The Analytical Overview of the Main Currency Pairs on 2019.10.31

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.11127
  • Open: 1.11528
  • % chg. over the last day: +0.36
  • Day's range: 1.11524 - 1.11705
  • 52 wk range: 1.0884 - 1.1623

Yesterday, the USD weakened against a basket of world currencies. EUR/USD quotes rose by more than 50 points and approached monthly highs. The Fed, as expected, lowered its key interest rate range by 25 basis points to 1.50-1.75%. The regulator is concerned about the uncertain economic situation in the country. The central bank pointed out that further adjustments to monetary policy would depend on future reports. At the moment, the EUR/USD currency pair is consolidating in the range of 1.11500-1.11700. We recommend opening positions from these marks. Today, investors will evaluate a number of important economic releases.

The Economic News Feed for 31.10.2019:

  • - Inflation Report (EU) – 12:00 (GMT+3:00);
  • - GDP Report (EU) – 12:00 (GMT+3:00);
  • - Personal Expenses Report (EU) – 14:30 (GMT+3:00);
  • - Initial Jobless Claims (EU) – 14:30 (GMT+3:00);
EUR/USD

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

The MACD histogram is 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 is below the %D line, which indicates a bearish sentiment.

Trading recommendations
  • Support levels: 1.11500, 1.11200, 1.11000
  • Resistance levels: 1.11700, 1.12000

If the price consolidates above 1.11700, expect further growth toward 1.12000-1.12200.

Alternatively, expect the quotes to fall toward 1.11300-1.11100.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28656
  • Open: 1.29021
  • % chg. over the last day: +0.26
  • Day's range: 1.29001 - 1.29346
  • 52 wk range: 1.1959 - 1.3385

The GBP/USD currency pair has moved up. During yesterday's and today's trading, the growth of quotations exceeded 60 points. At the moment, the local support and resistance levels are 1.29000 and 1.29350, respectively. Market participants expect up-to-date information on Brexit. Today we recommend paying attention to the news background on the US economy. Open positions from key levels.

The Economic News Feed for 31.10.2019 is calm.

GBP/USD

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

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

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: 1.29000, 1.28450, 1.28000
  • Resistance levels: 1.29350, 1.29700, 1.30000

If the price consolidates above 1.29350, expect further growth of GBP/USD quotes toward 1.29700-1.30000.

Alternatively, the quotes could descend toward 1.28600-1.28400.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30871
  • Open: 1.31610
  • % chg. over the last day: +0.58
  • Day's range: 1.31487 - 1.31725
  • 52 wk range: 1.2727 - 1.3664

Yesterday, aggressive purchases were observed on the USD/CAD currency pair. Quotation growth exceeded 100 points. The trading instrument reached a round level of 1.32000. The Bank of Canada, as expected, kept the basic parameters of monetary policy at the same level. At the same time, the regulator worsened the forecast for GDP growth and inflation in the country. Looney is currently consolidating in the range 1.31450-1.31700. USD / CAD quotes have the potential for further growth. Open positions from the key levels.

At 14:30 (GMT+2:00) expect a report on the GDP of Canada.

USD/CAD

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

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 crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.31450, 1.31200, 1.31000
  • Resistance levels: 1.31700, 1.32000

If the price consolidates above 1.31700, expect further growth toward 1.32000-1.32300.

Alternatively, the quotes could decrease toward 1.31200-1.31000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.866
  • Open: 108.849
  • % chg. over the last day: -0.09
  • Day's range: 108.584 - 108.879
  • 52 wk range: 104.97 - 114.56

USD/JPY went down. The trading tool has updated local lows. At the moment, the USD/JPY currency pair is consolidating near the support level of 108.600. 108.800 is already a mirror resistance. Today we recommend paying attention to economic releases, as well as the dynamics of the yield of US government bonds. USD/JPY quotes have the potential to further decline. Open positions from key levels.

The Bank of Japan, as expected, kept the basic parameters of monetary policy unchanged. The regulator plans to keep interest rates at current levels until the spring of 2020.

USD/JPY

Indicators do not give accurate signals: 50 MA began to cross 100 MA.

The MACD histogram is in the negative zone, indicating a bearish sentiment.

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

Trading recommendations
  • Support levels: 108.600, 108.450, 108.300
  • Resistance levels: 108.800, 109.000

If the price consolidates below 108.600, expect the quote to drop toward 108.400-108.200.

Alternatively, the quotes could grow toward 109.000-109.200.

by JustForex, 2019.10.31

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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