The Analytical Overview of the Main Currency Pairs on 2020.07.29

The EUR/USD currency pair

• Prev Open: 1.17456
• Open: 1.17174
• % chg. over the last day: -0.30
• Day's range: 1.17127 – 1.17701
• 52 wk range: 1.0777 – 1.1781

The EUR/USD currency pair has become stable after a prolonged rally. At the moment, the trading instrument is consolidating. The key range is 1.1690-1.1780. The Fed meeting is in the spotlight. It is expected that the regulator will keep the key marks of monetary policy at the same level. We recommend paying attention to the comments by the representatives of the Central Bank. Positions should be opened from key levels.

• – Pending home sales in the US at 17:00 (GMT+3:00);
• – Fed interest rate decision at 21:00 (GMT+3:00).

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: 1.1690, 1.1625, 1.1580
• Resistance levels: 1.1780, 1.1800

If the price fixes above 1.1780, further growth of EUR/USD quotes is expected. The movement is tending to 1.1820-1.1850.

An alternative could be a decline in the EUR/USD currency pair to 1.1640-1.1600.

The GBP/USD currency pair

• Prev Open: 1.28799
• Open: 1.29247
• % chg. over the last day: +0.38
• Day's range: 1.29119 – 1.29764
• 52 wk range: 1.1466 – 1.3516

GBP/USD quotes show a steady uptrend. The British pound has overcome and fixed above key highs. The GBP/USD currency pair found resistance at 1.2975. The round level of 1.2900 is already a "mirror" support. The demand for greenback is still low. We expect the Fed's decision. 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 above the signal line, 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: 1.2900, 1.2840, 1.2805
• Resistance levels: 1.2975, 1.3000

If the price fixes above 1.2975, further growth in GBP/USD quotes is expected. The movement is tending to 1.3020-1.3050.

An alternative could be a decline in the GBP/USD currency pair to 1.2850-1.2800.

The USD/CAD currency pair

• Prev Open: 1.33544
• Open: 1.33704
• % chg. over the last day: +0.16
• Day's range: 1.33402 – 1.33869
• 52 wk range: 1.2949 – 1.4668

The USD/CAD currency pair is still being traded in a flat. There is no defined trend. Investors expect the Fed's key interest rate decision. At the moment, the local support and resistance levels are 1.3335 and 1.3385, respectively. USD/CAD quotes have the potential for further decline. 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 sellers: the price has fixed below 50 MA and 100 MA.

The MACD histogram has started declining, which indicates the bearish sentiment.

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

• Support levels: 1.3335, 1.3300
• Resistance levels: 1.3385, 1.3405, 1.3440

If the price fixes below 1.3335, a further fall in USD/CAD quotes is expected. The movement is tending to 1.3300-1.3280.

An alternative could be the growth of the USD/CAD currency pair to 1.3410-1.3440.

Sales still prevail on the USD/JPY currency pair. The trading instrument has updated its key lows again. The demand for greenback remains at a quite low level. At the moment, USD/JPY quotes are testing the support level of 104.80. The 105.20 mark is a local resistance. The yen has the potential for further growth. We recommend paying attention to the dynamics of the US government bonds yield. Positions should be opened from key levels.

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

Indicators signal the power of sellers: the price has fixed below 50 MA and 100 MA.

The MACD histogram is in the negative zone, which indicates the bearish sentiment.

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

• Support levels: 104.80, 104.40, 104.00
• Resistance levels: 105.20, 105.65, 106.15

If the price fixes below 104.80, a further fall in USD/JPY quotes is expected. The movement is tending to 104.40-104.20.

An alternative could be the growth of the USD/JPY currency pair to 105.60-105.90.

by JustMarkets, 2020.07.29

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.