The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.2003
Prev Close: 1.2062
% chg. over the last day: +0.49%
The EUR/USD currency pair was bullish on Thursday. Positive news background in Europe played a key role in it. Buyers managed to protect the support level of 1.2002 and create a new level at 1.2027 point.
Trading recommendations
Support levels: 1.2027, 1.2002, 1.1957, 1.1835
Resistance levels: 1.2074, 1.2108, 1.2145, 1.2176, 1.2212, 1.2243
The price held above the moving average, while the MACD indicator moved into the positive zone. At the moment, a local up-trend has formed, so traders should look for buy positions up to the key resistance level of 1.2108.
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 2021.05.07:
- ECB President Christine Lagarde Speaks at 13:00 (GMT+3);
- US Unemployment Rate at 15:30 (GMT+3);
- US Non-Farm Employment Change at 15:30 (GMT+3);
- US Average Hourly Earnings at 15:30 (GMT+3).
The GBP/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.3891
Prev Close: 1.3898
% chg. over the last day: +0.05%
The price of GBP/USD remained in a flat. Volatility only increased on yesterday’s news. The sellers managed to hold the resistance level of 1.3835.
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 until the “Non-Farm” news is released.
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.
News feed for 2021.05.07:
- BOE Deputy Governor for Monetary Policy Ben Broadbent Speaks at 14:15 (GMT+3);
- MPC Member Andy Haldane Speaks at 14:15 (GMT+3).
The USD/JPY currency pair
Technical indicators of the currency pair:
Prev Open: 109.17
Prev Close: 109.04
% chg. over the last day: -0.11%
The USD/JPY currency pair declined slightly on Thursday, but volatility is still low. Most likely the situation will not change until the release of the US macrostatistics today.
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. 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 downtrend is likely to resume.
The USD/CAD currency pair
Technical indicators of the currency pair:
Prev Open: 1.2265
Prev Close: 1.2146
% chg. over the last day: -0.97%
The USD/CAD currency pair fell by 0.97% on Thursday. The price held below the support level and went further down. The divergence on the MACD indicator did not work properly this time.
Trading recommendations
Support levels: 1.2138
Resistance levels: 1.2251, 1.2321, 1.2388, 1.2414, 1.2519, 1.2618
The trend remains bearish for USD/CAD. The price will not make a deep pullback with such a strong trend, so traders should be looking for sell positions from resistance levels on intraday timeframes.
Alternative scenario: if the price breaks through the 1.2321 resistance level and holds above, a local corrective uptrend is likely to form.
News feed for 2021.05.07:
- Unemployment Rate at 15:30 (GMT+3);
- Employment Change at 15:30 (GMT+3);
- Part-Time Employment Change at 15:30 (GMT+3);
- Ivey PMI at 17:00 (GMT+3).
