Sat, Oct 23, 2021 @ 01:57 GMT
HomeContributorsTechnical AnalysisThe Analytical Overview Of The Main Currency Pairs

The Analytical Overview Of The Main Currency Pairs

The EUR/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.1813
Prev Close: 1.1810
% chg. over the last day: -0.03%

The head of the Philadelphia Fed Patrick Harker has become another official who wants the central bank to start cutting stimulus measures as soon as this year. On the one hand, such verbal interventions lead to an increase in the dollar index at the moment. However, traders should not forget that the European Central Bank is also preparing to cut stimulus, which will have a fundamental effect on the euro strength.

Recomendaciones de trading

Support levels: 1.1783, 1.1759, 1.1704, 1.1620
Resistance levels: 1.1840, 1.1894, 1.1934, 1.1969

From the technical point of view, the general trend on the EUR/USD currency pair is bullish. Yesterday, the buyers took the initiative from the support level 1.1783. The MACD indicator is in the negative zone, but there are signs of sellers’ weakness and an increase in buyers’ strength. Under such market conditions, buy trades can be considered from the support levels where buyers show initiative. It is better to look for sell trades from the resistance levels above the moving average and only with short targets.

Alternative scenario: if the price breaks through the 1.1704 support level and fixes below, the mid-term uptrend will likely be broken.

News feed for 2021.09.14:

  • US Consumer Price Index (m/m) at 15:30 (GMT+3);
  • US Core Consumer Price Index (m/m) at 15:30 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.3833
Prev Close: 1.3842
% chg. over the last day: +0.07%

The UK government is considering the possibility of postponing checks on food imports amid fears of increased pressure on supermarket supplies in the run-up to Christmas. Business executives have said that import cancellation rules will not solve the problem because food shortages are related to a lack of truck drivers.

Recomendaciones de trading

Support levels: 1.3793, 1.3750, 1.3692, 1.3632, 1.3614, 1.3525
Resistance levels: 1.3886, 1.3935, 1.4002

On the hourly time frame, the GBP/USD trend is bullish. But against the background of the dollar index growth, the growth of GBP/USD quotes is limited. The MACD indicator has become inactive. Under such market conditions, it is better to look for buy trades from the support levels near the moving average line. Sell positions can be considered from the resistance levels with short targets throughout the day.

Alternative scenario: if the price breaks through the 1.3692 support level and consolidates below, the bearish scenario will likely resume.

News feed for 2021.09.14:

  • UK Average Earnings Index (m/m) at 09:00 (GMT+3);
  • UK Claimant Count Change (m/m) at 09:00 (GMT+3);
  • UK Unemployment Rate (m/m) at 09:00 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:

Prev Open: 109.85
Prev Close: 109.99
% chg. over the last day: +0.12%

Japan’s revised industrial production hasn’t been changed over the past month. The Japanese Yen is highly correlated with the dollar index right now, but the USD/JPY price is trading in a wide corridor amid the strengthening of both currencies.

Recomendaciones de trading

Support levels: 109.62, 109.43, 109.19, 108.65
Resistance levels: 110.11, 110.40, 110.66, 110.95, 111.48

The main trend on the USD/JPY currency pair is bullish. But the Japanese yen has shown strength in recent days, which, together with the rise in the dollar index, led to the formation of a wide trading range, within which the price has consolidated. The MACD indicator has become inactive. Under such market conditions, traders should look for buy trades from the support level where buyers show initiative throughout the day. Sell positions should be considered on the lower time frames with short targets from the zones where sellers show initiative.

Alternative scenario: if the price falls below 109.43, the uptrend is likely to be broken.

The USD/CAD currency pair

Technical indicators of the currency pair:

Prev Open: 1.2680
Prev Close: 1.2641
% chg. over the last day: -0.30%

The Canadian dollar is a commodity currency, so the USD/CAD currency pair is highly dependent on the dynamics of the dollar index and oil prices. By the end of yesterday’s trading session, the dollar index lost its positions while oil prices grew. As a result, the USD/CAD price has slightly decreased due to the strengthening of the Canadian dollar.

Recomendaciones de trading

Support levels: 1.2625, 1.2583, 1.2518, 1.2425
Resistance levels: 1.2713, 1.2812, 1.2891, 1.2951

In terms of technical analysis, the trend on the USD/CAD currency pair is bearish. But the price has consolidated in a local correctional upward movement. The MACD indicator became inactive. Buy positions can be considered from the support levels where buyers show initiative, and only with short targets. It is better to look for sell positions from the resistance levels of a higher time frame.

Alternative scenario: if the price breaks through the 1.2812 resistance level and fixes above, the uptrend will likely resume.

JustForexhttps://justforex.com/?utm_source=actionforex&utm_medium=article&utm_campaign=analytics
JustForex is a broker which helps people to earn on the financial markets providing them with the beneficial conditions. Being an international broker and working with clients from different countries we understand that every person is unique with his own values, no matter whether he is a trader or a partner. When our team develops the services of the company, we take into account the variety of cultures, nations, trading experience and demands of our clients. JustForex offers several trading account types with a wide choice of trading instruments and everyone can find the most suitable one according to his preferences.

Featured Analysis

Learn Forex Trading