The Analytical Overview of the Main Currency Pairs on 2018.10.09

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.15225
  • Open: 1.14853
  • % chg. over the last day: -0.26
  • Day's range: 1.14653 – 1.15027
  • 52 wk range: 1.0571 – 1.2557

Yesterday, the bearish sentiment prevailed on the EUR/USD currency pair. Tensions about the fiscal policy of Italy have again escalated. Additional pressure on the euro is put by weak statistics on the volume of industrial production in Germany. At the moment, the EUR/USD quotes are consolidating in the range of 1.14600-1.15000. The trading instrument is tending to further decline. Positions must be opened from the key levels.

Today, the news feed in the eurozone and the US is calm. The publication of important economic reports is not planned.

EUR/USD

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 and continues to decline, which signals the bearish sentiment.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also sends a signal to sell EUR/USD.

Trading recommendations
  • Support levels: 1.14600, 1.14000
  • Resistance levels: 1.15000, 1.15300, 1.15850

If the price fixes below the support level of 1.14600, a further decline in the EUR/USD currency pair is expected. The movement is tending to 1.14200-1.14000.

An alternative could be the growth of the EUR/USD quotes to the level of 1.15300-1.15500.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31196
  • Open: 1.30789
  • % chg. over the last day: -0.26
  • Day's range: 1.30730 – 1.31059
  • 52 wk range: 1.2361 – 1.4345

Since the beginning of this week, trading on the GBP/USD currency pair is very active. However, a unidirectional trend is not observed. At the moment, the key support and resistance levels are 1.30600 and 1.31000, respectively. Investors are awaiting new information regarding the Brexit process. We recommend opening positions from the key levels.

The news feed on the UK economy is calm.

GBP/USD

Indicators do not send accurate signals: the price has crossed 50 MA and 200 MA.

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

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

Trading recommendations
  • Support levels: 1.30600, 1.30150, 1.29600
  • Resistance levels: 1.31000, 1.31300, 1.31750

If the price fixes above the round level of 1.31000, the GBP/USD quotes are expected to grow. The movement is tending to 1.31300-1.31500.

Alternative option. If the price fixes below 1.30600, we recommend looking for entry points to the market to open short positions. The movement is tending to 1.30150-1.30000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29441
  • Open: 1.29476
  • % chg. over the last day: +0.07
  • Day's range: 1.29905 – 1.29730
  • 52 wk range: 1.2059 – 1.3795

Yesterday, the USD/CAD currency pair moved away from monthly highs. At the moment, the technical pattern is ambiguous. Financial market participants expect additional drivers. The USD/CAD quotes are consolidating in the range of 1.29500-1.29800. We recommend opening positions from these marks.

The news feed on the economy of Canada:
  • - The volume new home construction at 15:15 (GMT+3:00).
USD/CAD

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

The MACD histogram is near the 0 mark.

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

Trading recommendations
  • Support levels: 1.29500, 1.29150, 1.28700
  • Resistance levels: 1.29800, 1.30100, 1.30450

If the price fixes below the support level of 1.29500, the USD/CAD currency pair is expected to decline. The movement is tending to 1.29150-1.29000.

Alternative option. If the price fixes above 1.29800, you need to consider buying USD/CAD. The target level for profit taking is 1.30100-1.30400.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 113.789
  • Open: 113.149
  • % chg. over the last day: -0.52
  • Day's range: 112.931 – 113.372
  • 52 wk range: 104.56 – 114.74

Yesterday sales prevailed on the USD/JPY currency pair. The trading instrument updated local lows. At the moment, the technical pattern is ambiguous. The USD/JPY quotes are testing a “mirror” resistance of 113.350. The round level of 113.000 is a key support. We recommend paying attention to the yield of US government bonds. Positions must be opened from the key levels.

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

USD/JPY

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 USD/JPY.

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

Trading recommendations
  • Support levels: 113.000, 112.600
  • Resistance levels: 113.350, 113.600, 113.900

If the price fixes above the resistance level of 113.350, it is necessary to consider buying USD/JPY. The movement is tending to 113.600-113.900.

An alternative would be reduction of the USD/JPY currency pair to 112.800-112.600.

by JustForex, 2018.10.09

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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