The Analytical Overview of the Main Currency Pairs on 2020.01.28

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10298
  • Open: 1.10188
  • % chg. over the last day: -0.05
  • Day's range: 1.10163 – 1.10252
  • 52 wk range: 1.0879 – 1.1572

The EUR/USD currency pair continues to consolidate after a prolonged decline. There is no defined trend. Currently, the following local support and resistance levels can be distinguished: 1.10100 and 1.10400, respectively. Financial markets participants took a waiting position before the Fed meeting, which is scheduled for January 29. Technical correction of EUR/USD quotes is not excluded in the nearest future. Open positions from key levels.

The Economic News Feed for 28.01.2020:

  • - Durable Goods Purchases (US) – 15:30 (GMT+2:00);
  • - Consumer Confidence Index (US) – 17:00 (GMT+2:00);
EUR/USD

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

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 crosses the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.10100, 1.09800
  • Resistance levels: 1.10400, 1.10600, 1.10750

If the price fixes below 1.10100, expect a decline toward 1.09800-1.9600.

Alternatively, the quotes could recover toward 1.10600-1.10800.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30646
  • Open: 1.30588
  • % chg. over the last day: -0.04.
  • Day's range: 1.30331 - 1.30651
  • 52 wk range: 1.1959 - 1.3516

Bearish sentiment prevails on GBP/USD currency pair. Sterling has updated the local lows. At the moment GBP/USD quotes are testing the support level at 1.30300. The mark 1.30650 is the nearest resistance. The trading instrument has a potential for further decline. Today we recommend you to pay attention to the US news background. Open positions from key levels.

The publication of important statistics on the UK economy is not planned.

GBP/USD

Indicators point to the strength of sellers: the price has fixed below 50 MA and 100 MA.

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

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

Trading recommendations
  • Support levels: 1.30300, 1.30000, 1.29700
  • Resistance levels: 1.30650, 1.31000, 1.31450

If the price fixes below 1.30300, expect movement toward 1.30000-1.29800.

Alternatively, the quotes could grow toward 1.30900-1.31100.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31501
  • Open: 1.31939
  • % chg. over the last day: +0.20
  • Day's range: 1.31800 – 1.31943
  • 52 wk range: 1.2949 – 1.3566

The USD/CAD currency pair continues to show positive dynamics. The trading instrument has overcome and strengthened above the key extremums. At the moment, the CAD is consolidating. Local support and resistance levels are acting: 1.31700 and 1.32000, respectively. The technical picture signals further growth of USD/CAD quotes. We recommend you to pay attention to the dynamics of "black gold" prices. Open positions from key levels.

The Economic News Feed for 28.01.2020 is calm.

USD/CAD

The indicators signal the strength of buyers: the price has fixed above 50 MA and 100 MA.

MACD histogram is in the positive zone, which gives a signal to buy USD/CAD.

The Stochastic Oscillator is located near the oversold area, the %K line crosses the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.31700, 1.31400, 1.31200
  • Resistance levels: 1.32000, 1.32300, 1.32500

If the price fixes above 1.32000, expect movement toward 1.32300-1.32500.

Alternatively, the quotes could descend toward 1.31400-1.31200.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.928
  • Open: 108.889
  • % chg. over the last day: -0.02
  • Day's range: 108.819 – 109.099
  • 52 wk range: 104.45 – 113.53

The USD/JPY has stabilized after a long slump. At the moment the trading instrument is consolidating. USD/CAD quotes are testing local support and resistance levels: 108.750 and 109.100, respectively. Technical correction is not ruled out in the nearest future. We also recommend you to pay attention to the economic reports, as well as the dynamics of US government bonds yield. Open positions from key levels.

The Economic News Feed for 28.01.2020 is calm.

USD/JPY

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

The MACD histogram began to rise, which indicates a possible correction of the USD/JPY currency pair.

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

Trading recommendations
  • Support levels: 108.750, 108.400
  • Resistance levels: 109.100, 109.300, 109.650

If the price fixes below 108.750, the quotes should descend toward 108.500-108.300.

Alternatively, the quotes could grow toward 109.300-109.600.

by JustForex, 2020.01.28

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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