. We recommend opening positions from the key levels.

The news feed on 2018.07.20:

Today, the publication of important economic reports from the US and the eurozone is not planned.

EUR/USD

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

The MACD histogram is located in the positive zone and above the signal line, which indicates the bullish sentiment on the EUR/USD currency pair.

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

Trading recommendations
  • Support levels: 1.16350, 1.16100, 1.15850
  • Resistance levels: 1.16750, 1.17000, 1.17400

If the price fixes below 1.16350, EUR/USD is expected to fall. The movement is tending to 1.16100-1.15850.

Alternative option. If the price above fixes the resistance level of 1.16750, it is necessary to consider buying EUR/USD. The movement is tending to 1.17000-1.17400.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30659
  • Open: 1.30131
  • % chg. over the last day: -0.36
  • Day's range: 1.29949 – 1.30366
  • 52 wk range: 1.2361 – 1.4345

Currently, GBP/USD is consolidating. The technical pattern is ambiguous. The key support and resistance levels are 1.30000 and 1.30400, respectively. Pressure on the pound is put by a weak report on retail sales in the UK. In June, retail sales in the country fell by 0.5%. Experts expected the growth rate of 0.1%. Positions must be opened from the key levels.

The news feed on the UK economy is calm.

GBP/USD

Indicators point to the power of sellers. 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 GBP/USD.

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

Trading recommendations
  • Support levels: 1.30000, 1.29600
  • Resistance levels: 1.30400, 1.30800, 1.31150

If the price falls below the round level of 1.30000, a further drop in GBP/USD is expected. The movement is tending to 1.29600-1.29500.

Alternative option. If the price fixes above 1.30400, it is necessary to consider buying GBP/USD. The movement is tending to 1.30750-1.31000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31654
  • Open: 1.32706
  • % chg. over the last day: +0.68
  • Day's range: 1.32461 – 1.32897
  • 52 wk range: 1.2059 – 1.3795

At the moment, the USD/CAD currency pair is consolidating near the monthly highs. A unidirectional trend is not observed. The key trading range is 1.32500-1.32800. In the near future, a technical correction is not ruled out. Investors are awaiting the publication of important economic reports from Canada. Positions must be opened from the key levels.

At 15:30 (GMT+3:00) data on inflation and retail sales in Canada will be published.

USD/CAD

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 USD/CAD.

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which indicates the bullish sentiment.

Trading recommendations
  • Support levels: 1.32500, 1.32150, 1.31900
  • Resistance levels: 1.32800, 1.33250

If the price fixes below the support level of 1.32500, correction movement is expected. The movement is tending to 1.32150-1.32000.

If the price fixes above 1.32800, you need to look for entry points to the market to open long positions. The target movement level is 1.33000-1.33250.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 112.829
  • Open: 112.430
  • % chg. over the last day: -0.43
  • Day's range: 112.208 – 112.622
  • 52 wk range: 104.56 – 114.74

Yesterday, the bearish sentiment prevailed on the USD/JPY currency pair. The trading instrument updated local extremes. At the moment the quotations are consolidating in the range 112.200-112.550. Further correction of the USD/JPY quotes is expected. We recommend opening positions from the key support and resistance levels.

The news feed on the economy of Japan is calm.

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, 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 is above the %D line, which indicates the growth of USD/JPY.

Trading recommendations
  • Support levels: 112.200, 111.850, 111.300
  • Resistance levels: 112.550, 113.100

If the price fixes below 112.200, further correction of the USD/JPY currency pair is expected. The movement is tending to 111.850-111.500.

Alternative option. If the price fixes above the 112.550 level, one should consider buying USD/JPY. The movement is tending to the round level of 113.000.

by JustForex, 2018.07.20

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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