The Analytical Overview of the Main Currency Pairs on 2018.11.07

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.14066
  • Open: 1.14265
  • % chg. over the last day: +0.30
  • Day's range: 1.14513 – 1.14738
  • 52 wk range: 1.1299 – 1.2557

The technical pattern on the EUR/USD currency pair is ambiguous. Quotes are consolidating. At the moment, the local support and resistance levels are 1.14350 and 1.14750, respectively. Positions should be opened from these marks. Financial market participants took a wait-and-see position before the two-day Fed meeting.

The news feed on the economy of the Eurozone and the US is calm.

EUR/USD

The price has fixed above 50 MA and 200 MA, which indicates the power of buyers.

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

Stochastic Oscillator is in the neutral zone, the %K line has started crossing the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.14350, 1.14000, 1.13700
  • Resistance levels: 1.14750, 1.15300

If the price fixes above the resistance level of 1.14750, the EUR/USD quotes are expected to grow. The movement is tending to 1.15250-1.15500.

Alternative option. If the price fixes below 1.14350, it is necessary to look for entry points to the market to open short positions. The movement is tending to 1.14000-1.13700.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30330
  • Open: 1.29981
  • % chg. over the last day: +0.55
  • Day's range: 1.30222 – 1.30286
  • 52 wk range: 1.2662 – 1.4378

There is the bullish sentiment on the GBP/USD currency pair. During yesterday's and today's trading, the growth of quotes exceeded 100 points. At the moment, the key support and resistance levels are 1.30900 and 1.31600, respectively. Demand for the pound is still high amid optimistic news about Brexit. The GBP/USD quotes have the potential for further growth.

The news feed on the UK economy is quite calm.

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 and continues to rise, which gives a signal to buy GBP/USD.

The stochastic oscillator is in the neutral zone, the %K line is crossing the %D line. There are no accurate signals.

Trading recommendations
  • Support levels: 1.30900, 1.30400, 1.29600
  • Resistance levels: 1.31600, 1.32000

If the price fixes above the resistance level of 1.31600, further growth of the GBP/USD currency pair is expected. The movement is tending to 1.32000-1.32200.

An alternative may be a drop in the GBP/USD quotes to 1.30500-1.30200.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31087
  • Open: 1.31209
  • % chg. over the last day: +0.05
  • Day's range: 1.31068 – 1.31090
  • 52 wk range: 1.2248 – 1.3387

There is a variety of trends on the USD/CAD currency pair. Investors expect additional drivers. At the moment, the local support and resistance levels are 1.31000 and 1.31300, respectively. Positions should be opened from these marks. We recommend paying attention to the dynamics of oil prices.

At 17:00 (GMT+2:00) the Ivey PMI will be published in Canada.

USD/CAD

Indicators do not send accurate signals: 50 MA is crossing 200 MA.

The MACD histogram is near the 0 mark.

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

Trading recommendations
  • Support levels: 1.31000, 1.30700, 1.30500
  • Resistance levels: 1.31600, 1.32000

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

An alternative may be the USD/CAD currency pair growth to the round level of 1.32000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 113.192
  • Open: 113.400
  • % chg. over the last day: +0.13
  • Day's range: 112.947 – 113.102
  • 52 wk range: 104.56 – 114.74

The technical pattern on the USD/JPY currency pair is ambiguous. Trading instrument is consolidating. Investors expect additional drivers. At the moment, the local support and resistance levels are 112.900 and 113.350, respectively. Positions should be opened from these marks. The USD/JPY quotes are tending to decline.

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

USD/JPY

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, indicating the bearish sentiment.

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

Trading recommendations
  • Support levels: 112.900, 112.600, 112.300
  • Resistance levels: 113.350, 113.800

If the price fixes below the support of 112.900, the USD/JPY quotes are expected to decline. The movement is tending to 112.600-112.300.

An alternative may be the growth of the USD/JPY currency pair to 113.800-114.000.

by JustForex, 2018.11.07

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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