The Analytical Overview of the Main Currency Pairs on 2020.07.17

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.14096
  • Open: 1.13833
  • % chg. over the last day: -0.24
  • Day's range: 1.13750 – 1.14064
  • 52 wk range: 1.0777  – 1.1494

The EUR/USD currency pair continues to consolidate. The technical pattern is ambiguous. The ECB, as expected, kept the key marks of monetary policy at the same level. An optimistic report on retail sales in the US for June supported the greenback. Investors are concerned about the growing number of people infected with COVID-19. On Thursday, the US reported more than 77,000 new coronavirus cases, breaking the daily record. Several states have reintroduced restrictive measures. At the moment, EUR/USD quotes are consolidating in the range of 1.1370-1.1415. We recommend opening positions from these marks.

The news feed on 2020.07.17:
  • - Consumer price index in the Eurozone at 12:00 (GMT+3:00);
  • - Statistics on the US real estate market at 15:30 (GMT+3:00).
EUR/USD

Indicators do not give accurate signals: the price has fixed between 50 MA and 100 MA.

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

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

Trading recommendations
  • Support levels: 1.1370, 1.1325, 1.1300
  • Resistance levels: 1.1415, 1.1435, 1.1450

If the price fixes above 1.1415, further growth of EUR/USD quotes is expected. The potential movement to 1.1450-1.1480.

An alternative could be a decline in the EUR/USD currency pair to 1.1330-1.1300.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.25731
  • Open: 1.25519
  • % chg. over the last day: -0.25
  • Day's range: 1.25379 – 1.25710
  • 52 wk range: 1.1466  – 1.3516

In the last sessions, trades on the GBP/USD currency pair are very active. At the same time, there is no defined trend. Financial market participants expect additional drivers. Demand for risky assets has weakened again amid new outbreaks of coronavirus infection. At the moment, the local support and resistance levels are 1.2540 and 1.2580, respectively. The trading instrument is tending to decline. Positions should be opened from key levels.

The news feed on the UK economy is calm.

GBP/USD

Indicators do not give accurate signals: the price has crossed the 50 MA and 100 MA.

The MACD histogram is in the negative zone, indicating the bearish sentiment.

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

Trading recommendations
  • Support levels: 1.2540, 1.2520, 1.2485
  • Resistance levels: 1.2580, 1.2620, 1.2665

If the price fixes below 1.2540, GBP/USD quotes are expected to fall. The movement is tending to 1.2500-1.2480.

An alternative could be the growth of the GBP/USD currency pair to 1.2620-1.2640.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.35095
  • Open: 1.35659
  • % chg. over the last day: +0.47
  • Day's range: 1.35640 – 1.35892
  • 52 wk range: 1.2949  – 1.4668

USD/CAD quotes have been growing. The trading instrument has updated local highs. The demand for risky assets is still low. At the moment, the loonie is consolidating in the range of 1.3560-1.3590. Today we recommend paying attention to the economic reports from the US, as well as to the dynamics of oil prices. We recommend opening positions from these marks.

At 15:30 (GMT+3:00), data on the volume of wholesale sales will be published in Canada.

USD/CAD

Indicators do not give accurate signals: the price has crossed the 100 MA.

The MACD histogram is in the positive zone, which indicates the bullish sentiment.

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

Trading recommendations
  • Support levels: 1.3560, 1.3540, 1.3520
  • Resistance levels: 1.3590, 1.3610, 1.3635

If the price fixes above 1.3590, further growth in USD/CAD quotes is expected. The movement is tending to 1.3610-1.3630.

An alternative could be a decline in the USD/CAD currency pair to 1.3540-1.3520.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 106.930
  • Open: 107.214
  • % chg. over the last day: +0.31
  • Day's range: 107.097 – 107.361
  • 52 wk range: 101.19  – 112.41

The technical pattern on the USD/JPY currency pair is still ambiguous. The trading instrument continues to consolidate. At the moment, the local support and resistance levels are 107.10 and 107.30, respectively. Investors expect additional drivers. We recommend paying attention to economic reports, as well as to the dynamics of the US government bonds yield. Positions should be opened from key levels.

The news feed on Japan's economy is calm.

USD/JPY

Indicators do not give accurate signals: the price has crossed the 50 MA and 100 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 in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 107.10, 106.95, 106.80
  • Resistance levels: 107.30, 107.40, 107.60

If the price fixes below 107.10, USD/JPY quotes are expected to fall. The movement is tending to 106.80-106.60.

An alternative could be the growth of the USD/JPY currency pair to 107.50-107.70.

by JustForex, 2020.07.17

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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