The Analytical Overview of the Main Currency Pairs on 2019.10.08

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.09789
  • Open: 1.09701
  • % chg. over the last day: -0.11
  • Day's range: 1.09648 - 1.09783
  • 52 wk range: 1.0884 - 1.1623

Major currency pairs show mixed results. Quotes EUR/USD continue to consolidate. The trading tool has formed the following critical support and resistance levels: 1.09650 and 1.10000, respectively. Investors continue to monitor the scandal surrounding a possible impeachment of the US president. A federal court in New York ruled that Donald Trump should file his tax returns over the past eight years with Manhattan prosecutors. Today we expect notable economic releases from the USA. Positions must be opened from key levels.

At 15:30 (GMT+3:00), the manufacturer price index in the United States will be published.

EUR/USD

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

The MACD histogram is located near the 0 mark.

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

Trading recommendations
  • Support levels: 1.09650, 1.09400, 1.09050
  • Resistance levels: 1.10000, 1.10250

If the price consolidates above the round level of 1.10000, expect further growth toward 1.10250-1.10400.

Alternatively, the quotes could drop toward 1.09400-1.09200.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.23030
  • Open: 1.22886
  • % chg. over the last day: -0.39
  • Day's range: 1.22844 - 1.23003
  • 52 wk range: 1.1995 - 1.3385

The technical picture on the GBP/USD currency pair is still ambiguous. GBP is trading in a flat. At the moment, the key support and resistance levels are 1.22850 and 1.23350, respectively. Participants in financial markets are waiting for new information regarding the UK's exit from the EU. Today we recommend paying attention to the news background from the USA. Positions must be opened from key levels.

The Economic News Feed for 08.10.2019 is calm.

GBP/USD

Indicators do not give accurate signals: 50 MA has crossed 100 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 indicates a bullish sentiment.

Trading recommendations
  • Support levels: 1.22850, 1.22450, 1.22100
  • Resistance levels: 1.23350, 1.23800, 1.24150

If the price consolidates above 1.23350, GBP/USD is expected to rise. The potential movement is to 1.23700-1.24000.

An alternative could be a decrease in the GBP/USD currency pair to 1.22500-1.22200.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.33224
  • Open: 1.33087
  • % chg. over the last day: -0.08
  • Day's range: 1.32881 - 1.33117
  • 52 wk range: 1.2727 - 1.3664

The USD/CAD currency pair retreated from local highs and moved to a decline. CAD is currently consolidating. The local support and resistance levels are: 1.32800 and 1.33100, respectively. The technical picture signals a further correction of the USD/CAD quotes after a sharp rally last week. Today we recommend that you pay attention to economic reports from the United States, as well as the dynamics of oil prices. Positions must be opened from key levels.

At 15:15 (GMT+3:00), a report on the construction of new houses in Canada will be published.

USD/CAD

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

The MACD histogram is in the negative zone and continues to decline, which indicates further correction of the USD/CAD currency pair.

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

Trading recommendations
  • Support levels: 1.32800, 1.32550, 1.32350
  • Resistance levels: 1.33100, 1.33300, 1.33450

If the price consolidates below 1.32800, expect further correction toward 1.32550-1.32400.

Alternatively, the quotes could grow toward 1.33400-1.33500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 106.637
  • Open: 107.243
  • % chg. over the last day: +0.46
  • Day's range: 107.204 - 107.445
  • 52 wk range: 104.97 - 114.56

Yesterday, bullish sentiment prevailed on the USD/JPY currency pair. Quotation growth exceeded 60 points. The trading tool has updated local highs. At present, the currency of the “safe haven” is consolidating in the range 107.100-107.450. We do not exclude further correction of the USD / JPY quotes. We recommend that you keep track of up-to-date information regarding trade negotiations between the United States and China. Positions must be opened from key levels.

Today, Japan published weak data on household spending during the Asian trading session.

USD/JPY

The price has fixed above 100 MA, which signals the strength of buyers.

The MACD histogram is in the positive zone and above the signal line, which gives a strong signal to buy USD/JPY.

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

Trading recommendations
  • Support levels: 107.100, 106.800, 106.600
  • Resistance levels: 107.450, 107.650, 107.900

If the price consolidates above 107.450, expect further correction toward 107.800-108.000.

Alternatively, the quotes can drop toward 106.800-106.600.

by JustForex, 2019.10.08

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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