The Analytical Overview of the Main Currency Pairs on 2019.09.12

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10432
  • Open: 1.10094
  • % chg. over the last day: -0.27
  • Day's range: 1.10075 - 1.10152
  • 52 wk range: 1.0931 - 1.1817

The single currency fell to a weekly low against the US dollar before today's ECB meeting. It is expected that the regulator will reduce the rate on deposit funds to -0.50% from -0.40%. Experts also predict that the Central Bank may announce the introduction of additional measures to stimulate the economy. We recommend that you pay attention to the comments and rhetoric of the ECB representatives. Currently, the EUR/USD currency pair is consolidating. The key trading range is 1.09900-1.10200. Positions must be opened from these marks.

The Economic News Feed for 12.09.2019:

  • - ECB key interest rate announcement (EU) – 14:45 (GMT+3:00);
  • - US inflation report (EU) – 15:30 (GMT+3:00);
EUR/USD

The price fixed below 50 and 100 MA, which signals the strength of 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 in the neutral zone, the %K line began to cross the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.09900, 1.09600, 1.09300
  • Resistance levels: 1.10200, 1.10500, 1.10650

If the price consolidates above the level of 1.10200, consider purchasing EUR/USD. The price is expected to rise to 1.10500-1.10700.

Alternatively, the quotes can decrease toward 1.09600-1.09400.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.23447
  • Open: 1.23173
  • % chg. over the last day: -0.11
  • Day's range: 1.23173 - 1.23361
  • 52 wk range: 1.1995 - 1.3385

The GBP/USD currency pair continues to consolidate. There is no defined trend. The key support and resistance levels are 1.23100 and 1.23800, respectively. In the near future, technical correction of the trading instrument is rather possible. Market participants are waiting for new information regarding the Brexit process. Today we recommend paying attention to economic releases from the USA. Positions must be opened from key levels.

The Economic News Feed for 12.09.2019 is calm.

GBP/USD

Indicators do not give accurate signals: the price crossed 50 MA and 100 MA.

The MACD histogram is near 0.

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

Trading recommendations
  • Support levels: 1.23100, 1.22550, 1.22100
  • Resistance levels: 1.23800, 1.24400

If the price consolidates below the support level of 1.23100, expect a correction toward 1.22600-1.22400.

Alternatively, the quotes can grow toward 1.24000-1.24300.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31528
  • Open: 1.31923
  • % chg. over the last day: +0.25
  • Day's range: 1.31770 - 1.32000
  • 52 wk range: 1.2727 - 1.3664

The USD/CAD currency pair began to recover. The trading tool has updated local highs. CAD came under pressure after a sharp collapse in oil prices during yesterday's trading. At the moment, the key support and resistance levels are: 1.31650 and 1.32000, respectively. USD/CAD quotes have the potential for further correction. Today we recommend paying attention to economic releases from the USA. Positions must be opened from key levels.

The news background on the Canadian economy is calm.

USD/CAD

Indicators do not give accurate signals: the price is consolidating near 50 MA and 100 MA.

The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy USD/CAD.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates further correction of the USD/CAD quotes.

Trading recommendations
  • Support levels: 1.31650, 1.31350, 1.31000
  • Resistance levels: 1.32000, 1.32250, 1.32450

If the price consolidates above the round level of 1.32000, expect further correction toward 1.32250-1.32450.

Alternatively, the quotes could drop to 1.31400-1.31200.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.538
  • Open: 107.812
  • % chg. over the last day: +0.43
  • Day's range: 107.775 - 108.168
  • 52 wk range: 104.97 - 114.56

The USD/JPY currency pair continues to show a steady uptrend. The trading tool again updated local highs. USD/JPY found resistance at 108.150. Mark 107.800 is already a "mirror" support. In the near future, technical correction is not ruled out. Today we recommend paying attention to the news background from the USA. Positions must be opened from key levels.

During the Asian trading session, positive data on business activity in the Japanese services sector were published.

USD/JPY

Indicators signal the strength of buyers: the price has fixed above 50 MA and 100 MA.

The MACD histogram is in the positive zone and above the signal line, indicating bullish sentiment.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates a possible correction of the USD/JPY currency pair.

Trading recommendations
  • Support levels: 107.800, 107.500, 107.150
  • Resistance levels: 108.150, 108.500

If the price consolidates above 108.150, expect further growth toward 108.500-108.700.

Alternatively, the quotes could drop toward 107.600-107.400.

by JustForex, 2019.09.12

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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