The Analytical Overview of the Main Currency Pairs on 2019.10.10

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.09563
  • Open: 1.09713
  • % chg. over the last day: +0.26
  • Day's range: 1.09704 - 1.09932
  • 52 wk range: 1.0884 - 1.1623

The EUR/USD currency pair continues to trade in a protracted flat. Unidirectional trends are not observed. Financial market participants evaluate FOMC Minutes. The Fed noted an increase in the likelihood of a recession amid uncertainty in trade policy and growing external risks. Fed Chairman Jerome Powell does not rule out another cut in interest rates this year. At the moment, the local support and resistance levels are: 1.09700 and 1.10000, respectively. A trading instrument has a potential for growth. Today, investors will evaluate data on inflation in the United States. We recommend opening positions from key levels.

The Economic News Feed for 10.10.2019:

  • - Inflation report (US) - 15:30 (GMT + 3: 00);
  • - Initial Jobless Claims (US) – 15:00 (GMT+3:00);
EUR/USD

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

The MACD histogram is located in the positive zone and above the signal line, which gives a strong signal to buy EUR/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: 1.09700, 1.09450, 1.09100
  • Resistance levels: 1.10000, 1.10250

If the price consolidates above the round level of 1.10000, expect further growth toward 1.10300-1.10500.

Alternatively, EUR/USD could decrease toward 1.09500-1.09300.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.22183
  • Open: 1.22094
  • % chg. over the last day: -0.06
  • Day's range: 1.22025 - 1.22310
  • 52 wk range: 1.1995 - 1.3385

The last session had rather active trading on the GBP/USD currency pair. At the same time, a unidirectional trend is not observed. The trading tool tests local support and resistance levels: 1.22000 and 1.22400, respectively. Sterling is still under pressure due to uncertainty over the Brexit issue. Today, participants in financial markets will evaluate important economic releases from the UK. Positions must be opened from key levels.

The Economic News Feed for 10.10.2019:

  • - GDP Report (UK) – 11:30 (GMT+3:00);
  • - Production volume in manufacturing industry (UK) – 11:30 (GMT+3:00);

Keep an eye on the statements by the Head of the Bank of England

GBP/USD

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

The MACD histogram is close to 0.

The Stochastic Oscillator is close to the overbought zone, the %K line crossed the %D line.

Trading recommendations
  • Support levels: 1.22000, 1.21500
  • Resistance levels: 1.22400, 1.22850, 1.23300

If the price consolidates below 1.22000, expect a further drop toward 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: 1.33216
  • Open: 1.33303
  • % chg. over the last day: +0.06
  • Day's range: 1.33117 - 1.33456
  • 52 wk range: 1.2727 - 1.3664

CAD is still in lateral movement. The technical picture is ambiguous. At the moment, the local support and resistance levels are 1.33100 and 1.33450, respectively. Participants in financial markets expect the release of important statistics on the US economy. We also recommend that you pay attention to the dynamics of prices for oil. USD/CAD quotes have the potential to decline. Positions must be opened from key levels.

The Economic News Feed for 10.10.2019 is calm.

USD/CAD

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

The MACD histogram is close to 0.

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

Trading recommendations
  • Support levels: 1.33100, 1.32900, 1.32700
  • Resistance levels: 1.33450, 1.33700

If the price consolidates below 1.33100, expect the quotes to fall toward 1.32800-1.32600.

Alternatively, the quotes could grow toward 1.33700-1.33900.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.070
  • Open: 107.457
  • % chg. over the last day: +0.14
  • Day's range: 107.035 - 107.772
  • 52 wk range: 104.97 - 114.56

The technical picture on the USD/JPY currency pair is still ambiguous. The trading instrument is in lateral movement. At the moment, the local support and resistance levels are: 107.250 and 107.700, respectively. Uncertainty in trade negotiations between the US and China, as well as the Brexit process, support demand for the safe haven currencies. USD/JPY quotes have the potential to decline. Today we recommend paying attention to economic reports from the USA. Positions must be opened from key levels.

The Economic News Feed for 10.10.2019 is calm.

USD/JPY

The price fixed above 50 MA and 100 MA, which signals the strength of buyers.

The MACD histogram is in the positive zone, indicating bullish sentiment.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which gives a signal to sell USD/JPY.

Trading recommendations
  • Support levels: 107.250, 106.900, 106.600
  • Resistance levels: 107.700, 107.900, 108.300

If the price consolidates below 107.250, expect the quotes to fall toward 106.900-106.600.

Alternatively, the quotes can grow toward 108.000-108.200.

by JustForex, 2019.10.10

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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