The Analytical Overview of the Main Currency Pairs on 2018.02.02

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24122
  • Open: 1.25123
  • % chg. over the last day: +0.72
  • Day's range: 1.24121 – 1.24224
  • 52 wk range: 1.0492 – 1.2537

Yesterday, the EUR/USD quotes rose by more than 100 points. At the moment, the currency pair is being traded in flat. Investors took a wait-and-see position before the publication of the report on the US labor market. The key support and resistance levels are 1.24900 and 1.25200, respectively. We recommend you to open positions above/below these marks.

The news feed on 2018.02.02:

  • - Report on the labor market in the US at 15:30 (GMT+2:00).
EUR/USD

Indicator signals indicate a bullish sentiment. The price has fixed above 50 MA and 200 MA, which indicates the power of buyers.

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

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

Trading recommendations
  • Support levels: 1.24900, 1.24400, 1.23900
  • Resistance levels: 1.25200, 1.25500, 1.26000

If report on the US labor market turns out to be positive, we recommend considering sales of EUR/USD. The movement is tending potentially to 1.24400-1.24000.

Alternative option. If the EUR/USD quotes overcome the level of 1.25200, we recommend looking for entry points to the market to open long positions. The movement is tending potentially to the round level of 1.26000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.41701
  • Open: 1.42516
  • % chg. over the last day: +0.52
  • Day's range: 1.42405 – 1.42604
  • 52 wk range: 1.2106 – 1.4345

Yesterday, there was bullish sentiment on the GBP/USD currency pair. Quotes rose by almost 100 points. At the moment, the trading instrument is consolidating in the range of 1.42200- 1.42700. Positions need to be opened from the key support and resistance levels. We expect important statistics from the UK.

At 11:30 (GMT+2:00) data on business activity in the UK construction sector will be published.

GBP/USD

The signals of the indicators are different. The price has fixed above 50 MA and 200 MA, which indicates a bullish sentiment.

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 near the oversold zone, the %K line is below the %D line, which gives a signal to sell GBP/USD.

Trading recommendations
  • Support levels: 1.42200, 1.41500, 1.40700
  • Resistance levels: 1.42700, 1.43350

If the price fixes below the support level of 1.42200, we recommend considering sales of GBP/USD. The movement is tending potentially to 1.41700-1.41500.

Alternative option. If the price falls above the level of 1.42700, it is necessary to look for entry points to the market to open long positions. The target movement level is 1.43200-1.43500.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.23145
  • Open: 1.22639
  • % chg. over the last day: -0.45
  • Day's range: 1.22634 – 1.22730
  • 52 wk range: 1.2059 – 1.3795

Yesterday, bearish sentiment was observed on the USD/CAD currency pair. Quotes fell by almost 70 points. At the moment, the technical pattern is ambiguous on the USD/CAD currency pair. The trading instrument is consolidating in the range of 1.22700-1.23000. Today we recommend you to pay attention to the news feed on the US economy. Positions must be opened from the key levels.

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

USD/CAD

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

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 crossing the%D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.22700, 1.22500, 1.22000
  • Resistance levels: 1.23000, 1.23400, 1.23800

If the price fixes above the round level of 1.23000, we recommend considering purchases of USD/CAD. The movement is tending potentially to 1.23400-1.23800.

The alternative is drop in the USD/CAD quotes to 1.22200.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.186
  • Open: 109.391
  • % chg. over the last day: +0.19
  • Day's range: 109.701 – 109.831
  • 52 wk range: 107.33 – 115.51

Yesterday, there was a variety of trends on the USD/JPY currency pair. Today, during the Asian trading session, quotes have increased. The yen is under pressure after the statements of the Bank of Japan. The regulator plans to increase the volume of bond purchases as part of its policy of controlling the yield curve. At the moment, the key support and resistance levels are 109.600 and 110.000, respectively. We recommend you to pay attention to the reports on the labor market and the dynamics of the US government bonds yield. Positions must be opened from the key levels.

The news feed on Japan's economy is calm.

USD/JPY

The signals of the indicators are different. The price has fixed above 50 MA and 200 MA, which indicates a bullish sentiment.

The MACD histogram is in the positive zone, above the signal line, which gives a strong signal to buy USD/JPY.

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

Trading recommendations
  • Support levels: 109.600, 109.200, 108.700
  • Resistance levels: 110.000, 110.500, 111.000

If the price fixes above the round level of 110.000, the USD/JPY quotes are expected to rise. The movement is tending potentially to 110.500-110.750.

An alternative may be the fall of the USD/JPY currency pair to 109.200-109.000.

by JustForex, 2018.02.02

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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