The Analytical Overview of the Main Currency Pairs on 2021.05.07

The EUR/USD currency pair

• Prev Open: 1.2003
• Prev Close: 1.2062
• % chg. over the last day: +0.49%

The EUR/USD currency pair was bullish on Thursday. Positive news background in Europe played a key role in it. Buyers managed to protect the support level of 1.2002 and create a new level at 1.2027 point.

• Support levels: 1.2027, 1.2002, 1.1957, 1.1835
• Resistance levels: 1.2074, 1.2108, 1.2145, 1.2176, 1.2212, 1.2243

The price held above the moving average, while the MACD indicator moved into the positive zone. At the moment, a local up-trend has formed, so traders should look for buy positions up to the key resistance level of 1.2108.

Alternative scenario: if the price breaks out through the 1.2108 level and holds above, the general uptrend is likely to continue.

• – ECB President Christine Lagarde Speaks at 13:00 (GMT+3);
• – US Unemployment Rate at 15:30 (GMT+3);
• – US Non-Farm Employment Change at 15:30 (GMT+3);
• – US Average Hourly Earnings at 15:30 (GMT+3).

The GBP/USD currency pair

• Prev Open: 1.3891
• Prev Close: 1.3898
• % chg. over the last day: +0.05%

The price of GBP/USD remained in a flat. Volatility only increased on yesterday’s news. The sellers managed to hold the resistance level of 1.3835.

• Support levels: 1.3835, 1.3801, 1.3756, 1.3690
• Resistance levels: 1.3913, 1.3996, 1.4149

There is no optimal entry point for GBP/USD on the H1 timeframe right now. Traders need to wait for any of the participants to be active. The best strategy would be to either trade intraday local moves or stay out of position until the “Non-Farm” news is released.

Alternative scenario: if the price breaks out through the 1.3913 resistance level and holds above, the bullish scenario is likely to become active again.

• – BOE Deputy Governor for Monetary Policy Ben Broadbent Speaks at 14:15 (GMT+3);
• – MPC Member Andy Haldane Speaks at 14:15 (GMT+3).

The USD/JPY currency pair

• Prev Open: 109.17
• Prev Close: 109.04
• % chg. over the last day: -0.11%

The USD/JPY currency pair declined slightly on Thursday, but volatility is still low. Most likely the situation will not change until the release of the US macrostatistics today.

• Support levels: 108.87, 108.44, 108.19,107.77, 107.47, 107.04
• Resistance levels: 109.49, 109.64, 109.95, 110.51

The price is still trading above the moving average, but the MACD indicator is completely inactive. Under such market conditions, the best strategy would be to trade intraday deals with short targets.

Alternative scenario: if the price drops below 108.44, the downtrend is likely to resume.

The USD/CAD currency pair

• Prev Open: 1.2265
• Prev Close: 1.2146
• % chg. over the last day: -0.97%

The USD/CAD currency pair fell by 0.97% on Thursday. The price held below the support level and went further down. The divergence on the MACD indicator did not work properly this time.

• Support levels: 1.2138
• Resistance levels: 1.2251, 1.2321, 1.2388, 1.2414, 1.2519, 1.2618

The trend remains bearish for USD/CAD. The price will not make a deep pullback with such a strong trend, so traders should be looking for sell positions from resistance levels on intraday timeframes.

Alternative scenario: if the price breaks through the 1.2321 resistance level and holds above, a local corrective uptrend is likely to form.

• – Unemployment Rate at 15:30 (GMT+3);
• – Employment Change at 15:30 (GMT+3);
• – Part-Time Employment Change at 15:30 (GMT+3);
• – Ivey PMI at 17:00 (GMT+3).