The Analytical Overview of the Main Currency Pairs on 2017.08.10

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17480
  • Open: 1.17564
  • % chg. over the last day: +0.11
  • Day's range: 1.17235 – 1.17702
  • 52 wk range: 1.0339 – 1.1909

The EUR/USD currency pair continues to be in a sideways trend. The key support and resistance levels are still 1.17200 and 1.17750, respectively. The trading instrument has the potential for further correction. We expect economic reports from the United States.

At 15:30 (GMT+3:00) the producer price index in the US will be published.

EUR/USD

The EUR/USD quotes have fixed below 50 MA and 200 MA, indicating the power of sellers.

The MACD histogram has started to decline and moved to the negative zone, which signals a bearish sentiment on EUR/USD.

Stochastic Oscillator reached the oversold zone, the %K line crossed the %D line. There are no signals yet.

Trading recommendations
  • Support levels: 1.17200
  • Resistance levels: 1.17750, 1.18200

If the statistics from the US turns out to be positive, we recommend to consider selling EUR/USD. The movement is tending potentially to 1.17000-1.16750.

The alternative may be the growth of the EUR/USD quotes to the level of 1.17750-1.18000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29868
  • Open: 1.29977
  • % chg. over the last day: +0.16
  • Day's range: 1.29613 – 1.30158
  • 52 wk range: 1.1450 – 1.3447

Over the last trading sessions, GBP/USD has been in a sideways trend. At the moment, the pound is testing the lower limit of the 1.29600 range. The key resistance is the level of 1.30250. We recommend you to open positions from these marks. We are waiting for statistics on the UK economy.

At 11:30 (GMT+3:00) data on the volume of output in the manufacturing industry in the UK will be released.

GBP/USD

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

The MACD histogram has started to decline and moved to the negative zone, which signals a downward trend on GBP/USD.

Stochastic Oscillator reached the oversold zone, the %K line crossed the %D line. There are no signals yet.

Trading recommendations
  • Support levels: 1.29600
  • Resistance levels: 1.30250, 1.30750

If economic reports from the UK turn out to be weak, we recommend looking for entry points to the market to open short positions. The movement is tending potentially to the round level of 1.29000.

An alternative may be the GBP/USD growth to 1.30250-1.30500.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.26650
  • Open: 1.26968
  • % chg. over the last day: +0.23
  • Day's range: 1.26905 – 1.27320
  • 52 wk range: 1.2414 – 1.3795

The USD/CAD correction continued. The currency overcame and consolidated above the round level of 1.27000. The closest resistance is the mark of 1.27500. At the moment, the "bullish" sentiment prevails on USD/CAD. We are waiting for statistics from the US.

The news background on Canada's economy is calm today. At 15:30 (GMT+3:00) new housing price index will be published.

USD/CAD

The USD/CAD quotes have fixed above 50 MA and 200 MA, indicating the power of buyers.

The MACD histogram is in the positive zone and above the signal line, which indicates a further growth of the USD/CAD currency pair.

Stochastic Oscillator reached the overbought zone, the %K line crossed the %D line. There are no signals yet.

Trading recommendations
  • Support levels: 1.27000, 1.26600
  • Resistance levels: 1.27500

If the statistics from the US turns out to be positive, the USD/CAD correction may continue. The target movement level is 1.27750-1.28000.

Alternatively, the USD/CAD quotes may fall to the level of 1.27000-1.26600.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.321
  • Open: 110.049
  • % chg. over the last day: -0.24
  • Day's range: 109.893 – 110.181
  • 52 wk range: 99.53 – 118.67

At the moment, there is an ambiguous technical pattern on USD/JPY. The currency is testing the resistance level of 110.100. The nearest support is located at around 109.700. The demand for safe currencies is supported due to the geopolitical risks growth on the Korean peninsula.

The news background on the economy of Japan is calm today.

USD/JPY

Indicators do not send accurate signals. The price has fixed below 50 MA and 200 MA, which indicates the power of sellers.

The MACD histogram is near the 0 mark.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which gives a signal to buy USD/JPY.

Trading recommendations
  • Support levels: 109.700
  • Resistance levels: 110.100, 110.600

If the statistics from the US turns out to be weak, we recommend considering selling USD/JPY. The target movement level is 109.700-109.500.

An alternative may be the USD/JPY growth. The movement is tending potentially to 110.500-110.600.

by JustForex, 2017.08.10

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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.