The Analytical Overview of the Main Currency Pairs on 2020.01.30

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10222
  • Open: 1.10084
  • % chg. over the last day: -0.08
  • Day's range: 1.10074 – 1.10181
  • 52 wk range: 1.0879 – 1.1572

EUR/USD currency pair continues to trade in a flat. There is no defined trend. Investors assess the results of the Fed meeting. As expected, the regulator kept the key interest rate range at 1.50%-1.75%. The central bank noted the stability of the labor market. The Fed officials plan to adhere to the current monetary policy rate. Inflation will act as the main factor determining future changes in interest rates. At the moment the trading instrument is consolidating in the range of 1.10000-1.10300. Technical correction of EUR/USD quotes is not excluded in the nearest future. Open positions from key levels.

The Economic News Feed for 30.01.2020:

  • - Labour Market Report (GER) – 10:55 (GMT+2:00);
  • - GDP Report (US) – 15:30 (GMT+2:00);
EUR/USD

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

The MACD histogram is near the 0 mark.

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

Trading recommendations
  • Support levels: 1.10000, 1.09700
  • Resistance levels: 1.10350, 1.10600, 1.10750

If the price fixes above 1.10300, expect a correction toward 1.10600-1.10750.

Alternatively, the quotes can descend toward 1.09700-1.09500.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30271
  • Open: 1.30186
  • % chg. over the last day: -0.05
  • Day's range: 1.30061 – 1.30250
  • 52 wk range: 1.1959 – 1.3516

At the moment GBP/USD quotes are consolidating. The technical picture is ambiguous. Sterling tests the local support and resistance levels at 1.29900 and 1.30250, respectively. The European Parliament approved the agreement on UK's exit from the EU. At the moment investors have taken a waiting position before the Bank of England meeting. The regulator is expected to keep the main parameters of monetary policy at the same level. We recommend you to pay attention to the comments made by the Central Bank representatives. Open positions from key levels.

At 14:00 (GMT+2:00) the Bank of England will announce its decision on key interest rate.

GBP/USD

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

MACD histogram is near the 0 mark.

The Stochastic Oscillator is located near the oversold area, the %K line is below the %D line, which gives a weak sell signal for GBP/USD.

Trading recommendations
  • Support levels: 1.29900, 1.29650
  • Resistance levels: 1.30250, 1.30650, 1.31000

If the price fixes below 1.29900, expect the quotes to fall toward 1.29600-1.29400.

Alternatively, the quotes could grow toward 1.30700-1.31000.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31550
  • Open: 1.31974
  • % chg. over the last day: +0.33
  • Day's range: 1.31882 – 1.32137
  • 52 wk range: 1.2949 – 1.3566

The USD/CAD currency pair continues to show positive dynamics. The trading instrument has set new local highs. At the moment the CAD is testing resistance level 1.32200. 1.31900 is the nearest support. We do not rule out further growth of USD/CAD quotes. The Canadian dollar is under pressure from the prolonged decline of oil prices. Today, we recommend you to pay attention to the economic releases from Canada. Open positions from key levels.

The news background on the Canadian economy 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 indicates a bullish sentiment.

The Stochastic Oscillator is in the neutral zone, the %K line crosses the %D line. No signals at the moment.

Trading recommendations
  • Support levels: 1.31900, 1.31550, 1.31350
  • Resistance levels: 1.32200, 1.32500

If the price fixes above 1.32200, expect the quotes to grow toward 1.32500-1.32700.

Alternatively, the quotes could correct toward 1.31600-1.31400.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.120
  • Open: 108.983
  • % chg. over the last day: -0.13
  • Day's range: 108.823 – 109.064
  • 52 wk range: 104.45 – 113.53

USD/JPY currency pair is still in sideways movement. There is no unidirectional trend. At the moment, the trading instrument is testing the key support at 108.800 USD/JPY. 109.100 is the nearest resistance. USD/JPY quotes have a potential to fall. Today we recommend you to pay attention to the statistical data on the US economy. Open positions from key levels.

The publication of important economic reports from Japan is not planned.

USD/JPY

The indicators signal the sellers' strength: the price has fixed below 50 MA and 100 MA.

The MACD histogram is in the negative zone, which indicates a bearish mood.

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

Trading recommendations
  • Support levels: 108.800, 108.500
  • Resistance levels: 109.100, 109.250, 109.650

If the price fixes below 108.800, expect the quotes to fall toward 108.500-108.300.

Alternatively, the quotes could grow toward 109.300-109.600.

by JustForex, 2020.01.30

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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