The Analytical Overview of the Main Currency Pairs on 2019.12.05

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10815
  • Open: 1.10773
  • % chg. over the last day: +0.00
  • Day's range: 1.10806 – 1.10840
  • 52 wk range: 1.0884 – 1.1623

The EUR/USD currency pair is still sideways. Weak economic data from the US was published yesterday. The number of employees in the non-agricultural sector from ADP grew in November by only 67K, while experts expected an increase to 140K. The ISM Purchasing Managers Index for ISM in November was 53.9 instead of 54.5. Meanwhile, the Markit composite business activity index (PMI) in the EU in November was 50.6 and turned out to be better than the predicted value of 50.3. Currently, the key support and resistance levels are 1.10650 and 1.10900, respectively. Open positions from these marks. We recommend you to keep track of up-to-date information regarding US-China trade relations.

The Economic News Feed for 05.12.2019:

  • - GDP Report (EU) – 12:00 (GMT+2:00);
  • - Initial Jobless Claims (US) – 15:30 (GMT+2:00);
EUR/USD

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

The MACD histogram is near the 0 mark, which also indicates the absence of signals.

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

Trading recommendations
  • Support levels: 1.10650, 1.10300, 1.10000
  • Resistance levels: 1.10900, 1.11200

If the price consolidates above the resistance level of 1.10900, expect the quotes to rise toward 1.11200-1.11350.

Alternatively, the quotes could reduce toward 1.10300-1.10150.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29925
  • Open: 1.31032
  • % chg. over the last day: +0.89
  • Day's range: 1.31338 - 1.31474
  • 52 wk range: 1.1959 - 1.3385

The GBP/USD currency pair is showing aggressive purchases. Amid the weakness of the US dollar, the British pound moved up. During yesterday's trading, GBP/USD quotes rose by more than 50 points. Investors are awaiting additional information regarding the Brexit process. The British pound was also supported by positive economic data from the UK. At the moment, the key support level is 1.31000. The key resistance level is 1.30600. We recommend opening positions from these marks.

Today, the publication of important news from the UK is not expected.

GBP/USD

Indicators point to a bullish sentiment: the price is being traded above 50 MA and 100 MA.

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 crossed the %D line. There are no signals.

Trading recommendations
  • Support levels: 1.31000, 1.30500, 1.30000
  • Resistance levels: 1.31600, 1.31800

If the price consolidates above 1.31600, expect further growth toward 1.32000.

Alternatively, the quotes could fix below 1.31000 and descend toward 1.30500-1.30300.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32941
  • Open: 1.32003
  • % chg. over the last day: -0.77
  • Day's range: 1.31771 - 1.31889
  • 52 wk range: 1.2727 - 1.3664

During yesterday's trading, the USD/CAD currency pair significantly decreased. Quotes fell by almost 100 points. The US dollar is under pressure from weak economic data and an unclear situation around US-China trade relations. Yesterday, the Bank of Canada left the interest rate unchanged at 1.75%. Currently, the local support and resistance levels are 1.31750 and 1.32000, respectively. We recommend paying attention to the dynamics of oil prices. Open positions from key levels.

Today at 17:00 (GMT+2:00) Ivey PMI Index for Canada will be published.

USD/CAD

Indicators point to a bearish sentiment: the price is being traded below 50 MA and 100 MA.

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

The Stochastic Oscillator is in the neutral zone, the% K line crosses the% D line. There are no signals.

Trading recommendations
  • Support levels: 1.31750, 1.31500
  • Resistance levels: 1.32000, 1.32350, 1.32700

If the price consolidates below 1.31750, expect a further decline toward 1.31500-1.31400.

Alternatively, the quotes could grow toward 1.32350-1.32500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.629
  • Open: 108.859
  • % chg. over the last day: +0.18
  • Day's range: 108.915 - 108.951
  • 52 wk range: 104.97 - 114.56

During yesterday's trading, the USD/JPY currency pair rose slightly. Currently, the key support and resistance levels are 108.700 and 109.000, respectively. Investors expect additional drivers. We also recommend you to pay attention to the dynamics of yield on US government bonds. Open positions from key levels.

The Economic News Feed for 05.12.2019 is calm.

USD/JPY

Indicators do not give accurate signals: the price is being traded between 50 MA and 100 MA.

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

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

Trading recommendations
  • Support levels: 108.700, 108.450
  • Resistance levels: 109.000, 109.300, 109.600

If the price consolidates above the round level of 109,000, expect the quotes to grow toward 109.300-109.450.

Alternatively, the quotes could descend toward 108.450-108.300.

by JustForex, 2019.12.05

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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