by JustForex
EUR/USD quotes are in a sideways trend. Financial market participants expect additional drivers. This week investors will be focused on the speeches by the Fed Chairman Jerome Powell: on Tuesday he will give a speech concerning supporting the economy in a pandemic at the Financial Services Committee of the US House of Representatives, on Wednesday he will speak in the House of Representatives, on Thursday – in the Senate Committee on Banking. At the moment, the key support is the level of 1.1830, the key resistance level is 1.1865. We recommend opening positions from these levels.
The publication of important news is not expected today. We recommend paying attention to the speech by the Fed Chairman.
Indicators do not give accurate signals: 50 MA crossed 100 MA.
The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy EUR/USD.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which gives a signal to sell EUR/USD.
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If the price fixes below 1.1830, EUR/USD quotes are expected to decline. The movement is tending to the round level of 1.1800.
An alternative could be the growth of the EUR/USD currency pair to 1.1900-1.1920.
During today’s trading session, GBP/USD quotes have been declining. Investors are concerned that the UK will have to re-quarantine again due to the rise in new cases of COVID-19. Prime Minister Boris Johnson said on Friday that he did not want new isolation, but new restrictions might be needed because the country was facing an “inevitable” second wave of coronavirus. At the moment, the key support and resistance levels are 1.2870 and 1.2930, respectively. Positions should be opened from these levels.
The news feed on the UK economy is calm.
Indicators point to the power of sellers: the price is being traded below 50 MA and 100 MA.
The MACD histogram is in the negative zone, below the signal line, which gives a strong signal to sell GBP/USD.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the bearish sentiment.
If the price fixes below 1.2870, GBP/USD quotes are expected to decline. The movement is tending to 1.2810-1.2800.
If the price fixes above the resistance level of 1.2930, GBP/USD quotes are expected to grow to 1.2985-1.3000.
During today’s trading session, the USD/CAD currency pair has been growing. Weak economic data from Canada were published on Friday. Thus, core retail sales fell by 0.4% in July, while experts forecasted an increase by 0.5%. At the moment, the key support and resistance levels are 1.3190 and 1.3230, respectively. We recommend paying attention to the dynamics of “black gold” prices. Positions should be opened from key support and resistance levels.
Today, the news feed in Canada is calm.
Indicators point to the bullish sentiment: the price is being traded above 50 MA and 100 MA.
The MACD histogram is in the positive zone and above the signal line, which gives a signal to buy USD/CAD.
Stochastic Oscillator is near the overbought zone, the %K line is above the %D line, which gives a weak signal to buy USD/CAD.
If the price fixes above 1.3230, further growth in USD/CAD quotes is expected. The movement is tending to 1.3265-1.3280.
An alternative could be a decline in the USD/CAD currency pair to 1.3150-1.3130.
The Japanese yen is strengthening against the US dollar amid weak US statistics and uncertainty about the outlook for the US economy. At the moment, USD/JPY quotes continue to decline. At the moment, the local support and resistance levels are 104.00 and 104.45, respectively. A further decline in the trading instrument is possible. Positions should be opened from key support and resistance levels.
The news feed on Japan’s economy is calm.
Indicators point to the power of sellers: the price is being traded below 50 MA and 100 MA.
The MACD histogram is in the negative zone, below the signal line, which also gives a strong signal to sell USD/JPY.
Stochastic Oscillator is in the neutral zone, the %K line crosses the %D line. There are no signals at the moment.
If the price fixes below the round level of 104.00, further decline in USD/JPY quotes is expected. The movement is tending to 103.50-103.40.
An alternative could be the correction of the USD/JPY currency pair to the round level of 105.00.
by JustForex
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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