The Analytical Overview of the Main Currency Pairs on 2019.12.12

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10885
  • Open: 1.11289
  • % chg. over the last day: +0.36
  • Day's range: 1.10818 - 1.10848
  • 52 wk range: 1.0884 - 1.1623

The EUR/USD currency pair rose during yesterday's trading. The US dollar weakened after the Fed meeting. The regulator kept interest rates unchanged at 1.75% and gave a signal that they are likely to remain unchanged until the end of 2020, while it is expected that moderate economic growth and low unemployment will continue until the next year’s presidential election . At the moment, the key support and resistance levels are 1.11200 and 1.11500, respectively. Open positions from these marks.

The Economic News Feed for 12.12.2019:

  • - ECB decision on interest rate - 14:45 (GMT+2:00);
  • - US manufacturer price index - 15:30 (GMT+2:00).
EUR/USD

Indicators point to the strength of buyers: 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 EUR/USD.

The Stochastic Oscillator is near the oversold zone, the% K line is below the% D line, which indicates a bearish sentiment.

Trading recommendations
  • Support levels: 1.11200, 1.10900, 1.10600
  • Resistance levels: 1.11500, 1.11800

If the price consolidates above 1.11500, expect further growth toward 1.11800.

Alternatively, the quotes could fix below 1.11200 and descend toward 1.10900-1.10750.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31546
  • Open: 1.31964
  • % chg. over the last day: -0.12
  • Day's range: 1.32074 – 1.32097
  • 52 wk range: 1.1959 – 1.3385

The GBP/USD currency pair has also moved up. Today, investors will look into the early parliamentary elections. Prime Minister Boris Johnson has decided to hold early parliamentary elections, as he hopes that the new parliament will support his Brexit deal. At the moment, the key support level is 1.31900. The key resistance level is 1.32250. We recommend opening positions from these marks.

The news background on the UK economy is calm. Today, parliamentary elections will be held.

GBP/USD

Indicators point to the strength of buyers: the price has fixed 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: 1.31900, 1.31600, 1.31200
  • Resistance levels: 1.32250, 1.32600

If the price consolidates above 1.32250, expect further growth toward 1.32600-1.32800.

Alternatively, the quotes could fix below 1.31900 and descend toward 1.31600-1.31500.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32300
  • Open: 1.31723
  • % chg. over the last day: -0.40
  • Day's range: 1.31667 – 1.31694
  • 52 wk range: 1.2727 – 1.3664

During yesterday's trading, the USD/CAD quotes fell significantly due to Fed forecasts. The currency pair fell by more than 60 points. At the moment, the trading instrument is in lateral movement. The local support and resistance levels are still 1.31550 and 1.31800, respectively. We recommend paying attention to the dynamics of oil prices. Open positions from key levels.

Today, the publication of important news from Canada is not expected. We recommend you to pay attention to the speech of the head of the Bank of Canada.

USD/CAD

Indicators point to the strength of sellers: 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 crossed the %D line. There are no exact signals.

Trading recommendations
  • Support levels: 1.31550, 1.31200
  • Resistance levels: 1.31800, 1.32150, 1.32500

If the price consolidates below 1.31550, expect the quotes to descend toward 1.31550 and eventually reach 1.31200-1.31000.

Alternatively, the quotes could correct toward 1.32150-1.32300.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.716
  • Open: 108.550
  • % chg. over the last day: -0.14
  • Day's range: 108.608 - 108.656
  • 52 wk range: 104.97 - 114.56

Quotes USD/JPY also fell during yesterday's trading. Today, during the Asian trading session, the USD/JPY currency pair has moved into recovery. Currently, the key support and resistance levels are 108.600 and 108.800, respectively. We recommend you to pay attention to the dynamics of yield on US government bonds and open positions from key levels.

The Economic News Feed for 12.12.2019 is calm.

USD/JPY

Indicators do not give accurate signals: the price is crossing 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/JPY.

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

Trading recommendations
  • Support levels: 108.600, 108.400
  • Resistance levels: 108.800, 109.00, 109.150

If the price consolidates above 108.800, expect further growth toward 109.000.

Alternatively, the quotes could descend toward 108.400-108.200.

by JustForex, 2019.12.12

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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