The Analytical Overview of the Main Currency Pairs on 2018.08.29

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.16776
  • Open: 1.16942
  • % chg. over the last day: +0.13
  • Day's range: 1.16916 – 1.16972
  • 52 wk range: 1.0571 – 1.2557

The technical pattern on the EUR/USD currency pair is ambiguous. The trading instrument is in a sideways trend. Investors expect economic statistics from the US. At the moment, the key support and resistance levels are 1.16500 and 1.17000, respectively. We recommend opening positions from these marks. In the near future, the correction of the EUR/USD quotes after the rally is not ruled out.

The news feed on 2018.08.29:
  • - Data on US GDP at 15:30 (GMT+3:00);
  • - Pending home sales index in the US at 17:00 (GMT+3:00).
EUR/USD

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

The MACD histogram is located near the 0 mark.

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

Trading recommendations
  • Support levels: 1.16500, 1.16000, 1.15500
  • Resistance levels: 1.17000, 1.17400

If the price fixes above the round level of 1.17000, the EUR/USD currency pair is expected to grow. The movement is tending to 1.17400-1.17600.

Alternative option. If the price fixes below the support level of 1.16500, we recommend considering sales of EUR/USD. The movement is tending to the round level of 1.16000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28893
  • Open: 1.28642
  • % chg. over the last day: -0.18
  • Day's range: 1.28636 – 1.28721
  • 52 wk range: 1.2361 – 1.4345

There is a variety of trends on the GBP/USD currency pair. At the moment, the quotes are moving in a flat. Financial market participants expect additional drivers. The key support and resistance levels are 1.28400 and 1.28800, respectively. The positions should be opened from these marks. We recommend paying attention to the news feed from the US.

Today, the news feed on the UK economy is calm.

GBP/USD

Indicators do not send accurate signals: the price is being traded between 50 MA and 200 MA.

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 in the neutral zone, the %K line has started crossing the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.28400, 1.28000, 1.27600
  • Resistance levels: 1.28800, 1.29200

If the price fixes above 1.28800, the GBP/USD currency pair is expected to grow. The target movement level is 1.29200-1.29500.

Alternative option. If the price fixes below 1.28400, we recommend considering sales of GBP/USD. The target movement level is 1.28000-1.27800

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29669
  • Open: 1.29257
  • % chg. over the last day: -0.29
  • Day's range: 1.29141 – 1.29257
  • 52 wk range: 1.2059 – 1.3795

Yesterday, the bearish sentiment was observed on the USD/CAD currency pair. The trading instrument has updated local extremes. At the moment, the quotes are in a sideways trend. The key support and resistance levels are 1.29000 and 1.29400, respectively. The positions should be opened from these marks. The USD/CAD currency pair has the potential for further decrease.

The news feed on the economy of Canada is calm.

USD/CAD

Indicators point to the power of sellers: the price has fixed below 50 MA and 200 MA.

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

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which indicates the bullish sentiment.

Trading recommendations
  • Support levels: 1.29000, 1.28600
  • Resistance levels: 1.29400, 1.29800, 1.30200

If the price fixes below the round level of 1.29000, the USD/CAD quotes are expected to decline further. The movement is tending to 1.28600-1.28400.

Alternative option. If the price fixes above the resistance level of 1.29400, it is necessary to consider purchases of USD/CAD. The movement is tending to 1.29800-1.30000.

The USD/JPY currency pair:

Technical indicators of the currency pair:
  • Prev Open: 111.048
  • Open: 111.190
  • % chg. over the last day: +0.06
  • Day's range: 111.125 – 111.195
  • 52 wk range: 104.56 – 114.74

Since the beginning of this week, the USD/JPY currency pair has been consolidating. Quotes are moving in flat. At the moment, local support and resistance levels are 111.100 and 111.300, respectively. The positions should be opened from these marks. Investors expect additional drivers. We recommend paying attention to the news feed on the US economy.

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

USD/JPY

Indicators do not send accurate signals. The price is testing 50 MA, which is a strong dynamic support.

The MACD histogram is near the 0 mark.

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

Trading recommendations
  • Support levels: 111.100, 110.800, 110.500
  • Resistance levels: 111.300, 111.550

If the price fixes above the resistance level of 111.300, it is necessary to consider purchases of USD/JPY. The movement is tending to 111.500-111.700.

Alternative option. If the price fixes below 111.100, the USD/JPY currency pair is expected to decline. The movement is tending to 110.800-110.500.

by JustForex, 2018.08.29

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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