The Analytical Overview of the Main Currency Pairs on 2017.08.02

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.18410
  • Open: 1.18015
  • % chg. over the last day: -0.26
  • Day's range: 1.17922 – 1.18433
  • 52 wk range: 1.0339 – 1.1845

Yesterday's economic reports from the EU and the US were mixed. The euro moved away from local maximums. At the moment, the currency is consolidated. The EUR/USD quotes are testing the resistance level of 1.18400. The key support is 1.17600. Participants of the financial markets expect a preliminary report on the labor market in the US from ADP at 15:15 (GMT+3:00).

Today, the news background on the economy of the Eurozone is calm. We recommend you to pay attention to statistics from the USA.

EUR/USD

The EUR/USD quotes are above 50 MA and 200 MA, which indicates the power of buyers.

The MACD histogram has fixed in the positive zone and continues to rise, which signals a bullish sentiment on EUR/USD.

Stochastic Oscillator has reached the overbought zone, the %K line crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.17600, 1.16850
  • Resistance levels: 1.18400

If the preliminary report on the labor market in the US turns out to be positive, sales on the EUR/USD currency pair may prevail. The target movement level is to 1.17600-1.17250.

An alternative may be the continuation of an upward trend in EUR/USD. The movement is tending potentially to the round level of 1.19000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32135
  • Open: 1.31980
  • % chg. over the last day: -0.05
  • Day's range: 1.31903 – 1.32244
  • 52 wk range: 1.1450 – 1.3447

On the GBP/USD currency pair, there was an ambiguous technical pattern. At the moment, the trading instrument is consolidating in a rather narrow range (1.32000-1.32350). We are waiting for important statistics from the UK. We recommend opening positions from the key levels.

At 11:30 (GMT+3:00) the index of business activity in the construction sector in the UK will be published.

GBP/USD

Indicators point to the power of buyers. The price has fixed above 50 MA and 200 MA.

The MACD histogram is located in the positive area and continues to rise, which signals an increase in GBP/USD.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which also gives a signal to buy GBP/USD.

Trading recommendations
  • Support levels: 1.32000, 1.31500
  • Resistance levels: 1.32350

If the price fixes below the round level of 1.32000, we recommend you to look for entry points to the market to open short positions. The movement is tending potentially to the "mirror" support level of 1.31500.

Alternative option. If the GBP/USD quotes overcome the local resistance of 1.32350, it is necessary to consider purchases. The target movement level is 1.32750.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24693
  • Open: 1.25360
  • % chg. over the last day: +0.55
  • Day's range: 1.25314 – 1.25894
  • 52 wk range: 1.2520 – 1.3795

Currently, there is a corrective movement on USD/CAD. Yesterday, the Canadian dollar weakened against the US dollar by more than 70 points. Today, the currency of Canada continued to lose ground. The nearest resistance is a round level of 1.26000. The mark of 1.25700 is already a "mirror" support. The Canadian dollar is pressed by a sharp drop in the price of "black gold". Yesterday, futures for the WTI crude oil fell by more than 2.5%.

Today, the news background on Canada's economy is calm.

USD/CAD

The price has fixed above 50 MA and 200 MA, which signals the power of buyers.

The MACD histogram is located in the positive area and above the signal line, which signals the purchase of USD/CAD.

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

Trading recommendations
  • Support levels: 1.25700, 1.25200, 1.24500
  • Resistance levels: 1.26000

We expect a further correction of the USD/CAD currency pair. We recommend considering purchases if the price fixes above the round level of 1.26000. The movement is tending potentially to 1.26500. When tracking a position, one should use a trailing stop.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.246
  • Open: 110.354
  • % chg. over the last day: +0.17
  • Day's range: 110.256 – 110.921
  • 52 wk range: 99.53 – 118.67

Today in the Asian trading session, aggressive purchases were observed on USD/JPY. The current technical pattern indicates further growth of USD/JPY. At the moment, the yen is being traded near the key resistance at 110.900. The nearest support is at 110.350. We recommend you to pay attention to statistics from the USA.

The publication of important economic reports from Japan is not planned today.

USD/JPY

The price is between 50 MA and 200 MA, which are quite strong dynamic levels of support and resistance.

The MACD histogram is located in the positive area and above the signal line, which indicates the growth of the USD/JPY currency pair.

Stochastic Oscillator has fixed in the neutral zone, the %K line is below the %D line, which gives the signal to sell USD/JPY.

Trading recommendations
  • Support levels: 110.350, 110.000
  • Resistance levels: 110.900, 111.300

We expect an upward trend on the USD/JPY currency pair. If the price fixes above the resistance level of 110.900, we recommend looking for entry points to the market to open long positions. The closest target for fixing profits is the mark of 111.300.

by JustForex, 2017.08.02

We recommend you to get acquainted with the daily overview of the news feed.

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.

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