The Analytical Overview of the Main Currency Pairs on 2019.07.29

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.11461
  • Open: 1.11238
  • % chg. over the last day: -0.18
  • Day's range: 1.11203– 1.11389
  • 52 wk range: 1.1111 - 1.2009

Last week, USD strengthened against a basket of world currencies. The dollar index (#DX) updated the two-month highs and closed in the green . The USD was supported by a number of optimistic economic releases from the USA. The ECB, as expected, kept the main parameters of monetary policy at the same level. The head of the Central Bank, Mario Draghi, said interest rates would remain at or below the level until at least the end of the first half of 2020. Financial market participants expect the Fed meeting, as well as a report on the US labor market in July. At the moment, EUR/USD quotes are consolidating in the range of 1.11150-1.11450. Positions must be opened from these marks.

The Economic News Feed for 29.07.2019 is calm.

EUR/USD

Indicators point to the strength of sellers: the price has fixed below 50 MA and 100 MA.

The MACD histogram is in the negative zone and continues to decline, which signals a bearish mood.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also sends a signal to sell EUR/USD.

Trading recommendations
  • Support levels: 1.11150, 1.11000
  • Resistance levels: 1.11450, 1.11850, 1.12100

If the price consolidates below the level of 1.11150, the price will fall toward 1.10800-1.10600.

Alternatively, the price will rise toward 1.11700-1.11900.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24828
  • Open: 1.24440
  • % chg. over the last day: -0.24
  • Day's range: 1.24257 - 1.24596
  • 52 wk range: 1.2397 - 1.3385

The bearish mood prevails on the GBP/USD currency pair. During yesterday's and today's trading, the drop in quotes exceeded 50 points. The pound has updated local lows. At the moment, the key range is 1.24200-1.24550. GBP/USD quotes have the potential to further decline. Investors are concerned about the “tough” Brexit scenario. Today, financial market participants will evaluate the US GDP report. We recommend to open positions from key levels.

The Economic News Feed for 29.07.2019 is calm.

GBP/USD

Indicators do not give accurate signals: 50 MA crossed 100 MA.

The MACD histogram is in the negative zone and continues to decline, indicating a drop in GBP/USD quotes.

The Stochastic Oscillator is in the oversold zone, the %K line crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.24200, 1.23850
  • Resistance levels: 1.24550, 1.24900, 1.25200

If the price consolidates below 1.24200, the price will fall toward 1.23850-1.23600.

Alternatively, the quotes will grow toward 1.24800-1.25000.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31395
  • Open: 1.31556
  • % chg. over the last day: +0.14
  • Day's range: 1.31528 - 1.31683
  • 52 wk range: 1.2727 - 1.3664

The USD/CAD currency pair has once again shifted to growth. CAD updated local maxima. At the moment, the USD/CAD quotes are consolidating near the resistance level of 1.31700. Mark 1.31450 is already a “mirror” support. Trading instrument has the potential for further growth. Financial market participants expect a report on US GDP. We also recommend to pay attention to the dynamics of oil prices. Positions must be opened from key levels.

The Economic News Feed for 29.07.2019 is calm.

USD/CAD

Indicators point to the strength of buyers: the price has fixed above 50 MA and 100 MA.

The MACD histogram is in the positive zone and continues to rise, which signals a further increase in the USD/CAD quotes.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which also indicates bullish moods.

Trading recommendations
  • Support levels: 1.31450, 1.31200, 1.30950
  • Resistance levels: 1.31700, 1.32000

If the price consolidates above the level of 1.31700, the price will grow toward 1.32000-1.32200.

Alternatively, the price will drop toward 1.31200-1.31000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.648
  • Open: 108.629
  • % chg. over the last day: -0.03
  • Day's range: 108.419 – 108.686
  • 52 wk range: 104.97 – 114.56

USD/JPY stabilized after a significant increase last week. At the moment, the trading instrument is consolidating. Unidirectional trend is not observed. The key support and resistance levels are 108.450 and 108.750, respectively. USD / JPY quotes have the potential for further growth. We recommend to pay attention to the dynamics of the yield of US government securities. Positions must be opened from key levels.

The Economic News Feed for 29.07.2019 is calm.

USD/JPY

The price fixed above 50 MA and 100 MA which points to the power of the buyers.

The MACD histogram is above 0. There are no signals.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line which gives a signal to buy USD/JPY.

Trading recommendations
  • Support levels: 108.450, 108.250, 108.000
  • Resistance levels: 108.750, 109.000

If the price fixed above 108.750, expect further growth toward 109.000-109.200.

Alternatively, the price will descend toward 108.250-108.100.

by JustForex, 2019.07.29

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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