The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.2069
Prev Close: 1.2078
% chg. over the last day: +0.07%
On Thursday, the EUR/USD currency pair was trading in the range. Sellers tried to break through the support level of 1.2074 but failed to hold below it.
Trading recommendations
Support levels: 1.2074, 1.2026, 1.2002, 1.1957, 1.1835
Resistance levels: 1.2115, 1.2150, 1.2176, 1.2212, 1.2243
The trend is still bullish, but the price is trading under the moving average, while the MACD indicator has become inactive. The support level of 1.2074 becomes weak as the price breaks through it on both sides. This is the first sign of a possible breakdown. Traders should be careful. For long positions, it is better to wait for a breakout of the local downtrend line. For short positions, the price should break down the support level.
Alternative scenario: if the price breaks down through the 1.2074 support level and holds below, the general uptrend is likely to be broken.
News feed for 2021.05.14:
- US Core Retail Sales (m/m) at 15:30 (GMT+3);
- US Retail Sales (m/m) at 15:30 (GMT+3);
- US Industrial Production (m/m) at 16:15 (GMT+3);
- US UoM Consumer Sentiment at 17:00 (GMT+3).
The GBP/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.4048
Prev Close: 1.4048
% chg. over the last day: 0%
On Thursday, the GBP/USD currency pair fell to the moving average, where a rebound took place. The line worked as a dynamic support level.
Trading recommendations
Support levels: 1.3996, 1.3913,1.3835, 1.3801, 1.3756, 1.3690
Resistance levels: 1.4110, 1.4207
The trend remains bullish. The price is still above the moving average, and the MACD indicator has started to move to the positive area. The best strategy for traders under such market conditions is to look for long positions from the support levels.
Alternative scenario: if the price breaks down through the 1.3913 support level and holds below, the bullish scenario is likely to be canceled.
The USD/JPY currency pair
Technical indicators of the currency pair:
Prev Open: 109.64
Prev Close: 109.45
% chg. over the last day: -0.17%
On Thursday, the USD/JPY currency pair traded in a narrow range. Statistically, after a sharp deviation from the moving average, the price often behaves this way and makes such narrow corridors.
Trading recommendations
Support levels: 109.01, 109.40, 108.87, 108.44, 108.19,107.77, 107.47, 107.04
Resistance levels: 109.64, 109.95, 110.51
The MACD indicator fell to the zero line. The strategy for trading remains the same: look for buy deals from the support levels. But traders have to consider that the price can correct lower to the moving average.
Alternative scenario: if the price drops below 109.01, the general downtrend is likely to resume.
The USD/CAD currency pair
Technical indicators of the currency pair:
Prev Open: 1.2129
Prev Close: 1.2160
% chg. over the last day: +0.25%
After 3 days of balancing, the USD/CAD currency pair began a corrective upward movement within the general downtrend. By the end of the trading session, the price managed to test the moving average.
Trading recommendations
Support levels: 1.2137, 1.2075
Resistance levels: 1.2251, 1.2321, 1.2388, 1.2414, 1.2519, 1.2618
For USD/CAD, the general trend is still bearish. But taking into account the started correction, traders can do both, to sell from the resistance levels and to buy from the support levels with short targets.
Alternative scenario: if the price breaks out through the 1.2321 resistance level and holds above, a local corrective uptrend is likely to form.
