The Analytical Overview of the Main Currency Pairs on 2019.02.06

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.14355
  • Open: 1.14026
  • % chg. over the last day: -0.25
  • Day's range: 1.13801 – 1.14093
  • 52 wk range: 1.1214 – 1.2557

EUR is losing positions against the USD. During the last two days of trading, the quotes fell by 50 points. The currency pair is testing the local support of 1.13800. The 1.14100 mark is acting as a mirror support. The demand for the USD remains. The trading instrument has prospects for future descend. The financial market participants expect important economic reports. You should open positions from the key levels.

At 15:30 (GMT+2:00) the US will publish essential economic reports. Keep in mind that the factual and the forecasted indicators may differ.

EUR/USD

The indicators do not provide precise signals, 50 MA has crossed 200 MA.

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

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

Trading recommendations
  • Support levels: 1.13800, 1.13500, 1.13250
  • Resistance levels: 1.14100, 1.14400, 1.14600

If the price fixes below 1.13800, consider looking for the market entry points to open short positions. The movement will tend toward 1.13500-1.13250.

Alternatively, the quotes can recover toward 1.14200-1.14500.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30360
  • Open: 1.29461
  • % chg. over the last day: -0.61
  • Day's range: 1.29250 – 1.29620
  • 52 wk range: 1.2438 – 1.4378

GBP/USD started to descend. Yesterday the pound weakened against the USD by 85 points. The trading instrument has updated the key minimums. The pound is under pressure due to the weak business activity reports and Brexit ambiguousness. The quotes are consolidating around 1.29300-1.29600. You should open positions from the key levels.

The Economic News Feed for 06.02.2019 is calm.

GBP/USD

The price fixed below 50 MA and 200 MA, which points to the power of the buyers.

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

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: 1.29300, 1.29000
  • Resistance levels: 1.29600, 1.30150, 1.30550

If the price fixes below 1.29300 expect the GBP/USD quotes to fall further. The closes target to take profit is 1.29000. Consider using trailing stop when opening orders.

Alternatively, the quotes can correct toward 1.29900-1.30200.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31112
  • Open: 1.31357
  • % chg. over the last day: +0.11
  • Day's range: 1.31247 – 1.31991
  • 52 wk range: 1.2248 – 1.3664

USD/CAD began to recover after a long fall. The trading instrument has updated the local maximums. Right now CAD is testing the 1.32000 level with 1.31550 acting as a mirror resistance.. USD/CAD quotes are up for a correction. An additional pressure on the CAD is provided by the lowering prices on oil. You should open positons from the key levels.

At 17:00 (GMT+2:00) Ivey will publish the PMI for Canada.

USD/CAD

The indicators do not provide precise signals, the price fixed above 200 MA.

The MACD histogram is in the positive zone and above the signal line which points toward future growth of USD/CAD.

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

Trading recommendations
  • Support levels: 1.31550, 1.31200, 1.30750
  • Resistance levels: 1.32000, 1.32350, 1.32600

If the price fixes above the round 1.32000 expect the quotes to correct further toward 1.32350-1.32600.

Alternatively the quotes can descend toward 1.31200-1.31000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.513
  • Open: 109.858
  • % chg. over the last day: +0.48
  • Day's range: 109.779 – 110.040
  • 52 wk range: 104.56 – 114.56

USD/JPY has been consolidating after a long rally. The key levels are 109.800 and 110.100. The currency is supported by the positive US Treasury bonds yield dyanamics. Right now the quotes are starting to grow again. Keep an eye on the US news feed.

The Economic News Feed for 06.02.2019 is calm.

USD/JPY

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 USD/JPY.

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

Trading recommendations
  • Support levels: 109.800, 109.500, 109.200
  • Resistance levels: 110.100, 110.500

If the price fixes above 110.100 expect the qutoes to grow futher toward 110.500-110.700.

Alternatively, the quotes can descend toward 109.600-109.400.

by JustForex, 2019.02.06

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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