The Analytical Overview of the Main Currency Pairs on 2019.11.04

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.11517
  • Open: 1.11691
  • % chg. over the last day: +0.13
  • Day's range: 1.11596 - 1.11737
  • 52 wk range: 1.0884 - 1.1623

Last week, the USD weakened against a basket of world currencies. The USD index (#DX) completed the trading session in the red. The United States published mixed labor statistics for October. A weak report on PMI in the country's manufacturing sector put additional pressure on the USD. At the moment, EUR/USD quotes are consolidating around 1.11500-1.11750. The trading instrument can grow further. Investors continue to monitor trade negotiations between Washington and Beijing. On Friday, US representative Robert Lightheiser and Secretary of Treasury Stephen Mnuchin made progress on a number of issues during a phone call with Chinese Deputy Prime Minister Liu He about an interim trade agreement. We recommend opening positions from key levels.

At 10:55 (GMT+2:00), the PMI for manufacturing sector of Germany will be published.

EUR/USD

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

The MACD histogram is in the positive zone and continues to rise, 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, 1.11300, 1.11150
  • Resistance levels: 1.11750, 1.12000

If the price consolidates above 1.11750, expect further growth toward 1.12000-1.12200.

Alternatively, the quotes could decrease toward 1.11300-1.11100.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29292
  • Open: 1.29280
  • % chg. over the last day: -0.05
  • Day's range: 1.29280 - 1.29428
  • 52 wk range: 1.1959 - 1.3385

An ambiguous technical pattern has developed on the GBP/USD currency pair. Sterling is consolidating. At the moment, the local support and resistance levels are: 1.29250 and 1.29450, respectively. GBP / USD quotes have the potential to decline. Market participants are waiting for new information on the Brexit issue. Today, investors will evaluate important economic releases from the UK. You should open positions from key levels.

At 11:30 (GMT+2:00), the UK will publish a PMI in the construction sector.

GBP/USD

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

The MACD histogram is near the 0 mark.

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: 1.29250, 1.29000, 1.28650
  • Resistance levels: 1.29450, 1.29700, 1.30000

If the price consolidates below 1.29250, expect the quotes to fall toward 1.28900-1.28700.

Alternatively, the quotes could grow toward 1.29700-1.30000.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31610
  • Open: 1.31366
  • % chg. over the last day: +0.15
  • Day's range: 1.31331 - 1.31457
  • 52 wk range: 1.2727 - 1.3664

The USD/CAD currency pair went down. The trading tool has updated local lows. Looney is currently consolidating in the range 1.31200-1.31450. Support for Looney is provided by the positive dynamics of oil quotes. The US dollar remains under pressure after the release of weak economic releases on Friday, November 01. We do not exclude a further drop in the USD / CAD quotes. We recommend opening positions from key levels.

The Economic News Feed for 04.11.2019 is calm.

USD/CAD

Indicators do not give accurate signals: the price has fixed between 50 MA and 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 crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.31200, 1.31000, 1.30750
  • Resistance levels: 1.31450, 1.31700, 1.32000

If the price consolidates below 1.31200, expect the quotes to drop toward 1.30900-1.30700.

Alternatively, expect the quotes to rise toward 1.31700-1.31900.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.018
  • Open: 108.218
  • % chg. over the last day: +0.15
  • Day's range: 108.182 - 108.323
  • 52 wk range: 104.97 - 114.56

The USD/JPY currency pair went up after a significant drop last week. The trading instrument has set new local highs. At the moment, the USD/JPY quotes are testing the "mirror" resistance of 108.300. 108.100 is the immediate support. The trading instrument has the potential for further recovery. We advice you to pay attention to the dynamics of yield on US government bonds. Open positions from key levels.

Today, Japan's financial markets are closed due to the holiday.

USD/JPY

Indicators do not give accurate signals: the price has fixed between 50 MA and 100 MA.

The MACD histogram has moved into the positive zone, which indicates a further correction of the USD/JPY currency pair.

The Stochastic Oscillator is located near the overbought zone, the %K line is above the %D line, which gives a weak signal to buy USD/JPY.

Trading recommendations
  • Support levels: 108.300, 108.500, 108.700
  • Resistance levels: 108.100, 107.900

If the price consolidates above 108.300, expect a further correction USD/JPY toward 108.500-108.700.

Alternatively, the quotes could devrease toward 107.900-107.700.

by JustForex, 2019.11.04

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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