The Analytical Overview of the Main Currency Pairs on 2017.06.23


The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.11675
  • Open: 1.11460
  • % chg. over the last day:0.16
  • Day’s range: 1.11449 1.11798
  • 52 wk range: 1.0366 1.1616

During the last trading sessions, there is a weak trading activity on EUR/USD. The currency is in a sideways trend with a range of 50 points. The market is waiting for additional drivers. At the moment, the key trading range is 1.114001.11750. The technical pattern is ambiguous. It is better to open positions from key levels. We expect statistics on business activity in Germany and the Eurozone.

Economic calendar for 2017.06.23:
  • Reports on business activity in Germany and the Eurozone 10:30 (GMT+3:00) and 11:00 (GMT+3:00), respectively;
  • Statistics on business activity in the US 16:45 (GMT+3:00);
  • New homes sales in the US 17:00 (GMT+3:00).
EUR/USD

The signals of the indicators are ambiguous. The EUR/USD quotes have fixed between 50 MA and 200 MA, which act as strong dynamic support and resistance levels.

The MACD histogram has begun to rise and moved to the positive zone, indicating the EUR/USD growth.

Stochastic Oscillator has begun to exit the overbought zone, the %K line is below the %D line, which gives a signal to sell EUR/USD.

Trading recommendations
  • Support levels: 1.11400, 1.11000
  • Resistance levels: 1.11750, 1.12250

If economic reports from the Eurozone are positive, we recommend looking for entry points to the market in order to open long positions. The immediate goal for profittaking is 1.12250.

An alternative may be a downward trend on the EUR/USD currency pair to the round level of 1.11000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.26690
  • Open: 1.26786
  • % chg. over the last day: +0.06
  • Day’s range: 1.26744 1.27441
  • 52 wk range: 1.1986 1.5020

Today, there are aggressive purchases on GBP/USD. The correction has continued. The currency overcame and consolidated above the round level of 1.27000, which is already a “mirror” support. The nearest resistance is at the level of 1.27550. We expect statistics from the US.

The publication of important economic reports from the UK is not planned today.

GBP/USD

The price overcame and consolidated above 50 MA and 200 MA, indicating the power of buyers.

The MACD histogram is in the positive zone and continues to rise, which signals a further growth of the GBP/USD quotes.

Stochastic Oscillator is in the overbought zone, the %K line crossed the %D line. There are no signals yet.

Trading recommendations
  • Support levels: 1.27000, 1.26500, 1.26000
  • Resistance levels: 1.27550, 1.28000

If the price consolidates above the local resistance of 1.27550, the upward trend on GBP/USD may continue. The movement is tending potentially to the round level of 1.28000.

Alternative option. If the GBP/USD quotes consolidate below 1.27000, we recommend looking for entry points to the market in order to open short positions. The target movement level is 1.266001.26500.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32639
  • Open: 1.33335
  • % chg. over the last day: +0.46
  • Day’s range: 1.33152 1.33379
  • 52 wk range: 1.2458 1.4692

Yesterday, the bullish sentiment prevailed on USD/CAD. The growth of quotes exceeded 70 points. The currency has overcome and consolidated above the round level of 1.33000. The nearest resistance is the mark of 1.33500. At the moment, the technical pattern indicates further correction. Nevertheless, it is necessary to pay attention to statistics from Canada.

At 15:30 (GMT+3:00) there will be data on retail sales in Canada.

USD/CAD

50 MA has fixed above 200 MA, indicating the power of buyers.

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 is above the %D line, which also signals the USD/CAD growth.

Trading recommendations
  • Support levels: 1.33000, 1.32500, 1.32000
  • Resistance levels: 1.33500, 1.34000

If economic reports from Canada are weak, the growth of the USD/CAD quotes may continue. The movement is tending potentially to the round level of 1.34000.

An alternative may be a downward trend on the USD/CAD currency pair to the level of 1.32500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 111.337
  • Open: 111.305
  • % chg. over the last day:0.07
  • Day’s range: 111.154 111.435
  • 52 wk range: 99.08 123.69

The USD/JPY currency pair continues to consolidate. At the moment, the technical pattern is ambiguous. The key trading range is still 111.000111.400. Today’s statistics from the US can act as a driver for the development of the trend movement. We recommend paying attention to the yield of US government bonds.

The news background on the economy of Japan is calm today.

USD/JPY

The signals of the indicators are ambiguous. The price crossed 50 MA.

The MACD histogram has fixed near the 0 mark.

Stochastic Oscillator is in the neutral zone, the %K line has begun to cross the %D line. There are no signals yet.

Trading recommendations
  • Support levels: 111.000, 110.700, 110.350
  • Resistance levels: 111.400, 111.750

If statistics from the US turns out to be positive, we recommend considering buying USD/JPY. The movement is tending potentially to 111.750.

An alternative may be a downward trend on the USD/JPY currency pair to the level of 110.700110.350.

by JustMarkets, 2017.06.23

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.