The Analytical Overview of the Main Currency Pairs on 2018.10.03

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.15791
  • Open: 1.15457
  • % chg. over the last day: -0.23
  • Day's range: 1.15752 – 1.15842
  • 52 wk range: 1.0571 – 1.2557

During yesterday's trading session, sales prevailed on the EUR/USD currency pair. The euro weakened against a basket of currencies due to resumed concerns about the Italian budget. Today, quotes have started recovering. At the moment, the key support and resistance levels are: 1.15600 and 1.16000, respectively. We recommend opening positions from these marks.

The news feed on 2018.10.03:
  • - ADP nonfarm employment change in the US at 15:15 (GMT+3:00);
  • - ISM non-manufacturing business activity in the US at 17:00 (GMT+3:00).

We also recommend paying attention to the speech by the Fed Chairman Powell.

EUR/USD

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

The MACD histogram has moved to the positive zone, which gives a signal to buy EUR/USD.

Stochastic Oscillator is in the neutral zone, the %K line has crossed the %D line. There are no accurate signals.

Trading recommendations
  • Support levels: 1.15600, 1.15200
  • Resistance levels: 1.16000, 1.16400, 1.16800

If the price fixes below the support level of 1.15600, a further drop in the EUR/USD quotes is expected. The movement is tending to 1.15200-1.15000.

Alternative option. If the price fixes above the round level of 1.16000, we recommend considering purchases. The target movement level is 1.16400-1.16800.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30423
  • Open: 1.29770
  • % chg. over the last day: -0.49
  • Day's range: 1.29972 – 1.30082
  • 52 wk range: 1.2361 – 1.4345

Yesterday, the bearish sentiment was observed on the GBP/USD currency pair. In September, the index of economic activity in the UK construction sector fell from 52.9 to 52.1. Today, the correction of the quotes is observed. At the moment, the key support and resistance levels are: 1.29700 and 1.30200, respectively. Positions should be opened from these marks. Investors expect additional drivers.

At 11:30 (GMT+3:00) the index of economic activity in the UK services sector will be published.

GBP/USD

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

The MACD histogram is near the 0 mark.

Stochastic Oscillator is located near the overbought zone, the %K line has crossed the %D line. There are no accurate signals.

Trading recommendations
  • Support levels: 1.29700, 1.29400, 1.29000
  • Resistance levels: 1.30200, 1.30700, 1.31200

If the price fixes below the support level of 1.29700, a further drop in the GBP/USD quotes is expected. The movement is tending to 1.29400-1.29000.

An alternative may be the growth of the GBP/USD currency pair to the level of 1.30700-1.31000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28095
  • Open: 1.28233
  • % chg. over the last day: +0.06
  • Day's range: 1.28215 – 1.28322
  • 52 wk range: 1.2059 – 1.3795

At the moment, the technical pattern on the USD/CAD currency pair is ambiguous. Quotes are in a sideways trend. Investors assess a new trade agreement (USMCA) between the United States, Mexico and Canada. The key support and resistance levels are: 1.28100 and 1.28500, respectively. Positions should be opened from these marks. In the near future, correction of the USD/CAD quotes is not excluded.

Today, the publication of important economic reports from Canada is not planned.

USD/CAD

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

The MACD histogram is near the 0 mark.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the growth of the USD/CAD quotes.

Trading recommendations
  • Support levels: 1.28100, 1.27750
  • Resistance levels: 1.28500, 1.29000, 1.29500

If the price fixes below 1.28100, we recommend looking for entry points to the market to open short positions. The target level for profit taking is 1.27750-1.27500.

Alternative option. If the price fixes above the resistance level of 1.28500, correction of the USD/CAD quotes is expected. The movement is tending to 1.29000-1.29200.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 113.875
  • Open: 113.632
  • % chg. over the last day: -0.32
  • Day's range: 113.875 – 113.882
  • 52 wk range: 104.56 – 114.74

There is a variety of trends on the USD/JPY currency pair. Financial market participants expect additional drivers. At the moment, the key support and resistance levels are: 113.700 and 114.000, respectively. In the near future technical correction is not excluded. We recommend paying attention to the US government bonds yield, as well as to the news feed from the United States.

The news feed on the economy of Japan is calm.

USD/JPY

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

The MACD histogram is located near the 0 mark.

Stochastic Oscillator is located near the overbought zone, the %K line is above the %D line, which gives a weak signal to buy USD/JPY.

Trading recommendations
  • Support levels: 113.700, 113.450, 113.300
  • Resistance levels: 114.000, 114.500

If the price fixes below the support level of 113.700, correction of the USD/JPY currency pair is expected. The movement is tending to 113.400-113.200.

An alternative may be a further growth of the USD/JPY quotes to the level of 114.200-114.400.

by JustForex, 2018.10.03

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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