by JustForex
The EUR/USD currency pair
- Prev Open: 1.1736
- Prev Close: 1.1720
- % chg. over the last day: -0.14%
In Germany, ZEW economic sentiment index has sharply decreased to 40.4 in August (previous value – 63.3). The eurozone economic sentiment index also decreased from 61.2 to 42.7. With the dollar index strengthening, such a fundamental picture doesn’t have benefits for the euro currency.
- Support levels: 1.1706, 1.1609
- Resistance levels: 1.1754, 1.1799, 1.1817, 1.1854, 1.1894, 1.1934, 1.1969
From a technical point of view, the general trend on the EUR/USD currency pair is bearish. The price went below the moving average; the MACD indicator is in the oversold zone, but there are signs of a reversal in the form of divergence. There is also a slowdown in the rate of decline, which indicates a likely rebound in the near future, especially in the presence of a daily support level. Under such market conditions, it is better to look for the sell trades from the resistance levels, but after a slight upward correction since the price has deviated strongly from the middle line. Buy trades can only be considered throughout the day and only with confirmation in the form of a bullish initiative.
Alternative scenario: if the price breaks through the 1.1854 resistance level and fixes above, the mid-term uptrend will likely resume.
- – US Consumer Price Index (m/m) at 15:30 (GMT+3);
- – US Core Consumer Price Index (m/m) at 15:30 (GMT+3);
- – US FOMC Member Bostic Speaks at 17:30 (GMT+3).
The GBP/USD currency pair
- Prev Open: 1.3844
- Prev Close: 1.3838
- % chg. over the last day: -0.04%
The situation on the GBP/USD currency pair has not changed. The decline in the currency pair is associated with the strengthening of the dollar index. However, the British pound has gained a more stable position than the euro. The fundamental picture of the UK is now positive, so if there is any weakness in the dollar index, the British currency will continue to strengthen.
- Support levels: 1.3825, 1.3772, 1.3714, 1.3676 ,1.3641, 1.3614, 1.3525
- Resistance levels: 1.3886, 1.3935, 1.4002, 1.4075, 1.4101
The trend of the GBP/USD currency pair is bullish on the hourly time frame. The price has already reached a strong support level. The MACD indicator went into the negative zone, but there are signs of divergence. Under such market conditions, traders are better to look for the buy trades after buyers show initiative. Sell positions can be considered from the resistance levels within the local downward movement.
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Alternative scenario: if the price breaks through the 1.3714 support level and consolidates below, the bearish scenario is likely to resume.
- – US Consumer Price Index (m/m) at 15:30 (GMT+3);
- – US Core Consumer Price Index (m/m) at 15:30 (GMT+3).
The USD/JPY currency pair
- Prev Open: 110.24
- Prev Close: 110.57
- % chg. over the last day: +0.30%
The USD/JPY currency pair is slowly and steadily growing due to the growth of the dollar index. The dollar index has grown to the highest level since mid-July, and taking into account the weak forecasts for the third quarter in Japan, such a fundamental picture plays in favour of the USD/JPY quotes growth.
- Support levels: 110.56, 110.34, 109.88, 109.43, 109.19, 108.65
- Resistance levels: 110.95, 111.48
The main trend on the USD/JPY currency pair is bullish. The MACD indicator is in the oversold zone, but there are signs of reversal in the form of divergence. Under such market conditions, it is better to look for the buy positions after a small pullback downwards because the price has strongly deviated from the moving average. Sell positions should be considered only on the lower time frames from the resistance level after sellers show initiative.
Alternative scenario: if the price falls below 109.19, the uptrend is likely to be broken.
- – US Consumer Price Index (m/m) at 15:30 (GMT+3);
- – US Core Consumer Price Index (m/m) at 15:30 (GMT+3).
The USD/CAD currency pair
- Prev Open: 1.2575
- Prev Close: 1.2518
- % chg. over the last day: -0.46%
The Canadian dollar is highly dependent on the dollar index and the oil price dynamics. The increase in oil prices caused the strengthening of the Canadian dollar and a decrease in the USD/CAD quotes. Today, the volatility on the USD/CAD currency pair will be high, because the quotes will be influenced by a lot of important news.
- Support levels: 1.2518, 1.2471, 1.2425, 1.2370, 1.2312
- Resistance levels: 1.2554, 1.2602, 1.2671, 1.2787, 1.2951
Considering technical analysis, the USD/CAD trend is bearish. The price is trading near the moving average, and the MACD indicator has become negative. Under such market conditions, it is better to look for the sell positions from the resistance levels. Traders should consider the buy positions from the support levels and only on intraday time frames.
Alternative scenario: if the price breaks through the 1.2671 resistance level and fixes above, the uptrend is likely to be resumed.
- – US Consumer Price Index (m/m) at 15:30 (GMT+3);
- – US Core Consumer Price Index (m/m) at 15:30 (GMT+3);
- – US Crude Oil Reserves (w/w) at 17:30 (GMT+3).
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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