by JustForex
The US dollar continues to lose ground against its main competitors. EUR/USD quotes have reached the round level of 1.1900. The greenback is still under pressure after the biggest decline in US GDP ever. In the second quarter, the country’s economy slowed down by 32.9%. According to the Statistical Office of the European Union, the region’s economy collapsed by 12.1% in the second quarter of 2020. The US currency has the potential for further decline. Positions should be opened from key levels.
Indicators point to the power of buyers: the price has fixed above 50 MA and 100 MA.
The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy EUR/USD.
Stochastic Oscillator is near the oversold zone, the %K line has crossed the %D line. There are no signals at the moment.
If the price fixes above 1.1900, further growth of EUR/USD quotes is expected. The movement is tending to 1.1940-1.1960.
An alternative could be a decline in the EUR/USD currency pair to 1.1790-1.1750.
GBP/USD quotes continue to show a steady bullish trend. Since the beginning of this week, the British pound has added more than 350 points in price. At the moment, the GBP/USD currency pair is testing the 1.3145 mark. The 1.3070 mark is a local support. In the near future, a technical correction of the trading instrument is possible. Positions should be opened from key levels.
The news feed on the UK economy is calm.
Indicators signal the power of buyers: the price has fixed above 50 MA and 100 MA.
The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy GBP/USD.
Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which also indicates the bullish sentiment.
If the price fixes above 1.3145, further growth in GBP/USD quotes is expected. The movement is tending to 1.3200-1.3230.
An alternative may be a decline in the GBP/USD currency pair to the round level of 1.3000.
The USD/CAD currency pair is consolidating. There is no defined trend. At the moment, the local support and resistance levels are 1.3400 and 1.3450, respectively. Investors expect additional drivers. Important economic releases from Canada are in the spotlight today. We also recommend paying attention to the dynamics of “black gold” prices. Positions should be opened from key levels.
The news feed on Canada’s economy is calm.
Indicators signal the power of buyers: the price has fixed above 50 MA and 100 MA.
The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy USD/CAD.
Stochastic Oscillator is in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.
If the price fixes above 1.3450, further growth of USD/CAD quotes is expected. The movement is tending to 1.3480-1.3500.
An alternative may be a decline in the USD/CAD currency pair to 1.3370-1.3350.
Sales still prevail on the USD/JPY currency pair. The trading instrument has set new local lows again. At the moment, USD/JPY quotes are consolidating in the range of 104.20-104.80. The demand for greenback remains at a quite low level. Nevertheless, a technical correction is possible in the near future. We recommend paying attention to the dynamics of US government bonds yield. Positions should be opened from key levels.
Today, the news feed on Japan’s economy is calm enough.
Indicators do not give accurate signals: the price is testing 50 MA.
The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell USD/JPY.
Stochastic Oscillator is in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.
If the price fixes above 104.80, USD/JPY quotes are expected to recover. The movement is tending to 105.20-105.50.
An alternative could be a decline in the USD/JPY currency pair to 104.00-103.80.
by JustForex
