The Analytical Overview of the Main Currency Pairs on 2019.05.07

The EUR/USD currency pair

• Prev Open: 1.11659
• Open: 1.11982
• % chg. over the last day: +0.15
• Day's range: 1.11907 – 1.12178
• 52 wk range: 1.1111 – 1.2009

USD remains under pressure due to the escalating US/China trading conflict. Earlier Donald Trump stated that he plans to increase the import fees on the Chinese ware worth more than 200 billion USD from 10% to 25%. The US representative Rober Lighthighser explained that such a sharp increase is caused by the attempts of Beijing to rewrite an already approved agreement. Keep an eye on this issue. The EUR/USD quotes are consolidating around 1.11900-1.12200. You should open positions from these levels.

At 17:00 (GMT+3:00) the US will publish the JOLTS report.

The indicators do not provide precise signals: 50 MA started to cross 200 MA.

The MACD histogram is in the positive zone and above the signal line which gives a signal to buy EUR/USD.

The Stochastic Oscillator started to leave the overbought zone, the %K line is below the %D line which points to the bearish mood.

• Support levels: 1.11900, 1.11650, 1.11400
• Resistance levels: 1.12200, 1.12500

If the price fixes above 1.12200, expect further growth toward 1.12500-1.12700.

Alternatively, the quotes can descend toward 1.11650-1.11500.

The GBP/USD currency pair

• Prev Open: 1.31371
• Open: 1.30954
• % chg. over the last day: -0.40
• Day's range: 1.30871 – 1.31313
• 52 wk range: 1.2438 – 1.3631

GBP/USD is consolidating after a long rally since the end of April. The local support and resistance levels are 1.31000 abd 1.31400. The financial market participants are evaluating the new Brexit information. Also, this week the UK will publish important economic releases. You should open positions from the key levels.

The Economic News Feed for 07.05.2019 is calm.

The price fixed above 50 MA and 200 MA which points to the power of the buyers.

The MACD histogram is in the postive zone and keeps rising which gives a strong signal to buy GBP/USD.

The Stochastic Oscillator started to leave the overbought zone, the %K line is below the %D line which points to the bearish mood.

• Support levels: 1.31000, 1.30450, 1.29900
• Resistance levels: 1.31400, 1.31750, 1.32000

If the price fixes above 1.31400, expect further growth toward 1.31750-1.32000.

Alternatively, the quotes can correct toward 1.30600-1.30500.

Open Account The USD/CAD currency pair

• Prev Open: 1.34559
• Open: 1.34436
• % chg. over the last day: -0.19
• Day's range: 1.34092 – 1.34626
• 52 wk range: 1.2727 – 1.3664

USD/CAD started to descend and updated the local minimums. The CAD is supported by the oil price recovering. The USD/CAD quotes are consolidating around 1.34150-1.34450 and have a tendency to descend further. You should open positions from these levels.

The Economic News Feed for 07.05.2019 is calm.

The indicators do not provide precise signals, 50 MA has crossed 200 MA.

The MACD histogram is in the negative zone and below the signal line which gives a strong signal to sell USD/CAD.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line which points to a bullish mood.

• Support levels: 1.34150, 1.33800
• Resistance levels: 1.34450, 1.34750, 1.34900

If the price fixes below 1.34150, consider selling USD/CAD. The movement will tend toward 1.33800-1.33600.

Alternatively, the quotes can grow toward 1.34700-1.34900.

The USD/JPY currency pair

• Prev Open: 110.598
• Open: 110.713
• % chg. over the last day: +0.15
• Day's range: 110.542 – 110.847
• 52 wk range: 104.97 – 114.56

USD/JPY shows an ambiguous technical picture. The trading instrument is consolidating around 110.550 and 110.850. The demand for the safe currencies remains high due to the escalation of the US/China trading conflict. You should open positions from the key levels.

The Economic News Feed for 07.05.2019 is calm.

The price fixed below 50 MA and 200 MA which points to the power of the buyers.

The MACD histogram is in the negative zone and keeps falling which gives a strong signal to sell USD/JPY.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line which points toward a bearish mood.

• Support levels: 110.550, 110.300, 110.000
• Resistance levels: 110.850, 111.100, 111.400

If the price fixes below the lcoal support level of 110.550, expect the quotes to fall toward 110.300-110.000.

Alternatively, the quotes can recover toward 111.100-111.300.

by JMarkets, 2019.05.07

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.