The Analytical Overview of the Main Currency Pairs on 2019.10.29

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10804
  • Open: 1.11003
  • % chg. over the last day: +0.14
  • Day's range: 1.10889 - 1.11025
  • 52 wk range: 1.0884 - 1.1623

An ambiguous technical picture has developed on the EUR/USD currency pair. A trading instrument is consolidating. At the moment, the local support and resistance levels are 1.10750 and 1.11050, respectively. Investors expect up-to-date information regarding trade negotiations between the US and China, as well as the Fed meeting. EUR/USD quotes have the potential to further decline. Today, financial market participants will evaluate important economic reports from the United States. We recommend opening positions from key levels.

The Economic News Feed for 29.10.2019:

  • - Consumer Confidence Index by CB (US) – 16:00 (GMT+2:00);
  • - Incomplete Real Estate Sales Index (US) – 16:00 (GMT+2:00);
EUR/USD

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

The MACD histogram is close to 0.

The Stochastic Oscillator is located near the oversold zone, the %K line is below the %D line, which gives a weak signal to sell EUR/USD.

Trading recommendations
  • Support levels: 1.10750, 1.10450, 1.10200
  • Resistance levels: 1.11050, 1.11250, 1.11500

If the price consolidates below the level of 1.10750, expect a further drop toward 1.10450-1.10300.

Alternatively, the quotes could grow toward 1.10450-1.10300.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28207
  • Open: 1.28601
  • % chg. over the last day: +0.22
  • Day's range: 1.28350 - 1.28608
  • 52 wk range: 1.1959 - 1.3385

The GBP/USD currency pair continues to consolidate. The technical pattern is ambiguous. At the moment, the local support and resistance levels are 1.28100 and 1.28700, respectively. Investors are waiting for new information regarding the Brexit process. British Prime Minister Boris Johnson formally agreed to extend the country's withdrawal from the Union until January 31, 2020. A trading instrument can descend further. Open positions from the key levels.

The Economic News Feed for 29.10.2019 is calm.

GBP/USD

Indicators do not give accurate signals: the price crossed 50 MA and 100 MA.

The MACD histogram is getting closer to 0.

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

Trading recommendations
  • Support levels: 1.28100, 1.27600, 1.27000
  • Resistance levels: 1.28700, 1.29450, 1.30100

If the price consolidates below 1,28100, expect GBP/USD quotes to fall toward 1.27600-1.27400.

Alternatively, the quotes could grow toward 1.29200-1.29400.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30606
  • Open: 1.30549
  • % chg. over the last day: -0.10
  • Day's range: 1.30517 - 1.30599
  • 52 wk range: 1.2727 - 1.3664

Looney is still in lateral movement. There is no defined trend. At the moment, USD/CAD quotes are consolidating near the support level of 1.30500. 1.30750 acts as local resistance. CAD has potential for further growth against the USD. Pay attention to economic releases from the United States, as well as the dynamics of oil prices. Open positions from key levels.

The Economic News Feed for 29.10.2019 is calm.

USD/CAD

Indicators do not give accurate signals: the price is testing 50 MA and 100 MA.

The MACD histogram has moved into the negative zone, indicating a bearish sentiment.

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

Trading recommendations
  • Support levels: 1.30500, 1.30200, 1.30000
  • Resistance levels: 1.30750, 1.31000, 1.31200

If the price consolidates below the support level of 1.30500, expect the quotes to drop toward 1.30200-1.30000.

Alternatively, the quotes could grow toward 1.31000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.670
  • Open: 108.982
  • % chg. over the last day: +0.22
  • Day's range: 108.936 - 109.068
  • 52 wk range: 104.97 - 114.56

The USD/JPY currency pair has moved up and updated local highs. The USD/JPY quotes reached a round level of 109,000. The 108.850 is already a mirror support. Currently, the currency pair is consolidating. Investors expect important economic releases from the United States. The trading instrument has the potential for further growth. We recommend opening positions from key levels.

The Economic News Feed for 29.10.2019 is calm.

USD/JPY

The price fixed above 50 MA and 100 MA, which signals the bullish mood.

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

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

Trading recommendations
  • Support levels: 108.850, 108.700, 108.500
  • Resistance levels: 109.050, 109.300, 109.500

If the price consolidates above 109.050, expect further growth toward 109.300-109.400.

Alternatively, the quotes could fall toward 108.700-108.500.

by JustForex, 2019.10.29

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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