The Analytical Overview of the Main Currency Pairs on 2020.09.11

The EUR/USD currency pair

• Prev Open: 1.18008
• Open: 1.18103
• % chg. over the last day: +0.09
• Day's range: 1.18281 – 1.18396
• 52 wk range: 1.0637 – 1.2012

During yesterday's trading session, there was high trading activity and volatility on the EUR/USD currency pair. At the same time, there is no defined trend. As expected, the ECB kept the key marks of monetary policy at the same level. The ECB president Christine Lagarde says the Eurozone economy is experiencing a "strong rebound" after the collapse in the second quarter. At the moment, the local support and resistance levels are 1.1820 and 1.1860, respectively. We recommend opening positions from these marks.

• – Report on inflation in the US at 15:30 (GMT+3:00).

We also recommend paying attention to the speech by the ECB representative Lane.

Indicators give multidirectional signals: 50 MA has crossed 100 MA.

The MACD histogram is near the zero mark and does not give accurate signals.

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

• Support levels: 1.1820, 1.1775
• Resistance levels: 1.1860, 1.1900, 1.1940

If the price fixes above 1.1860, EUR/USD quotes are expected to grow. The movement is tending to the round level of 1.1900.

An alternative could be a decline in the EUR/USD currency pair to 1.1775-1.1750.

The GBP/USD currency pair

• Prev Open: 1.29853
• Open: 1.27942
• % chg. over the last day: -1.52
• Day's range: 1.27200 – 1.37401
• 52 wk range: 1.1409 – 1.3516

During yesterday's trading session, aggressive sales are still observed in the GBP/USD currency pair. The trading instrument fell by more than 200 points. The British pound is still under pressure due to uncertainty concerning Brexit. EU chief negotiator Michel Barnier said that significant differences remained between London and Brussels in areas important to the EU. At the moment, the local support and resistance levels are 1.2810 and 1.2890, respectively. Positions should be opened from these levels.

• – GDP data at 09:00 (GMT+3:00);
• – UK manufacturing production at 09:00 (GMT+3:00).

Indicators point to the bearish sentiment: 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 GBP/USD.

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

• Support levels: 1.2810, 1.2750
• Resistance levels: 1.2890, 1.2950, 1.3020

If the price fixes below 1.2810, a further drop in GBP/USD quotes is expected. The movement is tending to 1.2750-1.2700.

An alternative could be the growth of the GBP/USD currency pair to 1.2950-1.3020.

The USD/CAD currency pair

• Prev Open: 1.31453
• Open: 1.31861
• % chg. over the last day: +0.37
• Day's range: 1.31504 – 1.31703
• 52 wk range: 1.2949 – 1.4669

During yesterday's trading session, the USD/CAD currency pair rose slightly. Today, the trading instrument is correcting. At the moment, the local support and resistance levels are 1.3140 and 1.3180, respectively. The trading instrument is tending to decline. We recommend paying attention to the dynamics of "black gold" prices. Positions should be opened from key levels.

Today, the news feed in Canada is calm.

Indicators do not give accurate signals: the price has crossed the 50 MA and 100 MA.

The MACD histogram is near the zero mark. There are no accurate signals.

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

• Support levels: 1.3140, 1.3100, 1.3070
• Resistance levels: 1.3180, 1.3210, 1.3250

If the price fixes below 1.3140, USD/CAD quotes are expected to fall. The movement is tending to 1.3100-1.3070.

An alternative could be the growth of the USD/CAD currency pair to 1.3210-1.3240.

The technical pattern on the USD/JPY currency pair is still ambiguous. The yen is still in a sideways trend. Financial market participants expect additional drivers. At the moment, the local support and resistance levels are: 106.00 and 106.30, respectively. Positions should be opened from key support and resistance levels.

The publication of important economic news from Japan is not expected today. We recommend paying attention to economic releases from the US.

Indicators do not give accurate signals: the price has crossed the 50 MA and 100 MA.

The MACD histogram is near the 0 mark. There are no signals at the moment.

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

• Support levels: 106.00, 105.80, 105.60
• Resistance levels: 106.30, 106.50, 106.90

If the price fixes above 106.30, USD/JPY quotes are expected to rise. The movement is tending to 106.50-106.70.

An alternative could be a decline in the USD/JPY currency pair to 105.80-105.60.

by JustMarkets, 2020.09.11

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.