The Analytical Overview of the Main Currency Pairs on 2019.11.12

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10222
  • Open: 1.10327
  • % chg. over the last day: +0.11
  • Day's range: 1.10264 - 1.10379
  • 52 wk range: 1.0884 - 1.1623

The EUR/USD currency pair stabilized after a significant drop last week. The trading instrument is currently consolidating. There is no defined trend. EUR/USD quotes test local support and resistance levels at 1.10150 and 1.10400, respectively. In the near future, technical correction of the EUR is not ruled out. Investors expect important statistics from Germany and the eurozone. We recommend opening positions from key levels.

The Economic News Feed for 12.11.2019:

  • - ZEW Economic Sentiment Index (EU) – 12:00 (GMT+2:00);
  • - ZEW Economic Sentiment Index (GER) – 12:00 (GMT+2:00);

We also recommend you to pay attention to the speeches of FOMC representatives.

EUR/USD

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

The MACD histogram is near the 0 mark.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates a possible correction of the EUR/USD currency pair.

Trading recommendations
  • Support levels: 1.10150, 1.10000, 1.09600
  • Resistance levels: 1.10400, 1.10600, 1.10900

If the price consolidates below 1.10150, expect the quotes to fall toward 1.09800-1.09700.

Alternatively, the quotes could correct toward 1.10600-1.10800.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27937
  • Open: 1.28516
  • % chg. over the last day: +0.47
  • Day's range: 1.28443 - 1.28665
  • 52 wk range: 1.1959 - 1.3385

Yesterday, aggressive purchases were observed on the GBP/USD currency pair. The quotes grew by to more than 80 points. Demand for the pound rose after reports that the Brexit Party will not dispute the seats currently held by the conservative party in the December 12 elections. Currently, GBP/USD quotes are consolidating. The local support and resistance levels are: 1.28450 and 1.28750, respectively. A trading instrument has the potential for further growth. We look forward to important economic releases from the UK. Open positions from key levels.

At 11:30 (GMT+2:00) expect a report on the labor market in the UK.

GBP/USD

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

The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy GBP/USD.

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

Trading recommendations
  • Support levels: 1.28450, 1.28200, 1.27900
  • Resistance levels: 1.28750, 1.29000, 1.29300

If the price consolidates above 1.28750, expect further growth of GBP/USD quotes 1.29000-1.29300.

Alternatively, the quotes could decrease toward 1.28000.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32184
  • Open: 1.32318
  • % chg. over the last day: +0.05
  • Day's range: 1.32223 - 1.32492
  • 52 wk range: 1.2727 - 1.3664

The USD/CAD currency pair continues to show a steady upward trend. The trading tool again updated the local highs. CAD is currently consolidating. The key support and resistance levels are 1.32150 and 1.32500, respectively. We do not exclude further growth of the USD/CAD quotes. We recommend that you pay attention to the dynamics of oil prices. Open positions opened from key levels.

The Economic News Feed for 12.11.2019 is calm.

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 and above the signal line, which gives a strong signal to buy USD/CAD.

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: 1.32150, 1.31900, 1.31600
  • Resistance levels: 1.32500, 1.32700, 1.33000

If the price consolidates above 1.32500, expect the quotes to grow toward 1.32700-1.32300.

Alternatively, the quotes could decrease toward 1.31900-1.31700.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.195
  • Open: 109.052
  • % chg. over the last day: -0.15
  • Day's range: 108.984 - 109.290
  • 52 wk range: 104.97 - 114.56

An ambiguous technical pattern has developed on the USD/JPY currency pair. The trading instrument is in lateral movement. Investors expect additional drivers. At the moment, USD/JPY quotes are testing the supply zone at 109.300-109.500. The 108.900 mark is a key support. We recommend that you keep track of current information regarding the settlement of the trade conflict between the United States and China. The USD/JPY currency pair has the potential for further growth. Positions must be opened from key levels.

The Economic News Feed for 12.11.2019 is calm.

USD/JPY

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

The MACD histogram has started to rise, indicating the development of bullish sentiment.

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

Trading recommendations
  • Support levels: 108.900, 108.650, 108.500
  • Resistance levels: 109.300, 109.500, 109.800

If the price consolidates above 109.300, expect further growth toward 109.600-109.800.

Alternatively, the quotes could descend toward 108.700-108.600.

by JustForex, 2019.11.12

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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