The Analytical Overview of the Main Currency Pairs on 2018.08.28

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.16160
  • Open: 1.16776
  • % chg. over the last day: +0.33
  • Day's range: 1.16625 – 1.16970
  • 52 wk range: 1.0571 – 1.2557

Yesterday, the US dollar continued to lose grounds relative to the single currency. The EUR/USD quotations growth exceeded 70 points. Support was provided by positive data on the business climate in Germany from IFO. At the moment, the trading instrument is testing the round level of 1.17000. The local support is 1.16450. In the near future, the further growth of the EUR/USD quotes is not excluded. We recommend opening positions from the key levels.

The news feed on 2018.08.28:
  • - CB consumer confidence index in the USA at 17:00 (GMT+3:00).
EUR/USD

Indicators point to the power of buyers: the price has fixed above 50 MA and 200 MA.

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

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

Trading recommendations
  • Support levels: 1.16450, 1.16000, 1.15350
  • Resistance levels: 1.17000, 1.17500

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

Alternative option. If the price fixes below the support level of 1.16450, we recommend considering selling EUR/USD. The movement is tending to 1.16000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28370
  • Open: 1.28893
  • % chg. over the last day: +0.31
  • Day's range: 1.28615 – 1.29014
  • 52 wk range: 1.2361 – 1.4345

Yesterday, the bullish sentiment prevailed on the GBP/USD currency pair. At the moment the quotes are moving in the flat. The key levels of support and resistance are: 1.28600 and 1.29000 respectively. The trading instrument is tending to recover. We recommend you to keep track of the latest information on Brexit. Positions must be opened from the key levels.

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

GBP/USD

Indicators point to the power of buyers: the price has fixed above 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 located in the neutral zone, the %K line is above the %D line, which indicates the bullish sentiment.

Trading recommendations
  • Support levels: 1.28600, 1.28300, 1.28000
  • Resistance levels: 1.29000, 1.29350, 1.29500

If the price fixes above 1.29000, further growth of the GBP/USD currency pair is expected. The target level of movement is 1.29350-1.29500.

Alternative option. If the price fixes below 1.28600, we recommend to consider sales of GBP/USD. The target movement level is 1.28300-1.28000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30135
  • Open: 1.29669
  • % chg. over the last day: -0.36
  • Day's range: 1.29495 – 1.29823
  • 52 wk range: 1.2059 – 1.3795

Yesterday, the USD/CAD currency pair held the offer zone of 1.30500-1.30650, which triggered aggressive sales. The trading instrument has updated local extremes. The United States and Mexico reached a new agreement on the future of the North American Free Trade Area (NAFTA). Currently, the quotes are consolidating in the range of 1.29500-1.29850. The USD/CAD currency pair is tending to decrease. Positions must be opened from the key levels.

The news feed on Canada's economy 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 below the %D line, which indicates the bearish sentiment.

Trading recommendations
  • Support levels: 1.29500, 1.29000
  • Resistance levels: 1.29850, 1.30150, 1.30500

If the price fixes below 1.29500, the USD/CAD quotes are expected to decline further. The movement is tending to the round level of 1.29000.

Alternative option. If the price fixes above the resistance level of 1.29850, it is necessary to consider buying USD/CAD. The movement is tending to 1.30150-1.30300.

The USD/JPY currency pair:

Technical indicators of the currency pair:
  • Prev Open: 111.314
  • Open: 111.048
  • % chg. over the last day: -0.14
  • Day's range: 110.989 – 111.356
  • 52 wk range: 104.56 – 114.74

There is an ambiguous technical pattern on the USD/JPY currency pair. The quotes are in a sideways trend. Local support and resistance levels are: 111.100 and 111.350, respectively. Investors expect additional drivers. We recommend you to pay 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 has crossed 50 MA.

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 fall in USD/JPY.

Trading recommendations
  • Support levels: 111.100, 110.750
  • Resistance levels: 111.350, 111.500

If the price fixes above the resistance level of 111.350, it is necessary to consider buying USD/JPY. The movement is tending to 111.500-111.700.

Alternative option. If the price fixes below the 111.100 level, the correction of the USD/JPY currency pair is expected. The movement is tending to 110.750-110.600.

by JustForex, 2018.08.28

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.

Get Free Analytics

* required fields