The Analytical Overview of the Main Currency Pairs on 2019.02.07

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.14026
  • Open: 1.13611
  • % chg. over the last day: -0.44
  • Day's range: 1.13465 – 1.13683
  • 52 wk range: 1.1214 – 1.2557

The USD keeps strengthening its positions against the world currencies. The demand remains at a high level. During the last two days of trading, EUR/USD fell by more than 50 points. Right now EUR is testing the local support of 1.13500. 1.13800 acts as a mirror resistance. The trading instrument has a tendency to descend. You should open positions from the key levels.

At 15:30 (GMT+2:00) the US will publish the primary data on the US benefits applications.

EUR/USD

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 below the signal line, which gives a weak signal to sell EUR/USD.

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

Trading recommendations
  • Support levels: 1.13500, 1.13250, 1.13000
  • Resistance levels: 1.13800, 1.14100

If the price fixes below 1.13500 expect the quotes to fall toward 1.13250-1.13000.

Alternatively, the quotes can recover toward 1.14000-1.14200.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29461
  • Open: 1.29296
  • % chg. over the last day: -0.11
  • Day's range: 1.28972 – 1.29395
  • 52 wk range: 1.2438 – 1.4378

GBP/USD keeps showing a negative trend. The pound is consolidating around the round 1.29000. The local resistance is 1.29350. The financial market participants are waiting for the Bank of England meeting. The regulator is expected to keep the main paramenters of monetary policy at the same level. You should look for market entry points at the key levels.

At 14:00 (GMT+2:00) the Bank of England will publish the new key interest rate.

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 and keeps descending which gives a strong signal to sell 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: 1.29000, 1.28500
  • Resistance levels: 1.29350, 1.29750, 1.30150

If the price fixes below the round 1.29000 expect the quotes to fall toward 1.28500-1.28250.

Alternatively, the quotes can recover toward 1.29750-1.30000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31357
  • Open: 1.32099
  • % chg. over the last day: +0.66
  • Day's range: 1.32036 – 1.32535
  • 52 wk range: 1.2248 – 1.3664

The USD recovered the majority of the losses regarding the CAD after a fall at the beginning of January. During the last two days of trading, the quotes grew by 100 points. Right now the key levels are 1.32300 and 1.32600. There are prospects for further growth. Keep an eye on the oil quotes dynamics and open positions from the key levels.

The Economic News Feed for 07.02.2019 is calm.

USD/CAD

The indicators do not provide precise signals: 50 MA started to cross 200 MA.

The MACD histogram is in the positive zone and above the signal line, which points to a bullish mood.

The Stochastic Oscillator is out of the overbought zone, the %K line is below the %D line which gives a signal to sell USD/CAD.

Trading recommendations
  • Support levels: 1.32300, 1.32000, 1.31550
  • Resistance levels: 1.32600, 1.32850, 1.33150

If the price fixes above the local resistance of 1.32600 expect the quotes to grow toward 1.33000-1.33250.

Alternatively, the quotes can fall toward the round 1.32000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.955
  • Open: 109.964
  • % chg. over the last day: +0.01
  • Day's range: 109.725 – 110.086
  • 52 wk range: 104.56 – 114.56

USD/JPY keeps trading in a long flat. There is no single defined trend. The demand on the safe haven currencies remains during the next round of the Washigton/Beijing negotiations. The USD/JPY quotes are testing the key resistance level of 110.000-110.150. 109.800 acts as a local support. You should open positions from these levels.

The Economic News Feed for 07.02.2019 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 and keeps rising which also points to the bullish mood.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line which also gives a signal to sell USD/JPY.

Trading recommendations
  • Support levels: 109.800, 109.550, 109.200
  • Resistance levels: 110.000, 110.150, 110.500

If the price fixes above 110.150 expect the quotes to grow toward 110.500-110.700.

Alternatively, the quotes can descend toward 109.500-109.300.

by JustForex, 2019.02.07

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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