by JustForex
Considering the good labor market data, the dollar index has slightly strengthened, which caused a slight decrease in the EUR/USD quotes (inverse correlation). Europe is reporting on inflation today. Economists are confident that the CPI number will not exceed the 2% target.
The trend is still bearish. The price did not manage to break through the dynamic level of the moving average. The MACD indicator is inactive. Under such market conditions, it is better to consider intraday trading. For sell positions, traders should wait for a pullback to the resistance level. Entries for long positions can be found on support levels but with short targets since this kind of trading will be against the trend.
Alternative scenario: if the price breaks through the 1.1889 resistance level and fixes above, the general uptrend is likely to be resumed.
The UK labor market is recovering. The number of jobs increased by 356,000. Annual wage growth increased from 5.7% to 7.3%, and the unemployment rate remained unchanged at 4.8%. The UK is getting ready to reopen the economy, and the British pound gained a stronger position than the euro.
The GBP/USD trend is bearish on the H1 timeframe. The price is trading in a wide range now. The MACD indicator has become inactive. Under such market conditions, it is better to consider intraday trading. For sell positions, traders should wait for a pullback to the resistance level. Entries for long positions can be found on support levels.
Free Reports:
Alternative scenario: if the price breaks through the 1.3922 resistance level and consolidates above, the bearish scenario is likely to be canceled.
Japan’s central bank kept its key monetary policy easing measures unchanged and retained its inflation target at 2%. The bank also announced that it would provide zero percent loans to increase investment in green initiatives.
From the point of view of technical analysis, the situation has not changed. There is a downward trend on the H1 timeframe, as the price is still trading below the priority change level and below the moving average. The MACD indicator has become inactive. Under such market conditions, traders are better to look for sell positions from the resistance levels on intraday timeframes. Buy positions should be considered from support levels, but only with short targets.
Alternative scenario: if the price rises above 110.73, the uptrend is likely to be resumed.
The USD/CAD currency pair increased by 0.72% yesterday. The growth was caused by two factors: the growth of the dollar index and the decline in oil prices. The Canadian dollar is a commodity currency, so a decline in oil prices has a negative impact on the CAD.
Technically, the trend remains bullish. The price is still trading above the moving average and above the priority change level. The MACD indicator is in the positive zone with no signs of reversal. Under such market conditions, it is best to look for buy trades from the support levels. There are no optimal entry points to open sell positions now.
Alternative scenario: if the price breaks through the 1.2370 support level and fixes below, the downtrend is likely to be resumed.
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.
By Analytical Department RoboForex GBP/USD continued to consolidate at 1.3283 on Wednesday. The British pound…
By JustMarkets The US equity indices showed mixed performance on Tuesday. The Dow Jones (US30)…
By Pawan Jain, University of Michigan Flint Finding good financial advice can be stressful –…
Source: Stephen McBride (7/27/26) Stephen McBride of RiskHedge shares his thoughts on the potential for…
By JustMarkets The US equity indices showed mixed performance on Monday ahead of the Federal…
By Analytical Department RoboForex Gold fell to 4,047 USD per ounce on Tuesday, erasing gains…
This website uses cookies.
