The Analytical Overview of the Main Currency Pairs on 2017.11.24

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.18180
  • Open: 1.18474
  • % chg. over the last day: +0.24
  • Day's range: 1.18368 – 1.18589
  • 52 wk range: 1.0341 – 1.2069

At the moment, there is a weak trading activity on the EUR/USD currency pair. This is due to the holidays in the US. Quotations are consolidating in the range of 1.18350-1.18600. The US currency remains under pressure after the publication of the FOMC protocols. The Fed's officials are concerned about low inflation. We recommend opening positions from key levels.

The news feed on 2017.11.24:
  • - The IFO business climate index at 11:00 (GMT+2:00);
  • - The preliminary data on business activity in the US manufacturing and services sector at 16:45 (GMT+2:00).
  • EUR/USD

    Indicators do not send accurate signals. The price has fixed above 50 MA and 200 MA, which signals the power of buyers.

    The MACD histogram is located in the positive zone, but below the signal line, which gives a weak signal to buy EUR/USD.

    Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the bearish sentiment on EUR/USD.

    Trading recommendations
    • Support levels: 1.18350, 1.18000, 1.17600
    • Resistance levels: 1.18600, 1.19000

    If the price fixes above the local resistance of 1.18600, we recommend considering buying EUR/USD. The movement is tending to the round level 1.19000.

    Alternative option. If the price fixes below 1.18350, EUR/USD is expected to be corrected. The immediate goal for profit-taking is a "mirror" support level of 1.18000.

    The GBP/USD currency pair

    Technical indicators of the currency pair:
    • Prev Open: 1.33196
    • Open: 1.33015
    • % chg. over the last day: -0.15
    • Day's range: 1.32786 – 1.33132
    • 52 wk range: 1.1450 – 1.3618

    At the moment, there is a mixed technical pattern on the GBP/USD currency pair. The trading instrument is in a sideways trend. The key support and resistance levels are 1.32800 and 1.33100, respectively. It is recommended to open positions if the price fixes above/below these marks. Trading activity may be quite weak due to holidays in the US.

    At 11:30 (GMT+2:00) there will be data on the number of approved BBA mortgage loans.

    GBP/USD

    The indicators do not send accurate signals. The price has crossed 50 MA.

    The MACD histogram has fixed near the 0 mark.

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

    Trading recommendations
    • Support levels: 1.32800, 1.32200
    • Resistance levels: 1.33100, 1.33350

    If the price fixes above the 1.33100 mark, we expect a further growth of the GBP/USD currency pair. The target movement level is 1.33350-1.33500.

    Alternative option. If the price fixes below the support level of 1.32800, it is necessary to consider sales of GBP/USD. The movement is tending to 1.32500-1.32250.

    The USD/CAD currency pair

    Technical indicators of the currency pair:
    • Prev Open: 1.26947
    • Open: 1.27073
    • % chg. over the last day: +0.16
    • Day's range: 1.27072 – 1.27355
    • 52 wk range: 1.2059 – 1.3795

    At the moment the bullish sentiment is prevailing on USD/CAD. The Canadian dollar is under pressure after the publication of a weak report on the volume of retail sales. In September, the indicator increased by 0.1%, which is well below market expectations at 0.9%. The key trading range is 1.27150-1.27350. We do not exclude the further growth of the USD/CAD quotations. Nevertheless, positions need to be opened from the key levels

    The news feed on Canada's economy is calm today.

    USD/CAD

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

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

    Stochastic Oscillator is near the overbought zone, the %K line is above the %D line, which gives a weak signal to sell USD/CAD.

    Trading recommendations
    • Support levels: 1.27150, 1.26850
    • Resistance levels: 1.27350, 1.27600, 1.27850

    If the price fixes above the local resistance of 1.27350, you need to look for entry points to the market to open long positions. The movement is tending to 1.27600-1.27750.

    Alternative option. If the price fixes below the "mirror" support level of 1.27150, we recommend considering selling USD/CAD. The closest goal for fixing profits is the mark of 1.26850.

    The USD/JPY currency pair

    Technical indicators of the currency pair:
    • Prev Open: 111.211
    • Open: 111.194
    • % chg. over the last day: -0.04
    • Day's range: 111.184 – 111.559
    • 52 wk range: 99.53 – 118.67

    Yesterday's trading on USD/JPY was calm. The financial markets of Japan were closed due to the holiday. At the moment, the technical pattern is ambiguous. USD/JPY is testing local support and resistance levels: 111.350 and 111.550, respectively. Investors expect additional drivers. We recommend paying attention to the US government bonds yield.

    The news feed on Japan's economy is calm.

    USD/JPY

    The indicators do not send accurate signals. The price has crossed 50 MA.

    The MACD histogram is located near the 0 mark.

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

    Trading recommendations
    • Support levels: 111.350, 111.150
    • Resistance levels: 111.550, 112.000

    If the price fixes above the local resistance of 111.550, we expect a correction of USD/JPY. The movement is tending to the round level of 112.000.

    Alternative option. If the price fixes below the level of 111.150, it is necessary to consider sales of USD/JPY. The target movement level is 110.750.

    by JustForex, 2017.11.24

    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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