The Analytical Overview of the Main Currency Pairs on 2018.11.01

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.13433
  • Open: 1.13146
  • % chg. over the last day: -0.26
  • Day's range: 1.13530 – 1.13689
  • 52 wk range: 1.1299 – 1.2557

Yesterday, the EUR/USD currency pair fell slightly. At the moment, quotes have updated local highs and started to grow. Key support and resistance levels are: 1.13500 and 1.13800, respectively. Positions should be opened from these marks. Trading instrument has the potential for further growth.

The news feed on 01.11.2018:
  • - ISM manufacturing PMI in the US at 16:00 (GMT+2:00).
EUR/USD

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

The MACD histogram has moved to the positive zone, which gives a signal to buy EUR/USD.

Stochastic Oscillator is in the overbought zone, the %K line has crossed the %D line. There are no signals.

Trading recommendations
  • Support levels: 1.13500, 1.13200, 1.30000
  • Resistance levels: 1.13800, 1.14100, 1.14400

If the price fixes below the local support level of 1.13500, the EUR/USD quotes are expected to decline. The movement is tending to 1.13200-1.13000.

Alternative option. If the price fixes above the resistance of 1.13800, it is necessary to look for entry points to the market to open long positions. The movement is tending to 1.14100-1.14400.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27076
  • Open: 1.27669
  • % chg. over the last day: +0.47
  • Day's range: 1.28720 – 1.29203
  • 52 wk range: 1.2662 – 1.4378

There are aggressive purchases on the GBP/USD currency pair. During yesterday's and today's trading, the growth of quotes exceeded 200 points. Demand for the pound has grown significantly. According to The Times, London and Brussels reached a preliminary agreement in the field of financial services. At the moment, the key support and resistance levels are: 1.28700 and 1.29300, respectively. The trading instrument has the potential for further correction. We recommend opening positions from the key levels. Investors expect the Bank of England interest rate decision.

The news feed on 01.11.2018:
  • - The index of economic activity in the UK manufacturing sector at 11:30 (GMT+2:00);
  • - The Bank of England interest rate decision at 14:00 (GMT+2:00).
GBP/USD

Indicators point to the power of buyers: the price has fixed 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 GBP/USD.

Stochastic Oscillator is in the overbought zone, the %K line is crossing the %D line. There are no signals.

Trading recommendations
  • Support levels: 1.28700, 1.28300, 1.28000
  • Resistance levels: 1.29300, 1.29700

If the price fixes above the resistance level of 1.29300, further growth of the GBP/USD currency pair is expected. The movement is tending to 1.29700-1.30000.

An alternative may be a drop in the GBP/USD quotes to 1.28300-1.28000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31112
  • Open: 1.31565
  • % chg. over the last day: +0.40
  • Day's range: 1.31090 – 1.31256
  • 52 wk range: 1.2248 – 1.3387

Yesterday, Statistics Canada published a fairly optimistic report on the country's GDP. Today, the USD/CAD currency pair has moved away from local highs and started to decline. At the moment, the local support and resistance levels are: 1.31000 and 1.31400, respectively. Positions should be opened from these marks. Trading instrument has the potential for further decline.

The news feed on the economy of Canada is calm.

USD/CAD

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

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

Stochastic Oscillator is in the oversold zone, the %K line has crossed the %D line. There are no accurate signals.

Trading recommendations
  • Support levels: 1.31000, 1.30700, 1.30400
  • Resistance levels: 1.31400, 1.31700

If the price fixes below the round level of 1.31000, a further drop in the USD/CAD quotes is expected. The movement is tending to 1.30700-1.30500.

An alternative may be the USD/CAD currency pair growth to the level of 1.31600-1.31800.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 113.076
  • Open: 112.855
  • % chg. over the last day: -0.20
  • Day's range: 112.860 – 112.920
  • 52 wk range: 104.56 – 114.74

The technical pattern on the USD/JPY currency pair is ambiguous. The trading instrument is in a sideways trend. Investors expect additional drivers. At the moment, local support and resistance levels are 112.750 and 113.100, respectively. Positions should be opened from these marks.

Today, the publication of important news from Japan is not expected.

USD/JPY

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

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell USD/JPY.

Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. There are no signals.

Trading recommendations
  • Support levels: 112.750, 112.500, 112.200
  • Resistance levels: 113.100, 113.350

If the price fixes below the already mirror support of 112.750, the USD/JPY quotes are expected to decline. The movement is tending to 112.500-112.200.

An alternative may be the USD/JPY currency pair growth to 113.350-113.500.

by JustForex, 2018.11.01

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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