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CURRENCIES TECHNICAL ANALYSIS June.11

EUR/USD

 

The US dollar strengthened last Friday. As a result the EUR/USD pair dropped from 1.1800 to 1.1740. Nevertheless, the overall market sentiment remained bullish, the buying pressure eased a bit, but buyers remained in control. Moreover, the spot approached a strong support area – 1.1700 which is reinforced by the EMA50 and the EMA100. These two lines played well their role. They rejected the euro upwards on Monday and the major returned to the 1.1840 level. The technical indicators are mixed. The EMA200 is heading south, the 100 EMA is neutral while the EMA50 changed its course and is moving upwards. MACD is declining in a positive area, RSI is neutral. The resistance resides at 1.1840, the support comes in at 1.1740.

 

The 100 and 200 EMAs will definitely provide additional support to the spot. The most likely scenario involves another move higher and revisit of the 1.1850 area. We do not rule out a new sellers' attempt to regain the 1.1700 area. However, it is a hard nut to crack and they need to do their best to succeed.

 

GBP/USD

 

The pound was well bid last week and returned another portion of its losses. The sterling managed to regain the 1.3400-1.3300 support area with the EMA50 and the EMA100 and stalled its recovery trying to reach the 1.3500 hurdle. Sellers regained control in the 1.3450 region and sent the rate back to the 1.3350 where the EMA50 and the EMA100 limited its decline. The 50 and 100 EMAs are changing their direction, the EMA 200 is still bearish. MACD is declining in a positive area, RSI in neutral. The resistance resides at 1.3400, the support comes in at 1.3300.

 

If the selling pressure increases, the GBP/USD pair will return to the 1.3200 area this week. If they fail, the pound may revisit the 1.3500 resistance in the coming days.

 

USD/JPY

 

The US dollar recovery stalled in the 110.00 area where buyers faced a decent resistance and gave up control. The spot eased off its monthly highs and softened to the 109.50 area where the 50, 100 and 200 EMAs lie. That happened last week and this one the US dollar got another chance. The major left the 109.50 level in the night and spiked to the 110.00 hurdle. The 50, 100 and 200 EMAs are below the price and will provide additional support to the spot now. The resistance resides at 110.00, the support comes in at 109.50.

 

If buyers retake the level 110.00, we will see the USD/JPY pair growing towards 110.60 in the coming days.

 

USD/CAD

 

USD/CAD remained in an uptrend on Monday. The US dollar started the week from the lower limit of the range. The price rebounded off the level 1.2900 and gapped upwards at the daily open. The spot jumped to 1.3000 which rejected it to the 1.2950 mark where the US currency found strength to recover and revisited the 1.3000 hurdle during the European session. The resistance stands at 1.3000, the support is at 1.2900.

 

The 1.3000 hurdle now seems to be protecting the immediate upside. A cut here will open doors for a rise towards 1.3050, en route to 1.3100.

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