The Analytical Overview of the Main Currency Pairs on 2019.10.03

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.09330
  • Open: 1.09602
  • % chg. over the last day: +0.26
  • Day's range: 1.09504 - 1.09649
  • 52 wk range: 1.0884 - 1.1623

The USD continued to lose ground relative to currency majors. The EUR/USD quotes updated the local highs again. Greenback was pressured by weak labor market data from ADP. Currently, the EUR/USD currency pair is consolidating. The local support and resistance levels are: 1.09400 and 1.09650, respectively. A trading instrument has the potential for further growth. We are expecting important economic releases. We recommend opening positions from key levels.

The Economic News Feed for 03.10.2019:

  • - A number of indicators on business activity (GER/EU) – 10:55/11:00 (GMT+3:00);
  • - Initial Jobless Claims (US) – 15:30 (GMT+3:00);
  • - ISM Manufacturing Business Activity Index (US) – 17:00 (GMT+3:00);
EUR/USD

Indicators signal the strength of buyers: the price has fixed above 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 EUR/USD.

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

Trading recommendations
  • Support levels: 1.09400, 1.09050, 1.08800
  • Resistance levels: 1.09650, 1.09900, 1.10250

If the price consolidates above 1.09650, expect further correction toward 1.09900-1.10200.

Alternatively, the quotes can drop toward 1.09000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.22933
  • Open: 1.22988
  • % chg. over the last day: +0.03
  • Day's range: 1.22763 - 1.23107
  • 52 wk range: 1.1995 - 1.3385

GBP continues to trade in a long flat. There is no defined trend. At the moment, the local support and resistance levels are 1.22600 and 1.23200, respectively. GBP/USD quotes can decline further. The pound remains under pressure due to uncertainty around Brexit, as well as weak business activity releases in the UK. Positions must be opened from key levels.

At 11:30 (GMT+3:00), the composite business activity index in the UK will be published.

GBP/USD

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

The MACD histogram is close to the 0 mark. There are no signals at the moment.

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: 1.22600, 1.22100
  • Resistance levels: 1.23200, 1.23750, 1.24150

If the price consolidates below 1.22600, expect further descend in GBP/USD quotes toward 1.22200-1.22000.

Alternatively, the quotes could grow toward 1.23600-1.23800.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32217
  • Open: 1.33252
  • % chg. over the last day: +0.81
  • Day's range: 1.33145 - 1.33344
  • 52 wk range: 1.2727 - 1.3664

Yesterday, aggressive purchases were observed on the USD/CAD currency pair. The quotes grew by 100 points. CAD updated the key extremes. The trading tool found resistance at 1.33300. Mark 1.33000 is already a mirror support. Pressure on the Canadian dollar was caused by a collapse in oil prices. We do not exclude further growth of the USD/CAD currency pair. We recommend paying attention to the news background from the USA. Positions must be opened from key levels.

The Economic News Feed for 03.10.2019 is calm.

USD/CAD

Indicators signal the strength of buyers: the price has fixed above 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 below the %D line, which indicates a bearish sentiment.

Trading recommendations
  • Support levels: 1.33000, 1.32800, 1.32550
  • Resistance levels: 1.33300, 1.33500

If the price consolidates above 1.33300, expect further growth toward 1.33500-1.33700.

Alternatively, the quotes could decrease toward 1.32800-1.32600.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.726
  • Open: 107.178
  • % chg. over the last day: -0.54
  • Day's range: 106.965 - 107.287
  • 52 wk range: 104.97 - 114.56

The USD/JPY currency pair continues to show negative dynamics. During yesterday's and today's trading, the drop in quotations exceeded 70 points. The trading instrument reached a round level of 107,000. Mark 107.350 is already a mirror resistance. Demand for USD weakened after weak economic releases. We do not exclude a further decline in the USD / JPY currency pair. We recommend that you pay attention to the dynamics of yield on US government bonds. Positions must be opened from key levels.

The Economic News Feed for 03.10.2019 is calm.

USD/JPY

Indicators signal the strength 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 USD/JPY.

The Stochastic Oscillator is located near the overbought zone, the %K line is above the %D line, which indicates bullish sentiment.

Trading recommendations
  • Support levels: 107.000, 106.600
  • Resistance levels: 107.350, 107.650, 107.900

If the price consolidates below the round level of 107,000, expect a further drop toward 106.700-106.500.

Alternatively, the quotes could grow toward 107.600-107.800.

by JustForex, 2019.10.03

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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