The Analytical Overview of the Main Currency Pairs on 2019.08.16

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.11383
  • Open: 1.11050
  • % chg. over the last day: -0.26
  • Day's range: 1.10957 – 1.11122
  • 52 wk range: 1.1034 – 1.1817

The EUR/USD currency pair continues to show negative dynamics. The trading instrument has updated local lows again. Positive economic releases from the US supported the greenback. At the moment, the EUR/USD quotes are testing a round level of 1.11000. The 1.11300 mark is already a "mirror" resistance. The euro has the potential to further decline. We recommend monitoring the up-to-date information regarding the trade conflict between the US and China. Positions should be opened from key levels.

The News Feed on 16.08.2019:
  • - Statistics on the real estate market in the US at 15:30 (GMT+3:00).
  • EUR/USD

    Indicators point to the power of sellers: the price has fixed below 50 MA and 100 MA.

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

    Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the bullish sentiment.

    Trading recommendations
    • Support levels: 1.11000, 1.10700
    • Resistance levels: 1.11300, 1.11650, 1.11900

    If the price fixes below the level of 1.11000, a further fall in the EUR/USD quotes is expected. The movement is tending to 1.10700-1.10500.

    An alternative could be the growth of the EUR/USD currency pair to 1.11500-1.11700.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.20548
  • Open: 1.20819
  • % chg. over the last day: +0.24
  • Day's range: 1.20741 – 1.21211
  • 52 wk range: 1.2015 – 1.3385

The GBP/USD currency pair has been recovering after a continuous consolidation. The British pound has updated local highs. Positive retail sales data in the UK support the British pound. At the moment, the key support and resistance levels are 1.20750 and 1.21200, respectively. The GBP/USD quotes have the potential for further correction. We recommend monitoring the current information on the Brexit issue. Positions should be opened from key levels.

Today, the publication of important economic releases from the UK is not planned.

GBP/USD

Indicators point to the power of buyers: the price has fixed above 50 MA and 100 MA.

The MACD histogram is in the positive zone and continues to rise, which signals the bullish sentiment.

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

Trading recommendations
  • Support levels: 1.20750, 1.20450, 1.20150
  • Resistance levels: 1.21200, 1.21500, 1.21850

If the price fixes above 1.21200, further correction of GBP/USD quotes is expected. The movement is tending to 1.21500-1.21700.

An alternative could be a decrease in the GBP/USD currency pair to 1.20500-1.20300.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.33143
  • Open: 1.33122
  • % chg. over the last day: -0.01
  • Day's range: 1.32990 – 1.33249
  • 52 wk range: 1.2727 – 1.3664

The USD/CAD currency pair has become stable after continuous rally since the beginning of this week. The loonie is currently consolidating. The local support and resistance levels are 1.32900 and 1.33250, respectively. The demand for greenback is still high. A trading instrument has the potential for further growth. Today, we recommend paying attention to statistics on the real estate market in the US, as well as the dynamics of oil prices. Positions should be opened from key levels.

The news feed on Canada's economy is calm.

USD/CAD

Indicators do not give accurate signals: the price has crossed 50 MA.

The MACD histogram has reached the 0 mark.

Stochastic Oscillator is in the neutral zone, the %K line has been crossing the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.32900, 1.32500, 1.32150
  • Resistance levels: 1.33250, 1.33450, 1.33700

If the price fixes above 1.33250, further growth of the USD/CAD currency pair is expected. The movement is tending to 1.33500-1.33700.

An alternative could be a fall in the USD/CAD quotes to 1.32650-1.32500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 105.882
  • Open: 106.056
  • % chg. over the last day: +0.17
  • Day's range: 106.056 – 106.272
  • 52 wk range: 104.97 – 114.56

There is an ambiguous technical pattern on the USD/JPY currency pair. The trading instrument is in a sideways trend. Financial market participants expect additional drivers. At the moment, the key support and resistance levels are 105.750 and 106.250, respectively. The USD/JPY quotes have the potential for further correction. Today we recommend paying attention to economic reports from the US. Positions should be opened from key levels.

The news feed on Japan's economy is quite calm.

USD/JPY

Indicators do not give accurate signals: the price has crossed 50 MA.

The MACD histogram is near the 0 mark.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the bearish sentiment.

Trading recommendations
  • Support levels: 105.750, 105.500, 105.100
  • Resistance levels: 106.250, 106.750, 107.000

If the price fixes above 106.250, further correction of the USD/JPY currency pair is expected. The movement is tending to 106.750-107.000.

An alternative could be a fall in the USD/JPY quotes to 105.500-105.200.

by JustForex, 2019.08.16

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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