by JustForex
European industrial production fell by 0.3%, in line with analysts’ forecasts. Given the slight strengthening of the dollar index, the European currency was unable to rebound from price lows.
From a technical point of view, the general trend on the EUR/USD currency pair is bearish. The price is about to consolidate in a narrow price range. Under such market conditions, it is best to look for the sell trades from the resistance levels near the moving average. Buy trades can only be considered throughout the day from the zone where the buyers showed initiative.
Alternative scenario: if the price breaks through the 1.1854 resistance level and fixes above, the mid-term uptrend will likely resume.
The UK GDP increased by 4.8% (on a year-on-year basis) in the second quarter, but it’s still below the pre-pandemic levels. Industrial Production is 8.3%, which is below economists’ expectations. Manufacturing Production has also declined. The statistics came out to be negative, which caused the fall of the GBP/USD quotes.
The trend of the GBP/USD currency pair is bullish on the hourly time frame. Yesterday, the price rebounded from the resistance level and returned to the support level, where buyers showed initiative. The MACD indicator has become inactive. Under such market conditions, traders are better to look for the buy trades from the zone where the buyers took the initiative. Sell positions can be considered from the resistance levels and only on intraday time frames.
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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.
The USD/JPY currency pair is trading in a narrow price range. The Japanese Yen is highly dependent on the dynamics of the dollar index now, so to predict the fundamentals aspect, traders need to focus more on the economic indicators of the USA rather than Japan.
The main trend on the USD/JPY currency pair is bullish. The price is trading above the moving average, and the MACD indicator has become inactive. Under such market conditions, it is better to look for the buy positions from the support level near the moving average. Sell positions should be considered only on the lower time frames from the zone where the sellers showed initiative.
Alternative scenario: if the price falls below 109.19, the uptrend is likely to be broken.
The Canadian dollar is highly dependent on the performance of the dollar index and oil price performance. Yesterday, the oil price was almost unchanged, while the dollar index slightly strengthened. As a result, the currency pair USD/CAD increased by 0.15%.
Considering technical analysis, the USD/CAD trend is bearish. The price went below the moving average, and the MACD indicator became inactive. 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.
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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