The Analytical Overview of the Main Currency Pairs on 2019.10.09

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.09701
  • Open: 1.09563
  • % chg. over the last day: -0.10
  • Day's range: 1.09505 - 1.09654
  • 52 wk range: 1.0884 - 1.1623

Yesterday, the bearish sentiment prevailed on the EUR/USD currency pair. The trading tool has updated the local lows. EUR/USD quotes found support at 1.09450. Mark 1.09700 is already a "mirror" resistance. The focus on trade remains between the US and China. Hopes for a breakthrough in trade negotiations weakened even more after the introduction of new sanctions. Today, investors will evaluate the FOMC protocols, which can indicate the further rate of adjustment of the Fed's monetary policy. More than 85% of participants in financial markets believe that the regulator will again reduce the range of key interest rates by 25 basis points to 1.50-1.75% at a meeting on October 30. We recommend opening positions from key levels.

The Economic News Feed for 09.10.2019:

  • - JOLTS report (US) – 17:00 (GMT+3:00);
  • - FOMC Minutes (US) – 21:00 (GMT+3:00);

Also, keep an eye on the speech by the head of Fed.

EUR/USD

Indicators do not give accurate signals: 50 MA crossed 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 near the overbought zone, the %K line crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.09450, 1.09100, 1.08800
  • Resistance levels: 1.09700, 1.10000, 1.10250

If the price consolidates below 1.09450, expect a further descend of quotes toward 1.09000.

Alternatively, the quotes could grow toward 1.10000-1.10200.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.22886
  • Open: 1.22183
  • % chg. over the last day: -0.59
  • Day's range: 1.22046 - 1.22264
  • 52 wk range: 1.1995 - 1.3385

The GBP / USD currency pair went down again. Financial market participants are concerned about the growing risks of the “tough” Brexit. The country's budget deficit may reach 4% of GDP if the UK leaves the union without concluding a deal. Currently, GBP is consolidating near the round level of 1.22000. 1.22400 is the nearest resistance. A trading instrument has the potential to further decline. Positions must be opened from key levels.

The Economic News Feed for 09.10.2019 is calm.

GBP/USD

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 GBP/USD.

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: 1.22000, 1.21500
  • Resistance levels: 1.22400, 1.22850, 1.23300

If the price consolidates below the round level of 1.22000, expect a further drop in GBP/USD quotes to 1.21600-1.21400.

Alternatively, the quotes could grow toward 1.22700-1.22900.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.33087
  • Open: 1.33216
  • % chg. over the last day: +0.09
  • Day's range: 1.33110 - 1.33276
  • 52 wk range: 1.2727 - 1.3664

The USD/CAD currency pair is being traded flat. There is no defined trend. Participants in financial markets expect additional drivers. At the moment, the local support and resistance levels are: 1.33100 and 1.33350, respectively. The focus is on the FOMC Minutes. We also recommend paying attention to the dynamics of oil quotes. 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 crossed 50 MA and 100 MA.

The MACD histogram is near 0.

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: 1.33100, 1.32900, 1.32700
  • Resistance levels: 1.33350, 1.33500

If the price consolidates above 1.33350, expect further growth toward 1.33600-1.33800.

Alternatively, the quotes could decrease toward 1.32900-1.32700.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.243
  • Open: 107.070
  • % chg. over the last day: -0.33
  • Day's range: 106.933 - 107.214
  • 52 wk range: 104.97 - 114.56

An ambiguous technical picture has developed on the USD/JPY currency pair. The trading instrument is in lateral movement. At the moment, the local support and resistance levels are: 106.850 and 107.250, respectively. USD/JPY quotes can decline. Investors expect FOMC protocols. We also recommend monitoring the progress of trade negotiations between the United States and China. Positions must be opened from key levels.

The Economic News Feed for 09.10.2019 is calm.

USD/JPY

Indicators do not give accurate signals, the price crossed 50 MA and 200 MA.

The MACD histogram is near 0.

Stochastic Oscillator has started to leave the overbought zone, the %K line is below the %D line, which indicates a bearish sentiment.

Trading recommendations
  • Support levels: 106.850, 106.600
  • Resistance levels: 107.250, 107.450, 107.700

If the price consolidates below 106.850, expect the quotes to fall toward 106.500-106.300.

Alternatively, the quotes will grow toward 107.600-107.800.

by JustForex, 2019.10.09

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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