The Analytical Overview of the Main Currency Pairs on 2019.02.20

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.13083
  • Open: 1.13398
  • % chg. over the last day: +0.26
  • Day's range: 1.13315 – 1.13560
  • 52 wk range: 1.1214 – 1.2557

EUR/USD started to grow again. Yesterday the instrument updated the local maximums. The demand for USD is weakened due to the FOMC Minutes publication, which might point to the change in the Federal Reserve`s monetary policy. Earlier they had claimed that they are not going to increase the key interest rates this year but will keep an eye on the future reports.

The latest economic releases on inflation and retail were rather weak. The USD index has a potential for further correction. Keep an eye on the trading negotiations between the US and China and open positions from the key levels — 1.1300-1.13550.

At 21:00 (GMT+2:00) the US will publish the FOMC Minutes. Watch closely the rhetorics and comments made by the Federal Reserve representatives.

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

Trading recommendations
  • Support levels: 1.13300, 1.13000, 1.12800
  • Resistance levels: 1.13550, 1.13800, 1.14000

If the price fixes above 1.13550, expect the quotes to recover toward 1.13800-1.14000.

Alternatively, the quotes can fall toward 1.13000-1.12800.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29185
  • Open: 1.30605
  • % chg. over the last day: +1.05
  • Day's range: 1.30271 – 1.30764
  • 52 wk range: 1.2438 – 1.4378

GGBP/USD is in the middle of an aggressive buy-out, despite the weak Labour Market reports. The quotes grew by 150 points and updated the key extremums. The demand for GBP grew due to renewed hope in Theresa May`s Brexit negotiations. At the same time, the experts suppose that this growth is caused by the technical factors.

GBP/USD has the potential for further recovery. You should open positions from the current support and resistance levels of 1.30250 and 1.30750.

The Economic News Feed for 20.02.2019 is calm.

GBP/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 GBP/USD.

The Stochastic Oscillator is near the oversold zone, the %K line is below the %D line, which gives a weak signal to buy GBP/USD.

Trading recommendations
  • Support levels: 1.30250, 1.29800, 1.29400
  • Resistance levels: 1.30750, 1.31000

If the price fixes above 1.30750, expect the quotes to grow toward 1.31000-1.13300.

Alternatively, the quotes can fall toward 1.29800-1.28500.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32364
  • Open: 1.32117
  • % chg. over the last day: -0.24
  • Day's range: 1.31828 – 1.32162
  • 52 wk range: 1.2248 – 1.3664

USD/CAD quotes are showing a negative trend. Yesterday they updated the local minimums. The demand for USD fell before the FOMC Minutes publication.

USD/CAD has a potential for further descend, since CAD is additionally supported by the bullish oil quotes. You should open positions from the key levels: 1.31850 and 1.32150.

The Economic News Feed for 20.02.2019 is calm.

USD/CAD

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 points to the further fall of the USD/CAD quotes.

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

Trading recommendations
  • Support levels: 1.31850, 1.31500, 1.31000
  • Resistance levels: 1.32150, 1.32300, 1.32600

If the price fixes below 1.31850, expect the quotes to fall toward 1.31500-1.31300.

Alternatively, the quotes can fall toward 1.32300-1.32500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.592
  • Open: 110.607
  • % chg. over the last day: +0.02
  • Day's range: 110.524 – 110.821
  • 52 wk range: 104.56 – 114.56

USD/JPY is showing and ambiguous technical picture. The quotes are consolidating. The safe haven currency remains under pressure due to the comments by the Head of the Bank of Japan. The offical stated, that they are ready to increase the economic stimuli, if the strengthening of yen is going to prevent the economic stability of the country. Right now USD/JPY is testing the local support and resistance at 110.650 and 110.900. You should open positions from these levels.

The Economic News Feed for 20.02.2019:

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 above the signal line, which gives a weak signal to buy USD/JPY.

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: 110.650, 110.450, 110.250
  • Resistance levels: 110.900, 111.100, 111.500

If the price fixes above 110.900 resistance, you should look for the market entry points to open long positions. The movement will tend toward 111.200-111.400.

Alternatively, the quotes can fall toward 110.450-110.250.

by JustForex, 2019.02.20

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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