The Analytical Overview of the Main Currency Pairs on 2017.10.10

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17279
  • Open: 1.17425
  • % chg. over the last day: +0.05
  • Day's range: 1.17389 – 1.17890
  • 52 wk range: 1.0341 – 1.2069

At the moment, the bullish sentiment prevails on EUR/USD. The price is testing the resistance level of 1.17800. The mark of 1.17500 is already a "mirror" support. The currency has the potential for further growth. Nevertheless, it is recommended to open positions from key support and resistance levels.

Today, the news background is rather calm. We recommend you to pay attention to the speech of the FOMC member Kashkari.

EUR/USD

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

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

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

Trading recommendations
  • Support levels: 1.17500, 1.17150, 1.16750
  • Resistance levels: 1.17800, 1.18250

If the price fixes above 1.17800, we expect further growth of EUR/USD. The movement is tending to 1.18250.

Alternative option. If the EUR/USD quotes overcome the level of 1.17500, it is necessary to search for entry points in the market to open short positions. The target movement level is 1.17150-1.17000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30921
  • Open: 1.31454
  • % chg. over the last day: +0.45
  • Day's range: 1.31310 – 1.31780
  • 52 wk rangeн: 1.1450 – 1.3618

At the moment, there is a corrective movement on GBP/USD after a significant decline in the past two weeks. Yesterday, the pound rose against the US dollar by more than 75 points. The currency found resistance at 1.31750. The local support is the level of 1.31250. The trading instrument has the potential for further recovery. We are waiting for important statistics from the UK.

The news background on the economy of Great Britain for 2017.10.10:

  • - Data on the volume of production in the manufacturing industry at 11:30 (GMT+3:00);
  • - Trade balance at 11:30 (GMT+3:00).
GBP/USD

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

The MACD histogram is located in the positive zone and continues to rise, indicating a bullish sentiment on GBP/USD.

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

Trading recommendations
  • Support levels: 1.31250, 1.30750
  • Resistance levels: 1.31750, 1.32250

If the statistics on the UK economy is positive, we expect a further correction of the GBP/USD currency pair. The target movement level is 1.32250-1.32500.

An alternative may be the fall of GBP/USD to 1.31250-1.31000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.25318
  • Open: 1.25458
  • % chg. over the last day: +0.14
  • Day's range: 1.25100 – 1.25549
  • 52 wk range: 1.2059 – 1.3795

Today in the Asian trading session the bearish sentiment prevailed on USD/CAD. The currency moved away from local highs. At the moment, the price is testing the mark of 1.25300, which is already a "mirror" resistance. The nearest support is at the level of 1.24900. The technical pattern is ambiguous. We recommend opening positions from the key levels.

At 15:30 (GMT+3:00) the statistics on the real estate market in Canada will be released.

USD/CAD

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

The MACD histogram is in the negative zone and below the signal line, which gives a signal to sell USD/CAD.

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

Trading recommendations
  • Support levels: 1.24900, 1.24500
  • Resistance levels: 1.25300, 1.25600, 1.26000

If the price fixes above 1.25300, you should consider buying USD/CAD. The movement is tending to 1.25600-1.26000. When tracking the position, we recommend using a trailing stop.

Alternative option. If the USD/CAD quotes overcome the level of 1.24900, it is necessary to search for entry points in the market for opening short positions. The closest target for fixing profits is the mark of 1.24500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 112.592
  • Open: 112.664
  • % chg. over the last day: +0.12
  • Day's range: 112.505 – 112.828
  • 52 wk range: 99.53 – 118.67

On the USD/JPY currency pair, there was an ambiguous technical pattern. Since the beginning of this week, the trading instrument has been in a sideways trend. The key levels of support and resistance are still 112.500 and 112.750, respectively. Positions should be opened if the price fixes above/below these markers. We recommend paying attention to the US government bonds yield.

In the Asian trading session, Japan published quite optimistic data on the trade balance.

USD/JPY

Indicators do not send accurate signals. 50 MA has crossed 200 MA.

The MACD histogram has fixed near the 0 mark.

Stochastic Oscillator is in the neutral zone, the %K line has crossed the %D line. There are currently no signals.

Trading recommendations
  • Support levels: 112.500, 112.000
  • Resistance levels: 112.750, 113.000, 113.400

If the price fixes above the 112.750 level, you should consider buying USD/JPY. The target movement level is 113.000-113.400.

Alternative option. If the USD/JPY quotes overcome the level of 112.500, it is necessary to search for entry points to open short positions. The movement is tending potentially to the round level of 112.000.

by JustForex, 2017.10.10

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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.