The Analytical Overview of the Main Currency Pairs on 2020.07.30

The EUR/USD currency pair

• Prev Open: 1.17174
• Open: 1.17814
• % chg. over the last day: +0.65
• Day's range: 1.17310 – 1.17930
• 52 wk range: 1.0777 – 1.1781

The greenback has become stable against a basket of world currencies. Investors assess the Fed meeting. The regulator, as expected, kept the key marks of monetary policy at the same level. The central bank has reported that support for the economy will continue. At the moment, the key support and resistance levels are 1.1715 and 1.1800, respectively. In the near future, a technical correction of the trading instrument is possible. Positions should be opened from key levels.

• – Data on the labor market in Germany at 10:55 (GMT+3:00);
• – German GDP report at 11:00 (GMT+3:00);
• – Preliminary data on US GDP at 15:30 (GMT+3:00).

Indicators do not give accurate signals: the price has crossed the 50 MA.

The MACD histogram is near the 0 mark.

Stochastic Oscillator has started exiting out of the oversold zone, the% K line is above the %D line, which indicates the bullish sentiment.

• Support levels: 1.1715, 1.1685, 1.1624
• Resistance levels: 1.1800, 1.1850

If the price fixes above 1.1800, further growth in EUR/USD quotes is expected. The movement is tending to 1.1840-1.1860.

An alternative could be a decline in the EUR/USD currency pair to 1.1650-1.1630.

The GBP/USD currency pair

• Prev Open: 1.29247
• Open: 1.29848
• % chg. over the last day: +0.49
• Day's range: 1.29445 – 1.30112
• 52 wk range: 1.1466 – 1.3516

The GBP/USD currency pair continues to show a pronounced uptrend. The British pound has set new 4-month highs. At the moment, GBP/USD quotes are consolidating. Local support and resistance levels are 1.2950 and 1.3015, respectively. In the near future, a technical correction of the trading instrument is possible. Positions should be opened from key levels.

The news feed on the UK economy is calm.

Indicators signal the power 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 gives a strong signal to buy GBP/USD.

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

• Support levels: 1.2950, 1.2900, 1.2840
• Resistance levels: 1.3015, 1.3050

If the price fixes above 1.3015, further growth in GBP/USD quotes is expected. The movement is tending to 1.3050-1.3070.

An alternative could be a decline in the GBP/USD currency pair to 1.2900-1.2860.

The USD/CAD currency pair

• Prev Open: 1.33704
• Open: 1.33399
• % chg. over the last day: -0.27
• Day's range: 1.33327 – 1.34253
• 52 wk range: 1.2949 – 1.4668

The USD/CAD currency pair has been growing after a prolonged consolidation. The trading instrument has updated local highs. At the moment, the loonie is testing the supply zone of 1.3420-1.3440. The 1.3375 mark is already a "mirror" support. USD/CAD quotes have the potential for further growth. We recommend paying attention to the dynamics of "black gold" prices. Positions should be opened from key levels.

The news feed on Canada's economy is calm.

Indicators signal the power of buyers: the price has fixed above 50 MA and 100 MA.

The MACD histogram has started growing, which indicates the bullish sentiment.

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

• Support levels: 1.3375, 1.3335, 1.3300
• Resistance levels: 1.3420, 1.3440, 1.3480

If the price fixes above 1.3420, further growth in USD/CAD quotes is expected. The movement is tending to 1.3450-1.3480.

An alternative could be a decline in the USD/CAD currency pair to 1.3340-1.3300.

The USD/JPY currency pair has become stable after a prolonged fall. In the near future, a technical correction of the trading instrument is possible. At the moment, USD/JPY quotes are consolidating in the range of 104.80-105.30. We recommend paying attention to economic reports, as well as to the dynamics of US government bonds yield. Positions should be opened from key levels.

Today, the news feed on Japan's economy is calm enough.

Indicators do not give accurate signals: the price has crossed the 50 MA.

The MACD histogram is near the 0 mark.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the bearish sentiment.

• Support levels: 104.80, 104.40, 104.00
• Resistance levels: 105.30, 105.65, 106.15

If the price fixes above 105.30, USD/JPY quotes are expected to recover. The movement is tending to 105.65-106.00.

An alternative could be a decline in the USD/JPY currency pair to 104.50-104.20.

by JustMarkets, 2020.07.30

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.