The Analytical Overview of the Main Currency Pairs on 2019.01.31

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.14303
  • Open: 1.14782
  • % chg. over the last day: +0.47
  • Day's range: 1.14781 – 1.15141
  • 52 wk range: 1.1214 – 1.2557

Yesterday USD was weakened against the other world currencies. The Federal Reserve, as expected, kept the key interest range at 2.25-2.50%. The regulator noted the they do not expect to increase the rate soon and will base their decision on the future economic reports. Right now the quotes are consolidating around 1.14750-1.15100. EUR has decent growth prospects. You should open positions from the key leveles.

The Economic News Feed for 31.01.2019:

  • - Labour Market Report (GER) – 10:55 (GMT+2:00);
  • - GDP Report (EU) – 12:00 (GMT+2:00);
  • - Primary Retail Sales (US) – 17:00 (GMT+2:00).
EUR/USD

The price fixed above 50 MA and 200 MA which points to 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 EUR/USD.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line which points to the corrective movement of the EUR/USD quotes.

Trading recommendations
  • Support levels: 1.14750, 1.14450, 1.14100
  • Resistance levels: 1.15100, 1.15500

If the price fixes above1.15100 expect the quotes can grow toward 1.15500-1.15700.

Alternatively the quotes can correct toward 1.14500-1.14300.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30638
  • Open: 1.31067
  • % chg. over the last day: +0.36
  • Day's range: 1.30983 – 1.31562
  • 52 wk range: 1.30983 – 1.31562

GBP/USD keeps consolidating. There is no single defined trend. The investors are waiting for the new data regarding the Brexit process. USD remains under pressure after the Federal Reserve meeting. The local support and resistance levels are 1.30900 and 1.31350. You should open positions from these levels.

The Economic News Feed for 31.01.2019 is calm.

GBP/USD

The indicators do not provide precise signals, the price has crossed 50 MA.

The MACD histogram is in the positive zone and keeps rising, which gives a strong signal to buy GBP/USD.

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

Trading recommendations
  • Support levels: 1.30900, 1.30500, 1.30000
  • Resistance levels: 1.31350, 1.32000

If the price fixes below 1.3000 consider looking for the market entry points to open short positions. The movement will tend to 1.30500-1.30200.

Alternatively, the quotes can grow toward 1.31750-1.32200.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32669
  • Open: 1.31473
  • % chg. over the last day: -0.96
  • Day's range: 1.31203 – 1.31527
  • 52 wk range: 1.2248 – 1.3664

USD/CAD began to descend again after aggressive sell-offs yesterday. The CAD is strengthened against the USD by more than 100 points and is consolidating around 1.31200-1.31550. It is additionally upported by the positive oil quotes dynamics. The trading instrument has a tendency to descend. We are waiting for important economic reports.

The Economic News Feed for 31.01.2019:

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

The price fixed below 50 MA and 200 MA which points to 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 in the neutral zone, the %K line is above the %D line which points towards a corrective movement.

Trading recommendations
  • Support levels: 1.31200, 1.30750
  • Resistance levels: 1.31550, 1.31900, 1.32100

If the price fixes below 1.31200 expect the quotes to descend toward 1.30700-1.30500.

Alternatively the quotes can recover toward 1.31800-1.32000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.254
  • Open: 109.035
  • % chg. over the last day: -0.38
  • Day's range: 108.591 – 109.066
  • 52 wk range: 104.56 – 114.56

USD/JPY is showing an aggressive sell-off and updating the local minimums. The demand for the USD is significantly weakened after the Federal Reserve meeting and decision not to increase the insterest rates. The quotes are testing the local support at 108.600 and resistance at 108.900. USD/JPY has prospects to descend lower.

The Economic News Feed for 31.01.2019 is calm.

USD/JPY

The indicators point to the power of the sellers, the price has fixed below 50 MA and 200 MA.

The MACD histogram is in the negative zone and below the signal line which gives a strong signal to sell USD/JPY.

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

Trading recommendations
  • Support levels: 108.600, 108.300, 108.000
  • Resistance levels: 108.900, 109.150, 109.450

If the price fixes below 108.600 the quotes can fall futher toward 108.300-108.000.

Alternatively the quotes can recover toward 109.000-109.150.

by JustForex, 2019.01.31

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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