by JustForex
The EUR/USD currency pair
- Prev Open: 1.1551
- Prev Close: 1.1530
- % chg. over the last day: -0.18%
German investor confidence is worsening amid raw material shortages: ZEW expectation index fell to 22.3 compared to the previous month’s value – 26.5. There is a decline in profits, especially in export-oriented companies. Economic expectations for the Eurozone have also decreased.
- Support levels: 1.1502, 1.1453
- Resistance levels: 1.1583, 1.1615, 1.1671, 1.1717, 1.1772, 1.1802, 1.1835
The EUR/USD trend is bearish, from the technical point of view. The MACD indicator has become inactive, but there is a divergence on bigger time frames. At the Asian session, there is buyer’s initiative today. Under such market conditions, traders should consider sell deals from the resistance levels near the moving average. It is better to look for Buy trades from the support levels or from the buyers’ initiative zone.
Alternative scenario: if the price breaks through the 1.1615 resistance level and fixes above, the mid-term uptrend is more likely to resume.
- – German Consumer Price Index (m/m) at 09:00 (GMT+3);
- – Eurozone Industrial Production (m/m) at 12:00 (GMT+3);
- – US Consumer Price Index (m/m) at 15:30 (GMT+3);
- – US FOMC Meeting Minutes (m/m) at 21:00 (GMT+3);
- – US FOMC Member Braindard’s Speech at 23:30 (GMT+3).
The GBP/USD currency pair
- Prev Open: 1.3594
- Prev Close: 1.3584
- % chg. over the last day: -0.07%
Investors believe that the European Central Bank and the US Fed will adhere to an overly soft policy, while the Bank of England may commit a big mistake with its overly hawkish policy. The actual UK unemployment rate is 4.5% (forecast 4.5%, previous 4.6%).
- Support levels: 1.3584, 1.3532, 1.3457, 1.3360, 1.3282
- Resistance levels: 1.3626, 1.3685, 1.3759, 1.3812, 1.3886
On the hourly time frame, the GBP/USD trend is bearish. However, the British currency looks more confident than the euro due to its direct correlation with oil prices. The MACD has become inactive, and the price is trading flat. Buy trades should be considered only within the day and only from the initiative zone of the buyers. It is better to look for sell deals from the nearest resistance levels, but after an additional confirmation in the form of a sellers’ initiative, because the buyers’ pressure is higher now.
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Alternative scenario: if the price breaks through the 1.3685 resistance level and consolidates above, the bullish scenario is likely to resume.
- – UK GDP (m/m) at 09:00 (GMT+3);
- – UK Manufacturing Production (m/m) at 09:00 (GMT+3);
- – UK Industrial Production (m/m) at 09:00 (GMT+3);
- – US Consumer Price Index (m/m) at 15:30 (GMT+3);
- – US FOMC Meeting Minutes (m/m) at 21:00 (GMT+3).
The USD/JPY currency pair
- Prev Open: 113.26
- Prev Close: 113.60
- % chg. over the last day: +0.30%
The Bank of Japan is calm about the weakness of the Japanese yen, as the weakening of the national currency boosts exports. The weaker yen is also increasing corporate spending due to higher import prices.
- Support levels: 113.35, 112.19, 111.53, 110.99, 110.65, 109.95, 109.63
- Resistance levels: 114.40
The main trend of the USD/JPY currency pair is bullish. The Japanese yen is rapidly declining in price against the US dollar. The MACD indicator is positive, but there are signs of divergence. Under such market conditions, it’s better to consider opening buy positions from the support levels near the moving average, since the price has deviated greatly from the average line. Sell positions should be considered only throughout the day from the resistance levels, given there is sellers’ initiative.
Alternative scenario: if the price falls below 111.53, the uptrend is likely to be broken.
- – US Consumer Price Index (m/m) at 15:30 (GMT+3);
- – US FOMC Meeting Minutes (m/m) at 21:00 (GMT+3).
The USD/CAD currency pair
- Prev Open: 1.2479
- Prev Close: 1.2466
- % chg. over the last day: -0.10%
The Canadian dollar is a commodity currency, so USD/CAD is highly dependent on the dynamics of the dollar index and oil prices. At the end of the day, both the dollar index and oil prices remained almost unchanged. As a result, the USD/CAD currency pair is trading flat.
- Support levels: 1.2425
- Resistance levels: 1.2518, 1.2565, 1.2628, 1.2729, 1.2774, 1.2891
From the technical point of view, the trend of the USD/CAD currency pair is bearish. But now the price is trading flat. The MACD indicator has become inactive, but there are signs of divergence on higher time frames. Under such market conditions, it is better to search for sell deals from the resistance levels near the moving average, as the price has strongly deviated from the average values. Buy trades should be considered only on lower time frames from the support levels if there is the buyer’s initiative.
Alternative scenario: if the price breaks out through the 1.2565 resistance level and fixes above, the uptrend will likely resume.
- – US Consumer Price Index (m/m) at 15:30 (GMT+3);
- – US FOMC Meeting Minutes (m/m) at 21:00 (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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