The Analytical Overview of the Main Currency Pairs on 2017.10.11

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17425
  • Open: 1.18081
  • % chg. over the last day: +0.62
  • Day's range: 1.17952 – 1.18341
  • 52 wk range: 1.0341 – 1.2069

Yesterday, purchases prevailed on EUR/USD. The euro rose against the US dollar by more than 75 points. The authorities of Spain reported that they will use all means available for the preservation of the country's unity. At the moment, the key trading range is 1.18000-1.18250. It is recommended to open positions if the price fixes above/below these marks.

Today the attention is focused on the FOMC protocols at 21:00 (GMT+3:00). This report may indicate the time of the next tightening of the Fed's monetary policy. It should be recalled that previously most officials supported another increase in the interest rate this year.

EUR/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 zone and continues to rise, which signals a bullish sentiment on EUR/USD.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which also signals the purchase of EUR/USD.

Trading recommendations
  • Support levels: 1.18000, 1.17700, 1.17300
  • Resistance levels: 1.18250, 1.19000

If the price fixes above the local resistance of 1.18250, we expect further growth of the EUR/USD quotations. The movement is tending to 1.18750-1.19000.

Alternative option. If the price fixes below the round level of 1.18000, it is necessary to consider sales of EUR/USD. The movement is tending to 1.17700-1.17500.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31454
  • Open: 1.32018
  • % chg. over the last day: +0.51
  • Day's range: 1.31814 – 1.32222
  • 52 wk range: 1.1450 – 1.3618

Yesterday, the correction of the GBP/USD currency pair continued. The growth of quotations exceeded 0.5%. The pound was supported by positive data on the volume of production in the manufacturing industry in the UK. At the moment, the technical pattern is ambiguous. The trading instrument is consolidating. The key levels of support and resistance are 1.31750 and 1.32250 respectively. We recommend opening positions from these marks.

The news background on the UK economy is calm today.

GBP/USD

Indicators do not send accurate signals. 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, but below the signal line, which gives a weak signal to buy GBP/USD.

Stochastic Oscillator is close to the oversold zone, the %K line is crossing the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.31750, 1.31250
  • Resistance levels: 1.32250, 1.32750

If the price fixes above the 1.32250 mark, we recommend you to look for entry points to the market to open long positions. The target movement level is 1.32750-1.33000.

Alternative option. If the price fixes below the "mirror" support of 1.31750, it is necessary to consider sales of GBP/USD. The movement is tending to 1.31250.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.25458
  • Open: 1.25155
  • % chg. over the last day: -0.29
  • Day's range: 1.24955 – 1.25302
  • 52 wk range: 1.2059 – 1.3795

Yesterday, sales зprevailed on USD/CAD. Support for the Canadian dollar was provided by optimistic data on the volume of construction of new houses and a significant increase in the oil quotes. At the moment, USD/CAD is in a sideways trend. The key levels of support and resistance are still 1.24900 and 1.25300 respectively. The positions must be opened from these marks.

Today, publication of important statistics on the economy of Canada is not planned.

USD/CAD

The signals of the indicators are ambiguous. The price has crossed 50 MA and 200 MA.

The MACD histogram has fixed near the 0 mark.

Stochastic Oscillator is located in the neutral 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, the bullish sentiment may prevail on USD/CAD. The target level of movement is 1.25600-1.26000.

Alternative option. If the price fixes below the support level of 1.24900, it is necessary to consider selling USD/CAD. The movement is tending potentially to 1.24500-1.24250.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 112.664
  • Open: 112.439
  • % chg. over the last day: -0.28
  • Day's range: 112.226 – 112.586
  • 52 wk range: 99.53 – 118.67

Yesterday, the bearish sentiment prevailed on the USD/JPY currency pair. The US dollar weakened due to a drop in government bondы yield. At the moment, the currency is consolidating in the range of 112.250-112.500. The growth of geopolitical risks on the Korean peninsula supports demand for the yen. Today the attention is focused on the FOMC protocols. We recommend opening positions from the key levels.

The news background on the economy of Japan is calm today.

USD/JPY

Indicators point to the power of sellers. The price has fixed below 50 MA and 200 MA.

The MACD histogram is in the negative zone and continues to decline, which signals a bearish sentiment on USD/JPY.

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

Trading recommendations
  • Support levels: 112.250, 112.000
  • Resistance levels: 112.500, 112.750, 113.150

If the price fixes below the local support of 112.250, it is necessary to consider selling USD/JPY. The target movement level is 112.000-111.750.

Alternative option. If the USD/JPY quotes overcome the "mirror" resistance of 112.500, you need to look for entry points to the market to open long positions. The movement is tending to 112.750-113.150.

by JustForex, 2017.10.11

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.