The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.12087
Open: 1.11515
% chg. over the last day: -0.53
Day’s range: 1.11410 – 1.11554
52 wk range: 1.1111 – 1.2009
The EUR/USD currency pair continues to show negative dynamics. During yesterday’s and today’s trading, the drop in quotes exceeded 65 points. The trading instrument reached two-month lows. EUR remains under pressure due to rising expectations that the ECB may announce the introduction of additional stimulus measures in the near future. The meeting of the Central Bank will be held on Thursday, July 25. Today, investors will be evaluating important economic releases from the eurozone and the US. Quotes EUR/USD can decline further. We recommend to open positions from key levels.
The Economic News Feed for 24.07.2019:
a number of indicators on business activity in Germany and the EU – 10:30 (GMT + 3:00) and 11:00 (GMT + 3:00);
primary real estate sales in the US – 17:00 (GMT + 3:00).
Indicators signal the strength of sellers: the price has fixed below 50 MA and 100 MA.
The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell EUR/USD.
The Stochastic Oscillator started to go out of the oversold zone, the %K line is above the %D line, indicating a technical correction of the EUR/USD currency pair.
Trading recommendations
Support levels: 1.11400, 1.11000
Resistance levels: 1.11650, 1.11850, 1.12100
If the price consolidates below 1.11400, the price will fall toward 1.11000.
Alternatively, the quotes can correct toward 1.11800-1.12000.
The GBP/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.24673
Open: 1.24370
% chg. over the last day: -0.30
Day’s range: 1.24283 – 1.24497
52 wk range: 1.2397 – 1.3385
The technical picture on the GBP/USD currency pair is still ambiguous. The pound is trading in a flat. Currently, local support and resistance levels are: 1.24200 and 1.24550, respectively. Sterling remains under pressure due to uncertainty around Brexit. Boris Johnson will be the 77th prime minister of Great Britain. Earlier, the official repeatedly stated that Britain would withdraw from the block before October 31, even under the conditions of “tough” Brexit. Positions must be opened from key levels.
Today we recommend to pay attention to economic reports from the USA.
Indicators do not give accurate signals: the price is consolidated near 50 MA and 100 MA.
The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell GBP/USD.
The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates bullish moods.
Trading recommendations
Support levels: 1.24200, 1.23850
Resistance levels: 1.24550, 1.24850, 1.25100
If the price consolidates below 1.24200, the price will fall toward 1.23850-1.23600.
Alternatively, the quotes can grow toward 1.24850-1.25000.
The USD/CAD currency pair
Technical indicators of the currency pair:
Prev Open: 1.31179
Open: 1.31307
% chg. over the last day: +0.16
Day’s range: 1.31307 – 1.31433
52 wk range: 1.2727 – 1.3664
The USD/CAD currency pair has stabilized after a sharp rally since the beginning of this week. At the moment, CAD is consolidating. Local levels of support and resistance are 1.31200 and 1.31450, respectively. In the near future technical correction is not excluded. Investors expect statistics from the United States. We also recommend to pay attention to the dynamics of oil prices. Positions must be opened from key levels.
The Economic News Feed for 24.07.2019 is calm.
The price has fixed above 50 MA and 100 MA, which indicates the strength of buyers.
The MACD histogram is located in the positive zone, but below the signal line, which gives a weak signal to buy USD/CAD.
The Stochastic Oscillator is in the neutral zone, the %K line has started to cross the %D line. There are no signals at the moment.
Trading recommendations
Support levels: 1.31200, 1.30950, 1.30650
Resistance levels: 1.31450, 1.31650, 1.32000
If the price consolidates above the level of 1.31450, the quotes will grow toward to 1.31700-1.32000.
An alternative would be a correction of the USD/CAD quotes to 1.31000-1.30850.
The USD/JPY currency pair
Technical indicators of the currency pair:
Prev Open: 107.852
Open: 108.217
% chg. over the last day: +0.33
Day’s range: 108.105 – 108.277
52 wk range: 104.97 – 114.56
A bullish sentiment still prevails on the USD/JPY currency pair. At the moment the trading instrument is consolidating. Key levels of support and resistance are 108.000 and 108.350. Financial market participants expect additional drivers. We recommend to pay attention to economic releases, as well as the dynamics of the US Treasury bonds yield. Positions must be opened from key levels.
The Economic News Feed for 24.07.2019 is calm.
The price has fixed above 50 MA and 100 MA, which indicates the strength of buyers.
The MACD histogram is located in the positive zone, but below the signal line, which gives a weak signal to buy USD/JPY.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating a bearish mood.
Trading recommendations
Support levels: 108.000, 107.800, 107.600
Resistance levels: 108.350, 108.600
If the price consolidates above the 108.350 the price will rise toward 108.600-108.800.
Alternatively, the quotes can decline toward 107.800-107.600.
