The Analytical Overview of the Main Currency Pairs on 2018.12.07

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.13473
  • Open: 1.13687
  • % chg. over the last day: +0.28
  • Day's range: 1.13604 – 1.13818
  • 52 wk range: 1.1299 – 1.2557

The financial market participants are waiting for the labour market reports in the US for November. EUR/USD is consolidating. The local support and resistance levels are 1.13600 and 1.13850. Positions should be opened from these levels. You should also keep an eye on the US/China trading conflict.

The Economic News Feed for 07.12.2018:

  • - GDP Report (EU) – 12:00 (GMT+2)
  • - Labour Markets Report (US) – 15:30 (GMT+2)
EUR/USD

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

The MACD histogram is in the positive zone but below the signal line which gives a weak signal towards the purchase of EUR/USD.

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

Trading recommendations
  • Support levels: 1.13600, 1.13200, 1.13000
  • Resistance levels: 1.13850, 1.14200

If the price fixes below the support level of 1.13850, it is necessary to consider buying EUR/USD. The movement is tending to 1.14200-1.14500.

An alternative could be the descend of the EUR/USD quotes to the level of 1.13000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27321
  • Open: 1.27748
  • % chg. over the last day: +0.37
  • Day's range: 1.27433 – 1.27863
  • 52 wk range: 1.2662 – 1.4378

The GBP keeps trading in the long flat. There is no single trend. The financial market participants are waiting for more data regarding Brexit. Today all the attention will be focused on the reports from the US. The GBP/USD is trading between 1.27400-1.27800. You should open positions from these levels.

The Economic News Field for 07.12.2018 is calm.

GBP/USD

Indicator signals are ambiguous. The price has crossed both 50 MA and 200 MA.

The MACD histogram is in the positive zone, which indicates a weak bearish sentiment.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which points towards the growth of the GBP/USD.

Trading recommendations
  • Support levels: 1.27400, 1.27000, 1.26750
  • Resistance levels: 1.27800, 1.28000, 1.28400

If the price fixes below 1.27400, the GBP/USD quotes are expected to fall. The movement is tending to 1.27000-1.26750.

An alternative could be a growth in the GBP/USD currency pair to 1.28250-1.28500.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.33528
  • Open: 1.33772
  • % chg. over the last day: +0.28
  • Day's range: 1.33760 – 1.33985
  • 52 wk range: 1.2248 – 1.3387

The USD/CAD is consolidating after sudden growth. A correction is highly probable soon. The key support and resistance levels are 1.33600 and 1.34000. Positions should be opened from these levels. Investors are waiting for the labour market reports from the US and Canada. You should also keep an eye on the oil quotes dynamics.

At 15:30 (GMT+2:00), Canada will publish the labour market reports.

USD/CAD

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

The MACD histogram is close to 0.

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

Trading recommendations
  • Support levels: 1.33600, 1.33200, 1.32900
  • Resistance levels: 1.34000, 1.34400

If the price fixes above the local resistance of 1.34000, further growth of the USD/CAD quotes is expected. The movement is tending to 1.34400-1.34750.

Alternative option. If the price fixes below 1.33600, we recommend looking for market entry points to open short positions. The movement is tending to 1.33200-1.33000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 113.183
  • Open: 112.649
  • % chg. over the last day: -0.42
  • Day's range: 112.602 – 112.927
  • 52 wk range: 104.56 – 114.74

The USD/JPY is still showing a variety of trends. The technical picture is ambigous. The labour market report from the US is in the spotlight The local support and resistance levels are 112.600 and 112.900. Positions should be opened from these levels. You should keep an eye on the yield of the US Treasury bonds.

The news feed on the Japanese economy is calm.

USD/JPY

Indicators do not provide precise data, the price is testing the 50 MA which is a strong dynamic resistance.

The MACD histogram is close to 0.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line which indicates the decline of the USD/JPY quotes.

Trading recommendations
  • Support levels: 112.600, 112.300
  • Resistance levels: 112.900, 113.100, 113.250

If the price fixes below the support level of 112.600, it is necessary to consider selling USD/JPY. The movement is tending to 112.000.

An alternative could be the growth of the USD/JPY quotes to 113.250-113.500.

by JustForex, 2018.12.07

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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