The Analytical Overview of the Main Currency Pairs on 2018.07.11

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17501
  • Open: 1.17440
  • % chg. over the last day: -0.20
  • Day's range: 1.17244 – 1.17406
  • 52 wk range: 1.0571 – 1.2557

Since the beginning of the current week, a variety of trends has been observed on the EUR/USD currency pair. Yesterday, the ZEW economic sentiment index in Germany was published, which fell to -24.7 and was worse than the forecasted value of -18.0. At the moment, the technical pattern is ambiguous: the EUR/USD quotes are moving in flat. Investors expect additional drivers. The key support and resistance levels are 1.17200 and 1.17500, respectively. We recommend opening positions from these marks.

The news feed on 2018.07.11:
  • - Producer price index in the US at 15:30 (GMT+3:00).

We also recommend paying attention to the speech by the ECB President Mario Draghi.

EUR/USD

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

The MACD histogram is located near the 0 mark.

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

Trading recommendations
  • Support levels: 1.17200, 1.16800, 1.16400
  • Resistance levels: 1.17500, 1.17800

If the price fixes below 1.17200, we recommend considering sales of EUR/USD. The movement is tending to 1.16800-1.16600.

Alternative option. If the price fixes above the resistance level of 1.17500, the EUR/USD quotes are expected to rise. The target movement level is 1.17800-1.18000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32569
  • Open: 1.32693
  • % chg. over the last day: -0.01
  • Day's range: 1.32638 – 1.32852
  • 52 wk range: 1.2361 – 1.4345

Yesterday, there was a variety of trends on the GBP/USD currency pair. The British pound is under pressure after the release of ambiguous economic reports and the unstable political situation in the UK. At the moment, the technical pattern is ambiguous. Local support and resistance levels are 1.32500 and 1.32900, respectively. We recommend opening positions from these marks.

Today, the publication of important news from the UK is not expected. We recommend paying attention to the speech by the Bank of England Governor Mark Carney.

GBP/USD

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

The MACD histogram is near the 0 mark.

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: 1.32500, 1.32000, 1.31500
  • Resistance levels: 1.32900, 1.33300, 1.33700

If the price fixes below 1.32500, the GBP/USD quotes are expected to decline. The movement is tending to 1.32000-1.31800.

Alternative option. If the price fixes above the resistance of 1.32900, it is necessary to consider purchases of GBP/USD. The movement is tending to 1.33300-1.33500.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31111
  • Open: 1.31149
  • % chg. over the last day: +0.27
  • Day's range: 1.31333 – 1.31430
  • 52 wk range: 1.2059 – 1.3795

The technical pattern on the USD/CAD currency pair is ambiguous. Today, the attention of the financial market participants is focused on the Bank of Canada meeting. It is expected that the regulator will raise the key interest rate by 25 basis points to 1.50%. At the moment, the local support and resistance levels are 1.31200 and 1.31500, respectively. We recommend opening positions from these marks.

The news feed on 2018.07.11:
  • - Bank of Canada interest rate decision at 17:00 (GMT+3:00).
USD/CAD

Indicators do not send accurate signals: the price is being traded between 50 MA and 200 MA.

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 signals to buy 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, we recommend considering sales of USD/CAD. The movement is tending to 1.30800-1.30600.

Alternative option. If the price fixes above 1.31500, further growth of the USD/CAD quotes is expected. The target movement level is 1.31900-1.32250.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.819
  • Open: 110.966
  • % chg. over the last day: +0.00
  • Day's range: 110.959 – 111.957
  • 52 wk range: 104.56 – 114.74

By the end of yesterday's trading session, there was a sharp reversal on the currency pair USD/JPY after significant growth. At the moment, the technical pattern is ambiguous. The key support and resistance levels are 110.900 and 111.100, respectively. The positions should be opened from these marks. We recommend paying attention to the economic reports and the 10-year US government bonds yield.

The news feed on the economy of Japan is calm.

USD/JPY

The price has fixed above 50 MA and 200 MA, which indicates the power of buyers.

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

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

Trading recommendations
  • Support levels: 110.900, 110.700, 110.500
  • Resistance levels: 111.100, 111.300

If the price fixes below the 110.900 mark, we recommend looking for entry points to the market to open short positions. The movement is tending to 110.700-110.500.

Alternative option. If the price fixes above the level of 111.100, the USD/JPY currency pair is expected to rise. The target movement is 111.300-111.500.

by JustForex, 2018.07.11

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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