The Analytical Overview of the Main Currency Pairs on 2018.03.16

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.23678
  • Open: 1.23052
  • % chg. over the last day: -0.49
  • Day's range: 1.23038 – 1.23081
  • 52 wk range: 1.0492 – 1.2537

Yesterday, there was bearish sentiment on the EUR/USD currency pair. The decrease in quotes exceeded 70 points. The optimistic reports from the United States contributed to the strengthening of the US currency. At the moment, the EUR/USD quotes are being traded in flat. The key trading range is 1.23000-1.23300. We recommend you to open positions from these marks.

We recommend paying attention to the following economic reports:
  • - Inflation data in the Eurozone at 12:00 (GMT+2:00);
  • - A number of statistics on the real estate market in the US at 14:30 (GMT+2:00).
EUR/USD

The price has fixed below 50 MA and 200 MA, which indicates a bearish sentiment.

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

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

Trading recommendations
  • Support levels: 1.23000, 1.22750, 1.22400
  • Resistance levels: 1.23300, 1.23600, 1.24000

If the price fixes below the round level of 1.23000, it is necessary to consider sales of EUR/USD. The target movement level is 1.22800-1.22400.

An alternative is the growth of the EUR/USD currency pair to 1.23600-1.24000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.39645
  • Open: 1.39388
  • % chg. over the last day: -0.17
  • Day's range: 1.39309 – 1.39451
  • 52 wk range: 1.2106 – 1.4345

Yesterday, there was a variety of trends on the GBP/USD currency pair. At the moment, GBP/USD is in a sideways trend. Investors expect additional drivers. The key support and resistance levels are: 1.39250 and 1.39550, respectively. We recommend you to open positions above/below these marks.

The news feed on the UK economy is calm.

GBP/USD

The price has fixed between 50 MA and 200 MA, which are strong dynamic support and resistance levels.

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

Trading recommendations
  • Support levels: 1.39250, 1.39000, 1.38600
  • Resistance levels: 1.39550, 1.39900, 1.40500

If the price fixes above the resistance level of 1.39550, the GBP/USD currency pair is expected to grow. The movement is tending potentially to 1.39900-1.40000.

Alternative option. If the GBP/USD quotes fall below the 1.39250 level, we recommend considering sales. The target movement level is 1.39000-1.38600.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29567
  • Open: 1.30530
  • % chg. over the last day: +0.76
  • Day's range: 1.30640 – 1.30706
  • 52 wk range: 1.2059 – 1.3795

Yesterday, aggressive purchases prevailed on the USD/CAD currency pair. The quotes grew by almost 100 points. Let us recall, that in the near future, the Bank of Canada is not going to raise the key interest rate. At the moment, the USD/CAD currency pair is trading in flat. The key support and resistance levels are: 1.30400 and 1.30750 respectively. The positions should be opened from these marks.

The news feed on Canada's economy is calm.

USD/CAD

The price 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 is above the %D line, which indicates the growth of the USD/CAD currency pair.

Trading recommendations
  • Support levels: 1.30400, 1.30000, 1.29600
  • Resistance levels: 1.30750, 1.31200

If the price fixes above 1.30750, the USD/CAD quotes are expected to grow. The movement is tending potentially to 1.31000-1.31250.

Alternative option. If the price fixes below the support level of 1.30400, it is necessary to look for entry points to the market to open short positions. The movement is tending potentially to the round level of 1.30000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 106.314
  • Open: 106.325
  • % chg. over the last day: -0.50
  • Day's range: 106.285 – 106.353
  • 52 wk range: 107.33 – 115.51

Today, there was the bearish sentiment on the USD/JPY currency pair during the Asian trading session. Investors buy safe assets because of political instability in the United States. The USD/JPY quotes have the potential to further decline. At the moment, the trading instrument is consolidating in the range of 105.650-105.850. We recommend you to open positions from these marks.

Today, weak statistics on the industrial production volume in Japan were published.

USD/JPY

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

The MACD histogram is located in the negative zone, below the signal line, which gives a strong signal to sell USD/JPY.

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

Trading recommendations
  • Support levels: 105.650, 105.400
  • Resistance levels: 105.850, 106.200, 106.600

If the price fixes below the 105.650 mark, we recommend looking for entry points to the market to open short positions. The movement is tending potentially to the round level of 105.400-105.200.

Alternative option. If the price fixes above the "mirror" resistance of 105.850, it is necessary to consider purchases of USD/JPY. The movement is tending potentially to 106.200-106.600.

by JustForex, 2018.03.16

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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