by JustForex
On Friday, the euro made a slight pullback after rising within the week. Positive statistics in the US continue to put pressure on EUR/USD in the medium term. In the absence of important macroeconomic data, calm trading is expected today.
The main scenario for EUR/USD is selling. Despite the low volatility, the ADX continues to react to any southern movement. The MACD failed to enter the positive area on the upward price pullback, which indicates a high probability of the pair returning to 1.1834.
Alternative scenario: if the price manages to gain a foothold above the level of 1.1990, the pair may return to growth to 1.2113.
In addition to the dollar growth, the pair is still under pressure from trade disputes between the EU and the UK. Investors are wary of developments at the British border, where transport companies face delays in the transportation of goods.
The main scenario for GBP/USD is selling. The pair’s decline on Friday triggered a strong ADX reaction. The MACD has consolidated below zero, and the price is below the moving averages. It indicates a high probability of the continuation of the bearish scenario for the sterling.
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Alternative scenario: if the pair consolidates above 1.3997, it may resume growth to the year’s highs.
The rise in risky assets and bond yields continues to support the bulls in the dollar-yen. The upward bias of the dollar index is an additional bullish driver. Medium-term expectations for the growth of the instrument are increasingly strengthening from a fundamental point of view.
The main scenario is buying. In the Asian session, the price rises, but the ADX shows a decline in bullish potential. The MACD is fixed above zero. It indicates moderate northerly movement with frequent southerly pullbacks.
An alternative scenario implies the price-fixing below 108.35. In this case, the pair may return to the decline to 107.08.
The Canadian currency continued to fall in light of rising oil prices and reached its lowest levels this year. Given the fact that the oil price is about $14 higher than at the beginning of the year, the pressure on the pair may continue. The probability of consolidation below 1.2467 is still high.
The main scenario is selling. The ADX showed a decrease in the southern movement’s potential, but convergence formed on the MACD. A stop near a strong support level indicates the likelihood of a pullback, which is safer to use to build up short positions.
Alternative scenario: if the price gains a foothold above 1.2528, the pair may go for a correction to 1.2592.
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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