The Analytical Overview of the Main Currency Pairs on 2019.01.08

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.13955
  • Open: 1.14738
  • % chg. over the last day: +0.60
  • Day's range: 1.14322 – 1.14844
  • 52 wk range: 1.1214 – 1.2557

Yesterday the US dollar was weakened against the basket of major currencies. The quotes grew by 80 points. Jerome Powell, the Head of Federal Reserve, mentioned that the further rates of the interest rate growth will be determined by the future reports and the world economy. The pressure on the USD is caused by the weak business activity data in the non-industry economic sector. The EUR/USD is consolidating around 1.14300-1.14600, you should open positions from these levels.

The Economic News Feed for 08.01.2019:

  • - Trading Balance Report (US) – 15:30 (GMT+2:00);
  • - Job Openings and Labor Turnover Survey (US) – 17:00 (GMT+2:00);
EUR/USD

The price fixed above 50 MA and 200 MA, which points toward the power of the buyers.

The MACD histogram is around 0. There are no signals at the moment.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which gives a signal to buy EUR/USD.

Trading recommendations
  • Support levels: 1.14300, 1.14000, 1.13800
  • Resistance levels: 1.14600, 1.14850, 1.15000

If the price fixes above 1.14600 expect further growth toward 1.14850-1.15000.

Alternatively the quotes can correct toward 1.14000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27152
  • Open: 1.27767
  • % chg. over the last day: +0.42
  • Day's range: 1.27459 – 1.27971
  • 52 wk range: 1.2438 – 1.4378

GBP/USD recovered the majority of its losses after a sharp decline in the beginning of the month. The pound is being traded in a flat. The quotes are testing the local support and resistance levels at 1.27350 and 1.27900 and have further growth prospects. Investors are waiting for new data on Brexit. Positions should be opened from the key levels.

The Economic News Feed for 08.01.2019 is calm.

GBP/USD

The price fixed above 50 MA and 200 MA which shows the power of the buyers.

The MACD histogram is in the positive zone but below the signal line, which gives a weak signal to buy GBP/USD.

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

Trading recommendations
  • Support levels: 1.27350, 1.27000, 1.26500
  • Resistance levels: 1.27900, 1.28500

If the price fixes above 1.27900 you should expect further growth toward 1.28300-1.28500.

Alternatively the price can descend toward 1.27000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.33729
  • Open: 1.32962
  • % chg. over the last day: -0.54
  • Day's range: 1.32680 – 1.33030
  • 52 wk range: 1.2248 – 1.3664

The USD/CAD keeps showing a stable downward trend. Since the beginning of the month, the CAD grew by 300 points. Yesterday the CAD was supported by positive business activity reports from Ivey. At the moment the quotes are consolidating around 1.32700-1.33100. A technical correction is possible soon. You should open positions from the key levels.

The Economic News Feed for 08.01.2019:

  • - Trading Balance Report (CA) – 15:30 (GMT+2:00);
USD/CAD

The price fixed below 50 MA and 200 MA which shows the power of the sellers.

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

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

Trading recommendations
  • Support levels: 1.32700, 1.32400
  • Resistance levels: 1.33100, 1.33650, 1.34250

If the price fixes below 1.32700 expect further descend toward 1.32400-1.32200.

Alternatively the quote can correct toward 1.33400-1.33600.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.507
  • Open: 108.700
  • % chg. over the last day: +0.11
  • Day's range: 108.512 – 109.087
  • 52 wk range: 104.56 – 114.56

The USD/JPY quotes keep recovering after a long fall. The save haven currency is testing 109.000. 108.300 is acting as the key support. The downward trend can return soon. The US and China started the negotioations which led to the increase of demand for safe assets. Positions should be opened from the key levels.

The Economic News Feed for 08.01.2019 is calm.

USD/JPY

The indicators do not provide precise signals, the price fixed between 50 MA and 200 MA.

The MACD histogram is in the positive zone and above the signal line, which shows the further growth of USD/JPY.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which points toward a bearish mood.

Trading recommendations
  • Support levels: 108.300, 107.400, 106.500
  • Resistance levels: 109.000, 109.500

If the price fixes above the round 109.000 exoect further growth of USD/JPY.

Alternatively the quotes can descend toward 108.000-107.800.

by JustForex, 2019.01.08

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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