The Analytical Overview of the Main Currency Pairs on 2019.11.05

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.11691
  • Open: -0.34
  • % chg. over the last day: -0.34
  • Day's range: 1.11127 - 1.11335
  • 52 wk range: 1.0884 - 1.1623

The EUR/USD currency pair went down. The trading tool has updated local lows. The demand for USD has grown amid optimism in resolving the trade conflict between Washington and Beijing in the near future. Keep track of current information on this issue. At the moment, EUR/USD quotes are consolidating in the range of 1.11150-1.11350. Today, investors will evaluate a number of important economic releases from the United States. Open positions from key levels.

The Economic News Feed for 05.11.2019:

  • - Trade Balance (US) – 15:00 (GMT+2:00);
  • - Non-Manufacturing PMI by ISM (US) – 17:00 (GMT+2:00);
  • - JOLTS (US) – 17:00 (GMT+2:00);
EUR/USD

The price fixed below 100 MA, which signals the strength of sellers.

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell EUR/USD.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates bullish sentiment.

Trading recommendations
  • Support levels: 1.11150, 1.11000, 1.10750
  • Resistance levels: 1.11350, 1.11500, 1.11750

If the price consolidates below 1.11150, expect a further drop in the EUR/USD quotes to 1.10900-1.10800.

Alternatively, the quotes could grow toward 1.11600-1.11700.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29280
  • Open: 1.28834
  • % chg. over the last day: -0.37
  • Day's range: 1.28784 - 1.28905
  • 52 wk range: 1.1959 - 1.3385

The GBP/USD currency pair is dominated by bearish sentiment. Demand for the US dollar has resumed. Sterling set new local lows. At the moment, GBP/USD quotes are consolidating in the range 1.28750-1.29000. A trading instrument has the potential to further decline. Financial market participants expect important statistics from the UK and the USA. Open positions from key levels.

At 11:30 (GMT+2:00) a number of indicators on business activity in the UK will be published.

GBP/USD

Indicators do not give accurate signals: 50 MA began to cross 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: 1.28750, 1.28450, 1.28100
  • Resistance levels: 1.29000, 1.29250, 1.29700

If the price consolidates below 1.28750, expect a further drop toward 1.28450-1.28200.

Alternatively, the quotes could grow toward 1.29300-1.29600.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31366
  • Open: 1.31496
  • % chg. over the last day: +0.11
  • Day's range: 1.31382 - 1.31615
  • 52 wk range: 1.2727 - 1.3664

An ambiguous technical picture has developed on the USD/CAD currency pair. A trading instrument is consolidating. There is no defined trend. At the moment, the local support and resistance levels are 1.31300 and 1.31600, respectively. Support for CAD is provided by the positive dynamics of oil quotes. We are expecting important economic releases from the USA. Open positions from key levels.

At 15:30 (GMT+2:00) Canada will publish a trade balance reportr.

USD/CAD

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

The MACD histogram is near the 0 mark.

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

Trading recommendations
  • Support levels: 1.31300, 1.31000, 1.30750
  • Resistance levels: 1.31600, 1.31750, 1.32000

If the price consolidates below 1.31300, expect the quotes to fall toward 1.31000-1.30800.

Alternatively, the quotes could grow toward 1.31800-1.32000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.218
  • Open: 108.586
  • % chg. over the last day: +0.45
  • Day's range: 108.539 - 108.840
  • 52 wk range: 104.97 - 114.56

The USD/JPY currency pair recovered a significant part of the losses after a sharp decline last week. The trading tool has updated local highs. At the moment, USD / JPY quotes are testing the resistance level of 108.850. 108.650 is the immediate support. We do not exclude further growth of the USD/JPY quotes. Demand for safe haven currencies has weakened amid the prospects for resolving a trade conflict between the US and China. Today we recommend paying attention to the news background from the USA. Open positions from the key levels.

The Economic News Feed for 05.11.2019 is calm.

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

Trading recommendations
  • Support levels: 108.650, 108.500, 108.300
  • Resistance levels: 108.850, 109.000, 109.250

If the price consolidates above 108.850, expect further growth toward 109.150-109.300.

Alternatively, the quotes could decrease toward 108.500-108.300.

by JustForex, 2019.11.05

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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