The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.2063
Prev Close: 1.2013
% chg. over the last day: -0.41%
The EUR/USD currency pair fell by 0.41% on Tuesday. The sellers were able to defend the resistance level of 1.2074, where the price showed a sharp downward reaction.
Trading recommendations
Support levels: 1.2002, 1.1957, 1.1835
Resistance levels: 1.2074, 1.2108, 1.2145, 1.2176, 1.2212, 1.2243
The MACD indicator started to signal a divergence, and the price failed to break through the support level of 1.2002. Such market conditions are not good for the sellers, so there is a high probability of a rebound in the next trading sessions.
Alternative scenario: if the price breaks out through the 1.2108 level and holds above, the general uptrend is likely to continue.
News feed for 2021.05.05:
- US ADP Non-Farm Employment Change (m/m) at 15:15 (GMT+3);
- US ISM Services PMI (m/m) at 17:00 (GMT+3).
The GBP/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.3906
Prev Close: 1.3885
% chg. over the last day: -0.15%
On Tuesday, the GBP/USD currency pair traded in a range near the moving average. Buyers are actively defending the 1.3835 support level, while sellers are holding the defense at the 1.3913 resistance level.
Trading recommendations
Support levels: 1.3835, 1.3801, 1.3756, 1.3690
Resistance levels: 1.3913, 1.3996, 1.4149
There is no optimal entry point for GBP/USD on the H1 timeframe right now. Traders need to wait for any of the participants to be active. The best strategy would be to either trade intraday local moves or stay out of position.
Alternative scenario: if the price breaks out through the 1.3913 resistance level and holds above, the bullish scenario is likely to become active again.
The USD/JPY currency pair
Technical indicators of the currency pair:
Prev Open: 109.06
Prev Close: 109.28
% chg. over the last day: +0.20%
On Tuesday, the USD/JPY currency pair traded relatively quietly. This is primarily due to the bank holidays in Japan, which will last until Thursday. Volatility is low.
Trading recommendations
Support levels: 108.87, 108.44, 108.19,107.77, 107.47, 107.04
Resistance levels: 109.49, 109.64, 109.95, 110.51
The price is still trading above the moving average, but the MACD indicator is completely inactive. This indicates a possible start of a flat. Under such market conditions, the best strategy would be to trade intraday deals with short targets.
Alternative scenario: if the price drops below 108.44, the general downtrend will continue with a high probability.
The USD/CAD currency pair
Technical indicators of the currency pair:
Prev Open: 1.2274
Prev Close: 1.2304
% chg. over the last day: +0.24%
The USD/CAD currency pair continues to trade in the range. On Tuesday, the price showed the expected small rebound from the support level of 1.2270. The price reached the 1.2321 resistance level, but buyers failed to consolidate higher, and the price returned to the balance.
Trading recommendations
Support levels: 1.2270, 1.2165
Resistance levels: 1.2321, 1.2388, 1.2414, 1.2519, 1.2618
As for USD/CAD, the trend remains bearish, but the movement has begun to switch into a flat structure. The best strategy in a wide range would be to trade from the borders of this corridor. But taking into account the bearish context, it makes more sense to look for sell positions.
Alternative scenario: if the price breaks through the 1.2414 resistance level and holds above, a local corrective uptrend is likely to form.
