The Analytical Overview of the Main Currency Pairs on 2019.03.11

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.11933
  • Open: 1.12342
  • % chg. over the last day: +0.41
  • Day's range: 1.12231 – 1.12499
  • 52 wk range: 1.1214 – 1.2557

EUR has recovered a major part of its losses after aggressive sales in Thursday, March 7. The Central Bank of Europe left the key interest rates at the previous level. The regulator worsened the forecast of the EU GDP in 2019-2020 and also notified the the long-term credit operation under the TLTRO program will be renewed to stimulate the economy. The EUR/USD quotes are consolidating around the key range of 1.1200-1.12500. The demand for the USD weakened after the ambiguous labour market reports in February. EUR/USD has further prospects for correction. You should open positions from the key levels.

At 14:30 (GMT+2:00) the US will publish the retail sales report.

EUR/USD

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

The MACD histogram is in the positive zone, which points toward the further recovery of EUR/USD quotes..

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: 1.12200, 1.11800
  • Resistance levels: 1.12500, 1.12900, 1.13200

If the price fixes above the 1.12500, expect the quotes to correct toward 1.12900-1.13200.

Alternatively, EUR/USD can fall toward 1.11900-1.11700.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30828
  • Open: 1.29668
  • % chg. over the last day: -0.52
  • Day's range: 1.29603 – 1.30180
  • 52 wk range: 1.2438 – 1.4378

GBP/USD keeps the bearish mood due to the Brexit ambiguousness. Last week the GBP lost more than 250 points. Right now the quotes are consolidating around 1.29650 and 1.30150. The investors are waiting for the Parliament vote on Brexit tomorrow. You should open positions from the key levels.

The Economic News Feed for 11.03.2019 is calm.

GBP/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 above the signal line which gives a weak signal to sell GBP/USD.

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

Trading recommendations
  • Support levels: 1.29650, 1.29250, 1.29000
  • Resistance levels: 1.30150, 1.30700, 1.31100

If the price fixes below 1.29650, expect the quotes to fall toward 1.29300-1.29000.

Alternatively, the quotes can recover toward 1.30700-1.31000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.34446
  • Open: 1.34148
  • % chg. over the last day: -0.30
  • Day's range: 1.34055 – 1.34343
  • 52 wk range: 1.2248 – 1.3664

USD/CAD stabilized after a long rally since the beginning of the month. Right now the CAD is being traded in a flat. The key support and resistance levels are 1.34000 and 1.34400. A technical correction of USD/CAD is possible soon. The demand for USD is lowered due to ambiguous Labour Market reports for February. Keep an eye on the oil quotes dynamics and open positions from the key levels.

The Economic News Feed for 11.03.2019 is calm

USD/CAD

The price fixed between 50 MA and 200 MA which act as the strong dynamic support and resistance levels.

The MACD histogram is in the negative zone and below the signal line which points toward a correction of USD/CAD.

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

Trading recommendations
  • Support levels: 1.34000, 1.33700, 1.33350
  • Resistance levels: 1.34400, 1.34650, 1.35000

If the price fixes below the round 1.34000, expect the USD/CAD to correct toward 1.33600-1.33300.

Alternatively, the quotes can grow toward 1.34800-1.35000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 111.533
  • Open: 111.003
  • % chg. over the last day: -0.38
  • Day's range: 110.877 – 111.307
  • 52 wk range: 104.56 – 114.56

USD/JPY started to lower after the long consolidation. On Friday the quotes updated the key minimums. The demand for the safe haven currency is supported by the upcoming Brexit vote in Great Britain. The local support and resistance are 111.000 and 111.300. The trading instrument has further descent prospects. You should open positions from the key levels.

The Economic News Feed for 11.03.2019 is calm.

USD/JPY

The indicators do not provide precise signals, the price is testing 50 MA.

The MACD histogram is close to 0.

The Stochastic Oscillator started to leave the overbought zone, the %K line is below the %D line which points toward the bearish mood.

Trading recommendations
  • Support levels: 111.000, 110.750, 110.600
  • Resistance levels: 111.300, 111.600, 111.800

If the price fixes below the round 111.000 the quotes can fall toward 110.750-110.600.

Alternatively, the quotes can grow toward 111.600-111.800.

by JustForex, 2019.03.11

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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