The Analytical Overview of the Main Currency Pairs on 2019.12.20

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.11128
  • Open: 1.11215
  • % chg. over the last day: +0.09
  • Day's range: 1.11138 - 1.11249
  • 52 wk range: 1.0879 - 1.1572

The EUR/USD currency pair is trading in a long flat. There is no defined trend. EUR/USD quotes test local support and resistance levels at 1.11100 and 1.11350, respectively. Yesterday, the US published a number of weak economic releases. Market participants expect up-to-date information regarding trade negotiations between Washington and Beijing. Today, investors will evaluate important statistical data from the United States. Open positions from key levels.

At 15:30 the US GDP report will be published.

EUR/USD

Indicators do not give accurate signals: the price is consolidating near 50 MA.

The MACD histogram has moved into the negative zone, indicating a bearish sentiment.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which gives a signal to buy EUR/USD.

Trading recommendations
  • Support levels: 1.11100, 1.10900, 1.10600
  • Resistance levels: 1.11350, 1.11550, 1.11700

If the price consolidates above 1.11350, expect the quotes to rise toward 1.11600-1.11800.

Alternatively, the quotes could drop toward 1.10800-1.10600.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30801
  • Open: 1.30083
  • % chg. over the last day: -0.46
  • Day's range: 1.30056 - 1.30372
  • 52 wk range: 1.1959 - 1.3516

GBP / USD quotes continue to show a steady downtrend. The trading instrument has set new local lows. Sterling remains under pressure due to uncertainty over the Brexit issue. Yesterday, the Bank of England, as expected, kept the basic parameters of monetary policy at the same level. At the moment, the GBP / USD currency pair is consolidating in the range of 1.29900-1.30650. The pound has the potential to further decline. Investors expect the release of important economic reports. Open positions from key levels.

At 11:30 (GMT+2:00), a report on UK GDP will be published.

GBP/USD

Indicators signal the power of sellers: the price has fixed 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 GBP/USD.

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

Trading recommendations
  • Support levels: 1.29900, 1.29500
  • Resistance levels: 1.30650, 1.31350, 1.32100

f the price consolidates below 1.29900, expect a further drop toward 1.29500-1.29300.

Alternatively, the quotes could grow toward 1.31300-1.31500.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31140
  • Open: 1.31210
  • % chg. over the last day: +0.03
  • Day's range: 1.31210 - 1.31378
  • 52 wk range: 1.3014 - 1.3664

An ambiguous technical pattern has developed on the USD/CAD currency pair. Looney is currently consolidating. USD/CAD quotes are testing the local offer area of 1.31350-1.31500. 1.31000 is the key support. We consider the further strengthening of the Canadian dollar against the greenback highly possible and expect the release of important economic releases from the USA and Canada. We recommend you to pay attention to the dynamics of prices for oil. Open positions from key levels.

At 15:30 (GMT+2: 00) Canada will publish a retail sales report.

USD/CAD

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

The MACD histogram has started to rise, indicating a bullish 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: 1.31000, 1.30700
  • Resistance levels: 1.31350, 1.31500, 1.31800

the price consolidates below the round level of 1.31000, expect a descend toward 1.30700-1.30500.

Alternatively, the quotes could grow toward 1.31700-1.32000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.575
  • Open: 109.364
  • % chg. over the last day: -0.13
  • Day's range: 109.255 - 109.401
  • 52 wk range: 104.45 - 113.53

The USD/JPY currency pair went down. The trading tool has updated local lows. The lack of new information regarding the settlement of the trade conflict between Washington and Beijing, as well as the uncertain situation on the Brexit issue, renewed the demand for the safe haven currencies. At the moment, USD/JPY quotes are consolidating in the range 109.200-109.400. The yen has the potential for further growth relative to the US currency. Today we recommend paying attention to the news background from the USA. Open positions from key levels.

In November, Japan's nationwide core consumer price index accelerated to 0.5% (y/y) from 0.4% (y/y).

USD/JPY

Indicators signal the strength of sellers: the price has fixed below 100 MA.

The MACD histogram is in the negative zone and continues to decline, which gives a strong signal to sell USD/JPY.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also indicates a bearish sentiment.

Trading recommendations
  • Support levels: 109.200, 109.050, 108.850
  • Resistance levels: 109.400, 109.650, 110.000

If the price consolidates below 109.200, expect the quotes to descend toward 109.000-108.800.

Alternatively, the quotes could grow toward 109.600-109.800.

by JustForex, 2019.12.20

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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