The Analytical Overview of the Main Currency Pairs on 2019.07.24

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).
EUR/USD

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.

GBP/USD

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.

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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.

USD/CAD

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.

USD/JPY

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.

by JustForex, 2019.07.24

We recommend you to get acquainted with the daily overview of the news feed.

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.

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