The EUR / USD currency pair

Technical indicators of the currency pair:

Previous opening: 1.1593
Previous Close: 1.1619
% mod. on the last day: + 0.22%

ECB spokesman Paolo Gentiloni said high inflation in EU countries is temporary, as supply chain issues and rising energy prices drive up prices. But the ECB expects EU countries to show a positive economic trend in the third quarter.

Trading recommendations

Support levels: 1.1564, 1.1453
Resistance levels: 1.1671, 1.1717, 1.1772, 1.1802, 1.1835

From a technical point of view, the EUR / USD trend is bearish. But the MACD indicator has become inactive. This indicates that the sellers have stopped pushing. In such market conditions, traders should consider selling offers from resistance levels near the moving average, as the price has moved away from the midline. Purchase transactions should only be considered from support levels with additional confirmation in the form of a buyer’s initiative.

Alternative scenario: If price breaks through the resistance level of 1.1717 and settles above, the medium term uptrend is likely to resume.

News feed for 2021.10.05:

  • Eurozone services PMI (m / m) at 11:00 am (GMT + 3);
  • US ISM Services PMI (m / m) at 5:00 p.m. (GMT + 3);
  • Speech by President Lagarde of the Eurozone ECB at 6:00 p.m. (GMT + 3).

The GBP / USD currency pair

Technical indicators of the currency pair:

Previous opening: 1.3552
Previous Close: 1.3605
% mod. on the last day: + 0.39%

The situation with fuel delivery to service stations is improving, but the UK continues to experience a severe shortage of truck drivers. New car registrations in the UK fell 35% year-on-year last month. The automotive industry continues to suffer from a global semiconductor shortage. But the UK currency is strengthening due to rising oil prices as the GBP is directly correlated to BRENT oil prices.

Trading recommendations

Support levels: 1.3525, 1.3457, 1.3360, 1.3282
Resistance levels: 1.3617, 1.3685, 1.3759, 1.3812, 1.3886

Over the hourly time frame, the GBP / USD trend is bearish. But the British currency continues to strengthen due to the growth in oil prices. The MACD indicator has turned positive, but there are already signs of divergence. Buy transactions should only be considered throughout the day and only with short goals from support levels after buyer’s initiative. Sell ​​trades can be found at resistance levels near the moving average line.

Alternative scenario: If price breaks through the resistance level of 1.3759 and consolidates above, the bullish scenario will likely resume.

News feed for 2021.10.05:

  • UK Services PMI (m / m) at 11:30 am (GMT + 3).

The USD / JPY currency pair

Technical indicators of the currency pair:

Previous opening: 110.86
Previous Close: 111.91
% mod. on the last day: + 0.04%

Tokyo’s consumer price index is going down. This is a sign of slowing inflation in the Japanese capital. Newly elected Prime Minister Fumio Kishida has said he will dissolve the lower house of parliament next week ahead of the October 31 elections as he seeks a new term to deal with the coronavirus pandemic, the decline of the economy and security threats from China and the North. Korea.

Trading recommendations

Assistance levels: 110.65, 110.40, 109.95, 109.63, 109.27
Resistance levels: 111.62, 112.19

The main trend of the USD / JPY currency pair is bullish. The MACD indicator has turned positive, and there are signs of buyer’s initiative. In such market conditions, it is best to look for buy positions from support levels close to the moving average. Sell ​​positions should only be considered throughout the day from resistance levels as there is sellers initiative.

Alternative scenario: If the price falls below 110.45, the uptrend is likely to be broken.

News feed for 2021.10.05:

  • Japan Tokyo Core Consumer Price Index at 2:30 am (GMT + 3).

The USD / CAD currency pair

Technical indicators of the currency pair:

Previous opening: 1.2639
Previous Close: 1.2587
% mod. on the last day: -0.41%

The Canadian dollar is a base currency, therefore the USD / CAD is highly dependent on the dynamics of the dollar index and oil prices. The dollar index edged down yesterday as oil prices jumped. As a result, USD / CAD quotes fell sharply due to the strengthening of the Canadian currency.

Trading recommendations

Support levels: 1.2611, 1.2565, 1.2518, 1.2425
Resistance levels: 1.2729, 1.2774, 1.2891

From a technical point of view, the trend of the USD / CAD currency pair is bearish. The MACD indicator has become inactive. Yesterday the price broke through the support level but came back above the Asian session level, forming a false breakout zone below. In such market conditions, it is best to look for offers to sell from resistance levels near the moving average. Bids should be considered from the false zone of distribution, but with short goals.

Alternative Scenario: If price breaks through the resistance level of 1.2774 and settles above, the uptrend will likely resume.


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Al Worden

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