The Analytical Overview of the Main Currency Pairs on 2020.08.13

The EUR/USD currency pair

• Prev Open: 1.17404
• Open: 1.17810
• % chg. over the last day: +0.37
• Day’s range: 1.17805 – 1.18383
• 52 wk range: 1.0777 – 1.1781

The greenback has weakened again relative to its main competitors. EUR/USD quotes have updated local highs. The US currency is under pressure due to disagreements between Republicans and Democrats over additional stimulus for the US economy. At the moment, the trading instrument is consolidating in the range of 1.1800-1.1845. We expect statistics on the US labor market. We recommend opening positions from key levels.

• – Initial jobless claims in the US at 15:30 (GMT+3:00).

Indicators signal the power of buyers: the price has fixed above 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 has crossed the %D line. There are no signals at the moment.

• Support levels: 1.1800, 1.1765, 1.1710
• Resistance levels: 1.1845, 1.1885, 1.1905

If the price fixes above 1.1845, further growth in EUR/USD quotes is expected. The movement is tending to 1.1880-1.1910.

An alternative could be a decline in the EUR/USD currency pair to 1.1770-1.1750.

The GBP/USD currency pair

• Prev Open: 1.30496
• Open: 1.30309
• % chg. over the last day: -0.12
• Day’s range: 1.30225 – 1.30915
• 52 wk range: 1.1466 – 1.3516

There is an ambiguous technical pattern on the GBP/USD currency pair. The British pound is in a sideways trend. At the moment, the local support and resistance levels are 1.3060 and 1.3100, respectively. The British pound is still under pressure due to the pessimistic UK GDP report. We recommend following the latest information regarding the negotiations in the US Congress on additional stimulus for the economy. Positions should be opened from key levels.

We recommend paying attention to the news feed from the US.

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

The MACD histogram has started rising, which indicates the bullish sentiment.

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

• Support levels: 1.3060, 1.3020, 1.2980
• Resistance levels: 1.3100, 1.3130, 1.3175

If the price fixes above 1.3100, further growth in GBP/USD quotes is expected. The movement is tending to 1.3130-1.3160.

An alternative may be a decline in the GBP/USD currency pair to 1.3020-1.3000.

The USD/CAD currency pair

• Prev Open: 1.33010
• Open: 1.32276
• % chg. over the last day: -0.42
• Day’s range: 1.32214 – 1.32562
• 52 wk range: 1.2949 – 1.4668

The bearish sentiment prevails on the USD/CAD currency pair. The trading instrument has set new local lows. At the moment, the loonie is consolidating in the range of 1.3225-1.3270. The technical pattern signals a further drop in USD/CAD quotes. We recommend paying attention to the dynamics of “black gold” prices. Positions should be opened from key levels.

The news feed on Canada’s economy is calm.

Indicators signal the power of sellers: the price has fixed below 50 MA and 100 MA.

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

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

• Support levels: 1.3225, 1.3200, 1.3170
• Resistance levels: 1.3270, 1.3290, 1.3345

If the price fixes below 1.3225, a further drop in USD/CAD quotes is expected. The movement is tending to 1.3200-1.3170.

An alternative could be the growth of the USD/CAD currency pair to 1.3300-1.3330.

USD/JPY quotes continue to show a steady uptrend. The trading instrument has set new local highs again. At the moment, the USD/JPY currency pair is consolidating. The key range is 106.45-106.70. USD/JPY quotes have the potential for further growth. We recommend paying attention to the dynamics of US government bonds yield. Positions should be opened from key levels.

The news feed on Japan’s economy is calm.

The indicators do not give accurate signals: the price is testing 50 MA.

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

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

• Support levels: 106.45, 106.20, 105.80
• Resistance levels: 107.00, 107.50

If the price fixes above 107.00, further growth in USD/JPY quotes is expected. The movement is tending to 107.40-107.60.

An alternative could be a decline in the USD/JPY currency pair to 106.20-105.80.

by Justforex, 2020.08.13