The Analytical Overview of the Main Currency Pairs on 2017.12.08

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17939
  • Open: 1.17719
  • % chg. over the last day: -0.20
  • Day's range: 1.17426 – 1.17766
  • 52 wk range: 1.0341 – 1.2069

Yesterday, the US dollar once again strengthened against the majors. The demand is still high. The EUR/USD currency pair found support at 1.17450. The mark of 1.17850 is already a "mirror" resistance. At the moment, investors have taken a wait-and-see attitude before the publication of the report on the labor market in the United States. Experts expect that in November the number of people employed in the non-agricultural sector of the country will slow down. We recommend you to pay attention to the difference between the actual and the forecasted value of the indicator. Positions must be opened from the key levels.

At 15:30 (GMT+2:00) the statistics on the labor market in the United States will be published.

EUR/USD

The EUR/USD quotes have fixed below 50 MA and 200 MA, which indicates the power of sellers.

The MACD histogram is located in the negative zone and continues to decline, which signals a bearish sentiment of EUR/USD.

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: 1.17450, 1.17000
  • Resistance levels: 1.17850, 1.18200, 1.18500

If the report on the labor market in the US is optimistic, we recommend looking for entry points to the market for opening short positions. The movement is tending to 1.17000-1.16500.

An alternative may be the growth of the EUR/USD currency pair to the level of 1.18000-1.18500.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.33881
  • Open: 1.34730
  • % chg. over the last day: +0.66
  • Day's range: 1.34539 – 1.35201
  • 52 wk range: 1.1450 – 1.3618

Yesterday aggressive purchases were observed on GBP/USD. The pound rose against the US dollar by more than 100 points. At the moment, the trading instrument is consolidating. The financial markets participants expect statistics from the UK and the US. The key support and resistance levels are 1.34500 and 1.35250 respectively. We recommend opening positions from these marks.

At 11:30 (GMT+2:00) the data on the volume of production in the manufacturing industry in the UK will appear.

GBP/USD

The price has fixed above 50 MA and 200 MA, which indicates the power of buyers.

The MACD histogram is in the positive zone and above the signal line, which signals the purchase of GBP/USD.

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

Trading recommendations
  • Support levels: 1.34500, 1.33800, 1.33300
  • Resistance levels: 1.35250, 1.36000

If the price fixes above the key resistance of 1.35250, further growth of the GBP/USD price is expected. The movement is tending to the round level of 1.36000.

Alternative option. If the price fixes below the "mirror" support level of 1.34500, it is necessary to consider sales of GBP/USD. The movement is tending to 1.34000-1.33800.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27879
  • Open: 1.28532
  • % chg. over the last day: +0.53
  • Day's range: 1.28480 – 1.28640
  • 52 wk range: 1.2059 – 1.3795

The Canadian dollar continues to lose ground against the US currency. Yesterday, the growth of the USD/CAD quotations exceeded 0.5%. At the moment, the price is testing the resistance level of 1.28600. The key support is the mark of 1.28150. Positions should be opened if the price fixes above/below these markers. We are waiting for statistics from the USA.

The news feed on the economy of Canada is quite calm. At 15:15 (GMT+2:00) there will be data on the volume of construction of new houses.

USD/CAD

The price has fixed above 50 MA and 200 MA, which indicates the power of buyers.

The MACD histogram is located in the positive zone, but below the signal line, which gives a weak signal to buy USD/CAD.

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: 1.28150, 1.27600
  • Resistance levels: 1.28600, 1.29000

If economic reports from the US are positive, we expect further growth of the USD/CAD currency pair. The movement is tending to 1.29000-1.29500.

Alternatively, USD/CAD may drop to the level of 1.28150-1.27600.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 112.239
  • Open: 113.084
  • % chg. over the last day: +0.80
  • Day's range: 113.078 – 113.587
  • 52 wk range: 99.53 – 118.67

On the USD/JPY currency pair there is a pronounced upward trend. Yesterday, the growth of quotations exceeded 90 points. Today, the "safe haven" currency continued to lose ground against the US dollar. At the moment, the price is testing the local resistance of 113.600. The round level of 113.00 is already a "mirror" support. We are waiting for statistics from the USA.

In the Asian trading session, positive data on the trade balance and the GDP of Japan were published.

USD/JPY

The USD/JPY quotes have fixed above 50 MA and 200 MA, which indicates the power of buyers.

The MACD histogram is in the positive zone and above the signal line, which signals the purchase of USD/JPY.

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

Trading recommendations
  • Support levels: 113.000, 112.350, 112.000
  • Resistance levels: 113.600, 114.000

If the statistics from the US is optimistic, we recommend considering buying USD/JPY. The target movement level is 114.000-114.250.

An alternative may be reduction of the USD/JPY currency pair to the level of 113.000-112.750.

by JustForex, 2017.12.08

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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