The Analytical Overview of the Main Currency Pairs on 2018.08.23

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.15703
  • Open: 1.15938
  • % chg. over the last day: +0.12
  • Day's range: 1.15591 – 1.15744
  • 52 wk range: 1.0571 – 1.2557

The technical pattern on the EUR/USD currency pair is ambiguous. Quotes are in a sideways trend. Investors assess the FOMC minutes. At the moment, the key support and resistance levels are 1.15400 and 1.15800, respectively. We recommend opening positions from these marks.

The news feed on 2018.08.23:
  • - Data on economic activity in Germany and the Eurozone at 10:30 (GMT+3:00) and 11:00 (GMT+3:00);
  • - Publication of the ECB account of monetary policy meeting at 14:30 (GMT+3:00);
  • - New home sales in the US at 17:00 (GMT+3:00).
EUR/USD

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

The MACD histogram is located near the 0 mark.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the EUR/USD quotes growth.

Trading recommendations
  • Support levels: 1.15400, 1.14900, 1.14400
  • Resistance levels: 1.15800, 1.16200

If the price fixes above the resistance level of 1.15800, the growth of the EUR/USD currency pair is expected. The movement is tending to 1.16200-1.16500.

Alternative option. If the price fixes below 1.15400, we recommend considering sales of EUR/USD. The movement is tending to 1.14900-1.14700.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28750
  • Open: 1.29006
  • % chg. over the last day: +0.03
  • Day's range: 1.28741 – 1.28831
  • 52 wk range: 1.2361 – 1.4345

There is a variety of trends on the GBP/USD currency pair. Financial market participants expect additional drivers. At the moment, the local support and resistance levels are 1.28600 and 1.28900, respectively. The positions should be opened from these marks.

The news feed on the UK economy is calm.

GBP/USD

Indicators do not send accurate signals: the price is being traded between 50 MA and 200 MA.

The MACD histogram has moved to the negative zone, which indicates a decrease in the GBP/USD quotes.

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

Trading recommendations
  • Support levels: 1.28600, 1.28250, 1.27700
  • Resistance levels: 1.28900, 1.29200, 1.29500

If the price fixes above 1.28900, the GBP/USD currency pair is expected to grow. The target movement level is 1.29200-1.29500.

Alternative option. If the price fixes below 1.28600, we recommend considering sales of GBP/USD. The target movement level is 1.28250-1.28000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30367
  • Open: 1.29893
  • % chg. over the last day: -0.21
  • Day's range: 1.30334 – 1.30458
  • 52 wk range: 1.2059 – 1.3795

Yesterday, the bearish sentiment was observed on the USD/CAD currency pair. However, today quotes are recovering. At the moment, the local support and resistance levels are 1.30250 and 1.30500, respectively. We recommend opening positions from these marks. The trading instrument has the potential for further growth.

The news feed on the economy of Canada is calm.

USD/CAD

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

The MACD histogram has moved to the positive zone, which indicates the USD/CAD quotes growth.

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

Trading recommendations
  • Support levels: 1.30250, 1.30000
  • Resistance levels: 1.30500, 1.30800, 1.31100

If the price fixes below 1.30250, the USD/CAD quotes are expected to decline. The movement is tending to 1.30000-1.29800.

Alternative option. If the price fixes above the resistance of 1.30500, it is necessary to consider purchases of USD/CAD. The movement is tending to 1.30800-1.31100.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.231
  • Open: 110.549
  • % chg. over the last day: +0.25
  • Day`s range: 110.787 – 110.882
  • 52 wk range: 104.56 – 114.74

There is the bullish sentiment on the USD/JPY currency pair. During yesterday's and today's trading sessions, quotes have risen by more than 80 points. At the moment, quotes are testing the local resistance level of 110.900. Local support is the level of 110.700. The positions should be opened from these marks.

The news feed on the economy of Japan is calm.

USD/JPY

Indicators point to the power of buyers: the price is above 50 MA and 200 MA.

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

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

Trading recommendations
  • Support levels: 110.700, 110.400, 110.100
  • Resistance levels: 110.900, 111.150, 111.400

If the price fixes above the resistance level of 110.900, the growth of the USD/JPY currency pair is expected. The movement is tending to 111.150-111.400.

Alternative option. If the price fixes below the 110.700 mark, it is necessary to consider sales of USD/JPY. The movement is tending to 110.400-110.100.

by JustForex, 2018.08.23

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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
How to Interpret Inflation Data?
The Consumer Price Index, better known as CPI, is an important economic indicator regularly published by major economies to provide timely information on current inflation.
Read more
Setting the Clock Right: The Best Time To Trade Forex In India And Other Tips
In the forex market, many components come together for ensuring smooth operations and positive outcomes for a trader. Careful timing of trades is one of such components. In this article, we will explain how market timing is made, what time is best (and relatively worse) for trading, and how to choose the best time for forex trading in India.
Read more
The Matter of Trends: The Most Trending Forex Pairs
The forex market is lucrative for beginners and experienced traders alike because of high liquidity, various trading options, and earning potential that can be successfully realized with a properly chosen forex pair. Then the first question a trader should ask themselves is what pairs to trade and how to predict trends to make a profit off them. In this article, we will explore the trending potential of forex pairs, how to select the best pairs in forex, and uncover short-term and long-term trends.
Read more