The Analytical Overview of the Main Currency Pairs on 2018.10.31

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.13724
  • Open: 1.13433
  • % chg. over the last day: -0.25
  • Day's range: 1.13459 – 1.13563
  • 52 wk range: 1.1299 – 1.2557

Yesterday, the EUR/USD was showing a bearish sentiment. The currency pair is weakened after weak economic stats from the Eurozone. Right now, the EUR/USD quotes are consolidating. The local support and resistance levels are 1.13400 and 1.13650 respectively. Positions should be opened from these levels. A technical correction is possible soon.

The Economic News Feed for 31.10.2018:
  • - Customer Price Index (EU) – 12:00 (GMT+2:00);
  • - ADP Non-farm Employment Change (US) – 14:15 (GMT+2:00).
EUR/USD

The price fixed below 50 МА and 200 МА, which indicates a bearish sentiment.

The MACD histogram is in the red, but above the signal line, which gives a weak signal towards the sale of EUR/USD.

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

Trading recommendations
  • Support levels: 1.13400, 1.13000
  • Resistance levels: 1.13650, 1.14000, 1.14400

If the price fixes below the local support level of 1.13400, we can expect a further fall of EUR/USD towards 1.13000.

Alternatively, if the price fixes above the resistance level of 1.13650, you should look for market entry points to open long positions. The movement will tend toward 1.14000-1.14400.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27968
  • Open: 1.27076
  • % chg. over the last day: -0.66
  • Day's range: 1.27223 – 1.27394
  • 52 wk range: 1.2662 – 1.4378

Yesterday, the pound started losing positions against the USD. At the moment, the GBP/USD quotes are recovering. The key support and resistance levels are 1.27000 and 1.27600 respectively. The investors are waiting for the additional drivers. Tomorrow, the Bank of England will publish their resolution regarding the key interest rate. You should open positions from the key levels. The trading instrument has some potential towards further growth.

The Economic News Feed for 31.10.2018 is calm.

GBP/USD

The indicators show the sellers’ strength — the price fixed below the 50 MA and 200 MA.

The MACD histogram is in the positive zone, but above the signal line, which gives a weak signal towards a sale of GBP/USD.

The Stochastic Oscillator is around the overbought zone, the %K line is above the %D line, which gives a weak signal towards a purchase of GBP/USD.

Trading recommendations
  • Support levels: 1.27000, 1.26600
  • Resistance levels: 1.27600, 1.28000, 1.28400

If the price fixes above the resistance level of 1.27600, we can expect a correction. The movement will tend toward 1.28000-1.28400.

Alternatively, the GBP/USD quotes will fall towards 1.27000-1.26750.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31303
  • Open: 1.31112
  • % chg. over the last day: -0.14
  • Day's range: 1.31179 – 1.31269
  • 52 wk range: 1.2248 – 1.3387

The USD/CAD currency pair is showing an ambiguous picture. The trading instrument is still moving sidewards. Investors are waiting for additional drivers. The local support and resistance levels are 1.31100 and 1.31400 respectively. Positions should be opened from these levels.

The Economic News Feed for 31.10.2018:
  • - GDP report (Canada) – 14:30 (GMT+2:00).

We also recommend you keep an eye on Stephen Poloz – Governor of the Bank of Canada – and his speech.

USD/CAD

The indicators do not provide precise signals: the price is testing 50 MA.

The MACD histogram is around 0.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates a bearish sentiment.

Trading recommendations
  • Support levels: 1.31100, 1.30700, 1.30400
  • Resistance levels: 1.31400, 1.31700

If the price fixes above the 1.31400, we can expect further growth of the USD/CAD quotes. The movement will tend toward 1.31700-1.32000.

Alternatively, the price can lower to 1.30700-1.30500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 112.355
  • Open: 113.076
  • % chg. over the last day: +0.61
  • Day's range: 113.029 – 113.218
  • 52 wk range: 104.56 – 114.74

The USD/JPY currency pair is showing a positive trend. During yesterday’s and today’s trade, the quotes have grown almost by 100 points. Currently, the USD/JPY quotes are consolidating. The local support and resistance levels are 112.900 и 113.250, respectively. Positions should be opened from these levels. A technical correction is possible in the near future.

The Bank of Japan kept the key parameters of the monetary policy on the same level.

USD/JPY

The price fixed above 50 MA and 200 MA, which indicates the buyers’ strength.

The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal towards buying USD/JPY.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates a bearish sentiment.

Trading recommendations
  • Support levels: 112.900, 112.600, 112.300
  • Resistance levels: 113.250, 113.500

If the price fixes below the mirror support 112.900, we can expect a correction of the USD/JPY quotes. The movement will tend toward 112.600-112.300.

Alternatively, the price can grow towards 113.500-113.700.

by JustForex, 2018.10.31

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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