The Analytical Overview of the Main Currency Pairs on 2019.07.11

July 11, 2019

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.12069
  • Open: 1.12507
  • % chg. over the last day: +0.45
  • Day’s range: 1.12507 – 1.12807
  • 52 wk range: 1.1111 – 1.2009

Yesterday, the US dollar sharply weakened against a basket of world currencies. Quotes rose by more than 70 points and updated the local maximums. The demand for USD declined after comments by Fed Chairman Jerome Powell. The official pointed to the willingness to reduce interest rates due to the growing risks in the global economy. The regulator plans to “act properly” so that the largest economy in the world can sustain a decade of growth. At the moment, the currency pair is testing a key resistance of 1.12800. 1.12350 is already a “mirror” support. Trading instrument can grow further. Open positions from key levels.

The Economic News Feed for 11.07.2019:

  • – CBE Minutes (EU) – 14:30 (GMT+3:00);
  • – Inflation Report (US) – 00:00 (GMT+3:00);
EUR/USD

The price has fixed above 100 MA, which indicates the strength of buyers.

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


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

Trading recommendations
  • Support levels: 1.12350, 1.11950, 1.11600
  • Resistance levels: 1.12800, 1.13100, 1.13500

If the price consolidates above the resistance level of 1.12800, the quotes can grow to 1.13100-1.13400.

Alternatively, quotes can drop to a round level of 1.12000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24577
  • Open: 1.24974
  • % chg. over the last day: +0.31
  • Day’s range: 1.24974 – 1.25384
  • 52 wk range: 1.2438 – 1.3631

GBP/USD began to recover and updated local maximums. The USD remains under pressure after the comments of the Fed. At the moment, the GBP is testing the offer zone 1.25350-1.25600. 1.24900 is already a “mirror” support. GBP/USD quotes have can grow further. Participants in financial markets continue to monitor the situation around Brexit. Positions must be opened from key levels.

The Economic News Feed for 11.07.2019 is calm.

GBP/USD

The price has fixed above 100 MA, which indicates the strength of the sellers.

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

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

Trading recommendations
  • Support levels: 1.24900, 1.24400, 1.24000
  • Resistance levels: 1.25350, 1.25600, 1.26000

If the price consolidates above 1.25350, the quotes can grow to 1.25700-1.26000.

Alternatively, the quotes can descend to 1.24700-1.24500.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31232
  • Open: 1.30806
  • % chg. over the last day: -0.40
  • Day’s range: 1.30486 – 1.30809
  • 52 wk range: 1.2727 – 1.3664

Yesterday, high trading activity and volatility were observed on the USD/CAD. The The Bank of Canada, as expected, kept the key interest rate unchanged at 1.75%. The regulator plans to adhere to the current monetary policy. The USD/CAD quotes ended the trading session in the negative zone and reached key minimums. At the moment, CAD is consolidating in the range of 1.30500-1.30750. The Canadian dollar is supported by the positive dynamics of oil prices. We do not exclude a further decrease in the trading instrument. Positions must be opened from key levels.

The Economic News Feed for 11.07.2019 is calm.

USD/CAD

The price has fixed below 50 MA and 100 MA, which indicates the strength of the sellers.

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

Stochastic Oscillator started to go out of the oversold zone, the %K line is above the %D line, which indicates the growth of the USD/CAD quotes.

Trading recommendations
  • Support levels: 1.30500, 1.30400, 1.30000
  • Resistance levels: 1.30750, 1.31150, 1.31400

If the price consolidates below 1.30500, the quotes can decline to 1.30200-1.30000.

Alternatively, the quotes can grow to 1.31000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.856
  • Open: 108.423
  • % chg. over the last day: -0.48
  • Day’s range: 107.860 – 108.442
  • 52 wk range: 104.97 – 114.56

There are aggressive sales on the USD/JPY currency pair. During yesterday’s and today’s trading, the quotes descended by 90 pips. The trading instrument has established new local minimums. At the moment, the safe-haven currency is consolidating in the range of 107.900-108.150. The demand for the US dollar has weakened significantly. We do not exclude a further descend in USD/JPY quotes. Pay attention to the dynamics of US Treasury bonds’ yield. Positions must be opened from key levels.

The Economic News Feed for 11.07.2019 is calm.

USD/JPY

The price has fixed below 50 MA and 100 MA, which indicates the strength of the sellers.

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

Stochastic Oscillator started to go out of the oversold zone, the %K line is above the %D line, which indicates the growth of the USD/JPY quotes.

Trading recommendations
  • Support levels: 107.900, 107.700, 107.550
  • Resistance levels: 108.150, 108.300, 108.500

If the price consolidates below 107.900, the quotes can descend toward 107.600-107.400.

Alternatively, the quotes can grow toward 108.400-108.600.

by JustForex