June 12, 2021
  • June 12, 2021

The analytical overview of the main currency pairs

By on June 1, 2021 0

The EUR / USD currency pair

Technical indicators of the currency pair:

Previous opening: 1.2197
Previous Close: 1.2223
% mod. on the last day: + 0.21%

The euro ended the month on a positive note. The US Federal Reserve does not plan to change its monetary policy before the end of the year, so the European currency still has enough time to continue its growth. Many European economic statistics will be published today.

Trading recommendations

Support levels: 1.2205, 1.2168, 1.2138, 1.2115, 1.2074, 1.2026, 1.2002, 1.1957
Resistance levels: 1.2243, 1.2311

The trend remains bullish. The price is trading above the moving average again. Yesterday the price managed to stabilize above the resistance level of 1.2205, despite the US public holiday. But there is a slight divergence on the MACD indicator, so traders should expect a slight pullback. In such market conditions, it is best to look for buy transactions from the support levels.

Alternative scenario: If price breaks through the support level of 1.2168 and corrects below, the general uptrend is likely to be broken.

News feed for 2021.06.01:

  • Germany Manufacturing PMI (m / m) at 10:55 am (GMT + 3);
  • Germany Unemployment rate (m / m) at 10:55 am (GMT + 3);
  • EU manufacturing PMI (m / m) at 11:00 a.m. (GMT + 3);
  • EU consumer price index (m / m) at 12:00 (GMT + 3);
  • US ISM Manufacturing PMI (m / m) at 5:00 p.m. (GMT + 3).

The GBP / USD currency pair

Technical indicators of the currency pair:

Previous opening: 1.4175
Previous Close: 1.4205
% mod. on the last day: + 0.21%

The British pound broke a three-month high during today’s Asian session and moved higher. The London Interbank Offered Rate LIBOR is at an all-time low, which works in favor of a further strengthening of the British currency.

Trading recommendations

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

For the GBP / USD currency pair, the trend remains bullish. The price is above the moving average, the MACD indicator has returned to the positive zone. Traders have an interest in looking for buy trades from the closest support levels. A break out of the resistance level of 1.4107 opened the way for 1.4338.

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

News feed for 2021.06.01:

  • UK BOE Governor Andrew Bailey speaks at 6:00 p.m. (GMT + 3).

The USD / JPY currency pair

Technical indicators of the currency pair:

Previous opening: 109.76
Previous Close: 109.57
% mod. on the last day: -0.17%

Yesterday the USD / JPY currency pair crossed the local uptrend line and moved down to the moving average. The correction has been deeper, but this is normal for the rollover movements.

Trading recommendations

Assistance levels: 109.28, 109.00, 108.66, 108.44, 108.19, 107.77, 107.47
Resistance levels: 109.64, 109.95, 110.51

At the moment, the medium-term trend is bullish. The price is above the moving average and the priority change level of 109.00. In such market conditions, it is best for traders to seek buy trades from the support levels, building on continued price growth.

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: 1.2063
Previous close: 1.2057
% mod. on the last day: -0.05%

The USD / CAD currency pair has declined from the narrow flat and is moving towards the lower end of the 1.203-2.2137 range. The quarterly Canadian GDP report is due today, so volatility could increase.

Trading recommendations

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

The local uptrend line has been broken. With a price below the moving average and a priority change level, the medium term trend remains bearish. In such market conditions, it is best for traders to look for sell trades from the nearest resistance levels. But do not miss that the price is inside a wide hallway.

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 2021.06.01:

  • Canada’s GDP (m / m) at 3:30 p.m. (GMT + 3).