The Analytical Overview of the Main Currency Pairs on 2018.08.17

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.13464
  • Open: 1.13752
  • % chg. over the last day: +0.24
  • Day's range: 1.13712 – 1.13775
  • 52 wk range: 1.0571 – 1.2557

The EUR/USD currency pair began to recover. At the moment, quotes are testing the key resistance of 1.14200. The local support is 1.13700. We recommend opening positions from these marks. A trading instrument is tending to grow.

The news feed on 17.08.2018:
  • - Consumer price index in the Eurozone at 12:00 (GMT+3:00).
EUR/USD

Indicators do not send accurate signals: the price has fixed between 50 MA and 200 MA.

The MACD histogram is located in the positive zone and above the signal line, which gives a strong signal to buy EUR/USD.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the bullish sentiment.

Trading recommendations
  • Support levels: 1.13700, 1.13200
  • Resistance levels: 1.14200, 1.14700, 1.15200

If the price fixes above the resistance level of 1.14200, further growth of the EUR/USD currency pair is expected. The movement is tending to 1.14700-1.15000.

Alternative option. If the price fixes below 1.13700, it is necessary to look for entry points to the market to open short positions. The movement is tending to 1.13200-1.13000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.26958
  • Open: 1.27066
  • % chg. over the last day: +0.11
  • Day's range: 1.27060 – 1.27350
  • 52 wk range: 1.2361 – 1.4345

The technical pattern on the GBP/USD currency pair is ambiguous. At the moment, the quotes are in a sideways trend. The key support and resistance levels are 1.27000 and 1.27500, respectively. In the near future, we expect correction of the GBP/USD currency pair. The pound is supported by positive data on retail sales in the UK. Positions should be opened from the key levels.

The news feed on the UK economy is calm.

GBP/USD

Indicators do not send accurate signals: the price has fixed between 50 MA and 200 MA.

The MACD histogram is in the positive zone, above the signal line, which gives a strong signal to buy GBP/USD.

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which indicates a decrease in the GBP/USD quotes.

Trading recommendations
  • Support levels: 1.27000, 1.26600
  • Resistance levels: 1.27500, 1.28000, 1.28400

If the price fixes above 1.27500, the GBP/USD currency pair is expected to grow. The target level for profit-taking is 1.28000-1.28400.

An alternative may be a decrease in the GBP/USD quotes to the level of 1.26600-1.26400.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31391
  • Open: 1.31537
  • % chg. over the last day: +0.14
  • Day's range: 1.31480 – 1.31567
  • 52 wk range: 1.2059 – 1.3795

The USD/CAD currency pair is testing monthly highs. At the moment, the technical pattern is ambiguous. Financial market participants expect additional drivers. Local support and resistance levels are 1.31300 and 1.31600, respectively. We recommend opening positions from these marks. In the near future, correction of the USD/CAD quotes is not excluded.

At 15:30 (GMT+3:00), core consumer price index will be published in Canada.

USD/CAD

Indicators do not send accurate signals: the price is testing 50 MA.

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

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which indicates a decrease in the USD/CAD quotes.

Trading recommendations
  • Support levels: 1.31300, 1.30900, 1.30500
  • Resistance levels: 1.31600, 1.32000

If the price fixes below 1.31300, the USD/CAD quotes are expected to decline. The movement is tending to 1.30900-1.30700.

Alternative option. If the price fixes above the resistance of 1.31600, it is necessary to consider purchases of USD/CAD. The movement is tending to 1.32000-1.32200.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.703
  • Open: 110.870
  • % chg. over the last day: +0.24
  • Day`s range: 110.679 – 110.735
  • 52 wk range: 104.56 – 114.74

Yesterday, there was a variety of trends on the USD/JPY currency pair. At the moment, quotes are declining. Local support and resistance levels are 110.650 and 110.900, respectively. The positions should be opened from these marks. The trading instrument has the potential for further reduce.

The news feed on the economy of Japan is calm.

USD/JPY

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

The MACD histogram has moved into the negative zone, which signals the bearish sentiment.

Stochastic Oscillator is located near the oversold zone, the %K line is below the %D line, which gives a weak signal to sell USD/JPY.

Trading recommendations
  • Support levels: 110.650, 110.400, 110.150
  • Resistance levels: 110.900, 111.200, 111.500

If the price fixes above the resistance level of 110.900, the USD/JPY currency pair is expected to grow. The potential of the movement to 111.200-111.500.

Alternative option. If the price fixes below the level of 110.650, it is necessary to consider sales of USD/JPY. The movement is tending to 110.400-110.150.

by JustForex, 2018.08.17

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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