The Analytical Overview of the Main Currency Pairs on 2018.05.03

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.19921
  • Open: 1.19502
  • % chg. over the last day: -0.35
  • Day's range: 1.19757 – 1.99361
  • 52 wk range: 1.0571 – 1.2557

Yesterday, the Fed left the interest rate unchanged at 1.75%. Demand for the American currency remained. At the moment, the EUR/USD currency pair is in a sideways trend. Local support and resistance levels are: 1.19500 and 1.20100, respectively. We recommend opening positions from the key levels.

The news feed on 2018.05.03:
  • – Consumer price index in the Eurozone at 12:00 (GMT+3:00);
  • – The index of business activity in the US non-manufacturing sector from ISM at 17:00 (GMT+3:00).
EUR/USD

The price has fixed below 50 MA and 200 MA, which indicates the power of sellers.

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell EUR/USD.

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which also indicates a decrease of the EUR/USD quotes.

Trading recommendations
  • Support levels: 1.19500, 1.19000
  • Resistance levels: 1.20100, 1.20600, 1.21300

If the price fixes below the support level of 1.19500, the EUR/USD quotes are expected to decline. The movement is tending potentially to 1.19200-1.19000.

Alternative option. If the price fixes above the resistance level of 1.20100, it is necessary to consider purchases of EUR/USD. The target movement level is 1.20500-1.21800.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.36132
  • Open: 1.35707
  • % chg. over the last day: -0.30
  • Day's range: 1.35707 – 1.35775
  • 52 wk range: 1.2361– 1.4345

There is an ambiguous technical pattern on the GBP/USD currency pair. In the near future, a technical correction is not excluded. Financial markets participants expect additional drivers. At the moment, the key support and resistance levels are: 1.35600 and 1.36300, respectively. The positions must be opened from these marks.

Today, at 11:30 (GMT+3:00) the index of business activity in the UK services sector will be published.

GBP/USD

The price has fixed below 50 MA and 200 MA, which signals the power of the sellers.

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell GBP/USD.

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

Trading recommendations
  • Support levels: 1.35600, 1.35200
  • Resistance levels: 1.36300, 1.36900, 1.37700

If the price fixes below the support level of 1.35600, the GBP/USD quotes are expected to decline. The movement is tending potentially to 1.35200-1.35000.

An alternative may be the growth of the GBP/USD currency pair to 1.36700-1.36900.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28461
  • Open: 1.28767
  • % chg. over the last day: +0.29
  • Day's range: 1.28523 – 1.28643
  • 52 wk range: 1.2059 – 1.3795

Yesterday there was a variety of trends on the USD/CAD currency pair. At the moment, the technical pattern is ambiguous. Investors expect additional drivers. Local support and resistance levels are: 1.28400 and 1.28800, respectively. The positions must be opened from these marks.

Today, the news feed on Canada's economy is calm.

USD/CAD

Indicators do not send accurate signals. The price crossed 50 MA and 200 MA.

The MACD histogram is near the 0 mark. There are no signals.

Stochastic Oscillator is located in the oversold zone, the %K line is above the %D line, which gives a strong signal to buy USD/CAD.

Trading recommendations
  • Support levels: 1.28400, 1.28000, 1.27600
  • Resistance levels: 1.28800, 1.29100

If the price fixes above the resistance level of 1.28800, the USD/CAD quotes are expected to rise. The movement is tending potentially to 1.29100-1.29400.

Alternative option. If the price fixes below the support level of 1.28400, it is necessary to consider sales of USD/CAD. The target movement level is 1.28000-1.27800.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.860
  • Open: 109.829
  • % chg. over the last day: -0.02
  • Day's range: 109.657 – 109.744
  • 52 wk range: 104.56 – 114.74

The technical pattern on the USD/JPY currency pair is ambiguous. The trading instrument is in a sideways trend. We recommend paying attention to the 10-year US government bonds yield. At the moment, the local support and resistance levels are: 109.550 and 109.850, respectively. The positions must be opened from these marks.

The news feed on Japan's economy is calm. The financial markets of Japan are closed due to the holiday of the Constitution Day.

USD/JPY

Indicators do not send accurate signals. The price crossed 50 MA.

The MACD histogram has moved to the negative zone and continues to decline, which indicates a bearish sentiment on the USD/JPY currency pair.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which signals to buy USD/JPY.

Trading recommendations
  • Support levels: 109.550, 109.150, 108.650
  • Resistance levels: 109.850, 110.150

If the price fixes above the level of 109.850, the growth of the USD/JPY currency pair is expected. The movement is tending potentially to 110.150-110.400.

Alternative option. If the price fixes below the support level of 109.550, it is necessary to consider sales of USD/JPY. The movement is tending potentially to 109.150-108.800.

by JustForex, 2018.05.03

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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