The Analytical Overview of the Main Currency Pairs on 2019.03.05

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.13802
  • Open: 1.13391
  • % chg. over the last day: -0.34
  • Day's range: 1.13182 – 1.13409
  • 52 wk range: 1.1214 – 1.2557

EUR started to descend before the Central Bank of Europe meeting set for Thursday. During the last two days, the quotes fell by 50 points and updated the local minimums. The EUR can descend further. The demand for USD is propped up by the good dynamics of the US/China negotiations. The financial market participants are expecting the publiscation of the US economic reports. You should also keep an eye on the FOMC representatives' rhetorics. The key range is 1.13200-1.13450. You should open positions from these levels.

The Economic News Feed for 05.03.2019:

  • - Business Activity Report (EU) – 11:00 (GMT+2:00);
  • - Non-Industrial PMI (US) – 17:00 (GMT+2:00);
  • - New Real Estate Sales (EU) – 17:00 (GMT+2:00);
EUR/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 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: 1.13200, 1.13000, 1.12800
  • Resistance levels: 1.13450, 1.13650, 1.13800

If the price fixes below 1.13200, expect the quotes to fall toward 1.12800-1.12600.

Alternatively, the quotes can recover toward 1.13600-1.13800.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32476
  • Open: 1.31734
  • % chg. over the last day: -0.45
  • Day's range: 1.31499 – 1.31857
  • 52 wk range: 1.2438 – 1.4378

GBP/USD is in the bearish mood. The GBP started to descend after the release of weak business reports in the UK construction sector. The investors are waiting for more intel on the Brexit project. Right now the quotes are consolidating at 1.31500-1.32000. The trading instrument can correct further. You should also keep an eye on the US newsfeed.

At 11:30 (GMT+2:00) the UK will publish the Service Industry PMI.

GBP/USD

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

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 above the %D line which points to the bullish mood.

Trading recommendations
  • Support levels: 1.31500, 1.31000, 1.30500
  • Resistance levels: 1.32000, 1.32450, 1.32800

If the price fixes below 1.31500, expect the quotes to correct toward the round 1.31000.

Alternatively, the quotes can grow toward 1.32400-1.32600.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32756
  • Open: 1.33018
  • % chg. over the last day: +0.18
  • Day's range: 1.33012 – 1.33440
  • 52 wk range: 1.2248 – 1.3664

USD/CAD keeps showing a positive trend. Right now the CAD is testing the local resistance at 1.33400. The round 1.33000 acts as a mirror support. The trading instrument has further growth prospects. The financial market participants are waiting for important economic reports from Canada and the US. You should open positions from the key levels.

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

USD/CAD

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 %K line which gives a weak signal to sell 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: 1.33000, 1.32700, 1.32400
  • Resistance levels: 1.33400, 1.34000

If the price fixes above 1.33400, expect the USD/CAD to grow toward the round 1.34000.

Alternatively, the quotes can descend toward 1.32700-1.32500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 111.841
  • Open: 111.729
  • % chg. over the last day: -0.14
  • Day's range: 111.712 – 111.959
  • 52 wk range: 104.56 – 114.56

The safe haven currency keeps consolidating. There is no single defined trend. The local support and resistance levels are 111.750 and 112.000. The investors are waiting for the statistic reports from the US. You should keep an eye on the US Treasury bonds yield and open positions from the key levels.

The Economic News Feed for 05.03.2019 is calm.

USD/JPY

There are no precise signals, the price has crossed 50 MA.

The MACD histogram started to rise again, which points to the bullish mood.

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

Trading recommendations
  • Support levels: 111.750, 111.500, 111.200
  • Resistance levels: 112.000, 112.500

If the price fixes above the round 112.000, expect the quotes to grow toward 112.400-112.600.

Alternatively, the quotes can descend toward 11.500-111.300.

by JustForex, 2019.03.05

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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