Analytical overview of the major currency pairs in 2022.06.29 :: InvestMacro


by just forex

EUR/USD . currency pair

Technical indicators for the currency pair:

  • Previous Conquest: 1.0582
  • Previous Close: 1.0520
  • % changing. Over the past day: -0.59%

Christine Lagarde, President of the European Central Bank, said nothing new in her speech at the Central Banking Forum. The net asset purchase will be completed on July 1. The European Central Bank plans to raise interest rates in July for the first time in 11 years. The European Central Bank will continue on the path of normalization and go as far as possible to ensure inflation is stable at 2% over the medium term. Eurozone inflation is expected to remain elevated for some time.

Trading Recommendations

  • Support levels: 1.0498, 1.0573, 1.0408, 1.0379
  • Resistance levels: 1.0564, 1.0611, 1.0680, 1.0723

From a technical point of view, the trend on the EUR/USD currency pair on the hourly time frame is a downtrend. The price is still forming a wide corridor, the MACD indicator has turned negative, and the initiative of the new sellers has emerged. Under these market conditions, short positions can be considered from the 1.0564 resistance level, but only after additional confirmation. It is better to look for long positions on the intraday time frames from the support level 1.0498 or the lower border of the flat, but only with confirmation and short targets.

Alternative scenario: If the price breaks through the resistance level 1.0611 and is fixed above, it is likely that the uptrend will resume.

News Briefing for 2022.06.29:

  • – Spanish Eurozone CPI (monthly) at 10:00 (GMT +3);
  • – FOMC member Mester speaking (monthly) at 13:30 (GMT +3);
  • – German CPI for the Eurozone (monthly) at 15:00 (GMT +3);
  • – US GDP (Quarterly) at 15:30 (GMT +3);
  • – US Federal Reserve Chairman Powell speaking (monthly) at 16:00 (GMT +3);
  • – Eurozone ECB President Lagarde speaking (month / month) at 16:00 (GMT +3);
  • – American FOMC Bullard speaks (monthly) at 20:05 (GMT +3).

Currency pair GBP / USD

Technical indicators for the currency pair:

  • Previous conquest: 1.2264
  • Previous Close: 1.2183
  • % changing. Over the past day: -0.66%

The Bank of England expects the British economy to be negative in 2023, and KPMG predicts that the UK may fall into a recession next year due to low inflation. The Office for National Statistics reports that the average annual growth rate of the UK economy from 1998 to 2007 was 2.7%. From 2010 to 2019, it was 2%. The average growth rate is expected to reach 1.8% from 2023 to 2026. After the UK voted to leave the European Union, there was a significant drop in investment, which greatly affected the recovery factor from the pandemic.

Trading Recommendations

  • Support levels: 1.2171, 1.2093, 1.1974
  • Resistance levels: 1.2238, 1.2324, 1.2422, 1.2470, 1.2523, 1.2629

From a technical point of view, the trend on the GBP/USD currency pair on the hourly time frame is bearish. The situation is very similar to the euro. The price is forming a wide corridor, while the MACD indicator is not showing any activity, there is slight pressure from the sellers. Under these market conditions, short positions can be considered from the resistance level of 1.2238 or the upper border of the flat at 1.2324, but only after additional confirmation. It is better to look for long positions on the intraday time frames from the support level 1.2171, but only with confirmation and short targets.

Alternative scenario: If the price breaks through the resistance level 1.2422 and is fixed above, the uptrend is likely to resume.

British Pounds / US Dollars

News Briefing for 2022.06.29:

  • – Bank of England Governor (M/S) speaks at 16:00 (GMT +3).

Currency pair USD/JPY

Technical indicators for the currency pair:

  • Previous conquest: 135.43
  • Previous Close: 136.16
  • % changing. Over the past day: +0.54%

The basic picture of the USD/JPY currency pair remains the same. The divergent policies of central banks have already caused the yen to fall to its highest level in 20 years against the dollar. Since no changes are expected soon, analysts expect USD/JPY prices to continue to grow. The only thing that can reverse the bullish trend is the Bank of Japan’s currency intervention. There are already talks about it.

Trading Recommendations

  • Support levels: 135.41, 134.84, 133.35, 131.67, 131.00, 130.12, 129.48, 128.76
  • Resistance levels: 136.66

The medium-term trend of the USD/JPY is bullish. There is a new initiative from buyers. The MACD indicator has turned positive. Under such market conditions, buying from the support level of 135.41 can be considered, but with confirmation. The resistance level 136.66 is good for short positions, but only with additional confirmation and short targets.

Alternative scenario: If the price holds below 133.35, the downtrend is likely to resume.

US dollar / Japanese yen

News Briefing for 2022.06.29:

  • – Japanese Retail Sales (MM/MM) at 02:50 (GMT +3).

Currency pair USD/CAD

Technical indicators for the currency pair:

  • Previous conquest: 1.2873
  • Previous Close: 1.2876
  • % changing. Over the past day: +0.02%

The Canadian dollar is a commodity currency, so it depends not only on the dynamics of the US dollar index but also on oil prices. The dollar index and oil prices both rose yesterday. As a result, the USD/CAD rate started forming a corridor. It should be noted that both the Bank of Canada and the US Federal Reserve are on their way to raise interest rates while oil prices remain elevated. All this indicates that medium-term trends should not be expected on the USD/CAD currency pair, as market conditions favor the strengthening of both the dollar index and the Canadian dollar.

Trading Recommendations

  • Support levels: 1.2818, 1.2709, 1.2618, 1.2578, 1.2510
  • Resistance levels: 1.2887, 1.2956, 1.3068

In terms of technical analysis, the trend on the USD/CAD currency pair is bullish. But the MACD indicator has turned negative, and the price is trading below the moving averages. Yesterday the price reached the level of priority change, but buyers can protect their positions. In these market conditions, it is better to look for long positions in the lower time frames from the support level 1.2818, but with confirmation. For short positions, it is better to look at the resistance level 1.2956, but it is also better with confirmation and short targets.

Alternative scenario: If the price breaks through the support level 1.2818 and consolidates below the support level 1.2818, the downtrend is likely to resume.

US dollar / Canadian dollar

There is no news feed for today.

by just forex

This article reflects a personal opinion and should not be construed as investment advice and/or a continuing offer and/or solicitation to carry out financial transactions and/or guarantee and/or anticipation of future events.



Source link

Add a Comment

Your email address will not be published.