June 12, 2021
  • June 12, 2021

The analytical overview of the main currency pairs

By on June 4, 2021 0

The EUR / USD currency pair

Technical indicators of the currency pair:

Previous opening: 1.2210
Previous Close: 1.2126
% mod. on the last day: -0.69%

In view of the positive US labor market statistics, the US currency strengthened sharply on Thursday, causing the EUR / USD currency pair (inverse correlation) to fall. The price has crossed the priority change level and activated an alternate scenario. Another part of important news and speech is expected today, so volatility will be high.

Trading recommendations

Support levels: 1.2115, 1.2074, 1.2026, 1.2002, 1.1957
Resistance levels: 1.2134, 1.2168, 1.2180, 1.2212, 1.2243, 1.2311

The uptrend is broken. The price fell and broke through several support levels. The MACD indicator turned negative with no signs of a reversal. In such market conditions, it is better for traders to look for sell trades from the support levels, but the price has deviated sharply from the moving average now, so there is likely to be a slight pullback to the rise.

Alternative scenario: If price breaks through the resistance level of 1.2212 and fixes below, the general uptrend should resume.

News feed for 2021.06.04:

  • ECB President Christine Lagarde speaks at 2:00 p.m. (GMT + 3);
  • US Fed Chairman Jerome Powell speaks at 2:00 p.m. (GMT + 3);
  • US ADP Nonfarm Payrolls (m / m) at 3:30 p.m. (GMT + 3);
  • US unemployment rate (m / m) at 3:30 p.m. (GMT + 3).

The GBP / USD currency pair

Technical indicators of the currency pair:

Previous opening: 1.4167
Previous Close: 1.4099
% mod. on the last day: -0.48%

The pound sterling also fell significantly on Thursday night. However, unlike the Euro, the GBP / USD currency pair did not break the priority change level, leaving a good chance to maintain the bullish trend. For the moment, the British currency seems more confident than the euro.

Trading recommendations

Support levels: 1.4075, 1.3996, 1.3913, 1.3835, 1.3801, 1.3756, 1.3690
Resistance levels: 1.4110, 1.4175, 1.4207, 1.4338

The price is trading below the moving average and the MACD indicator has entered the oversold zone. Despite the price drop, the GBP / USD trend remains bullish as the price is above the priority change level, which is the most important factor. In such market conditions, it is best for traders to look for buy trades from the support levels. Intraday traders may look for sell trades in the downward momentum, but with many important news today, it is necessary to act with extreme caution.

Alternative scenario: If the price breaks through the support level of 1.4075 and consolidates below, the bullish scenario is likely to be canceled.

The USD / JPY currency pair

Technical indicators of the currency pair:

Previous opening: 109.53
Previous Close: 110.30
% mod. on the last day: + 0.70%

On Thursday, the USD / JPY currency pair rose 0.7%. The Japanese Yen now looks extremely weak, so any strengthening in the dollar index affects the price growth of the pair.

Trading recommendations

Assistance levels: 109.90, 109.28, 109.00, 108.66, 108.44, 108.19, 107.77
Resistance levels: 110.51, 110.73

At the moment, the medium-term trend is bullish. The price is above the moving average. The MACD indicator is in the overbought zone, but there is no sign of divergence. In such market conditions, it is best for traders to seek buy trades from the support levels, relying on continued price growth. But given the large deviation from the moving average, a slight pullback is possible.

Alternative scenario: If the price falls below 109.00, the general downtrend should resume.

The USD / CAD currency pair

Technical indicators of the currency pair:

Previous opening: 1.2032
Previous Close: 1.2108
% mod. on the last day: + 0.63%

Against a backdrop of a strengthening dollar, the USD / CAD currency pair also rose on Thursday. The buyers managed to maintain the support level at 1.2032. Now the price is trading near the priority change level but still in the wide corridor. Important macrostatistics from Canada are expected today.

Trading recommendations

Support levels: 1.2032, 1.1944
Resistance levels: 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519

Technically, the trend remains bearish. But considering that the local downtrend line was broken on impulse, the current momentum is strictly bullish. In such market conditions, it is best for traders to look for both sell trades from the nearest resistance levels and buy trades from support levels, but only on intraday periods within. upward momentum. But it should be noted that the price is still inside a wide corridor of 1.232-1.2137.

Alternative scenario: If price breaks through the resistance level of 1.2137 and fixes above, a local corrective uptrend is likely to form.

News feed for 2021.06.04:

  • Unemployment rate in Canada (m / m) at 3:30 p.m. (GMT + 3);
  • Canada Ivey PMI (m / m) at 5:00 p.m. (GMT + 3).