The Analytical Overview of the Main Currency Pairs on 2017.09.29

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17447
  • Open: 1.17861
  • % chg. over the last day: +0.32
  • Day's range: 1.17726 – 1.18010
  • 52 wk range: 1.0341 – 1.2069

Yesterday, the dollar index (#DX) moved away from local highs. The EUR/USD currency pair kept the support level of 1.17200, which caused a corrective movement. At the moment, the technical pattern is ambiguous. The trading instrument is consolidated (1.17750-1.18000). We expect economic reports from Germany and the United States.

The news background on 2017.09.29:

  • - Statistics on the labor market in Germany at 10:55 (GMT+3:00);
  • - The Eurozone consumer price index at 12:00 (GMT+3:00);
  • - The data on expenditures of individuals in the US at 15:30 (GMT+3:00);
  • - The consumers' expectations and sentiment from the University of Michigan at 17:00 (GMT+3:00).

Indicators do not send accurate signals. The price has fixed between 50 MA and 200 MA, which are quite strong dynamic levels of support and resistance.

EUR/USD

Indicators do not send accurate signals. The price has fixed between 50 MA and 200 MA, which are quite strong dynamic levels of support and resistance.

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

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

Trading recommendations
  • Support levels: 1.17750, 1.17000
  • Resistance levels: 1.18000, 1.18400

If the price fixes above the round level of 1.18000, we expect a correction of the EUR/USD currency pair. The immediate goal for profit-taking is 1.18400.

Alternative option. If the EUR/USD quotes overcome the level of 1.17750, it is necessary to search for entry points to the market for opening short positions. The movement is tending to 1.17200-1.17000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.33795
  • Open: 1.34382
  • % chg. over the last day: +0.32
  • Day's range: 1.33812 – 1.34422
  • 52 wk range: 1.1450 – 1.3618

On the GBP/USD currency pairб there was an ambiguous technical pattern. The market expects additional drivers. At the moment, the price is testing a "mirror" support level of 1.34100. This week, the trading instrument formed a fairly strong offer zone of 1.34500-1.34750. We recommend opening positions from key levels.

Economic reports from the UK:

  • - The GDP data at 11:30 (GMT+3:00);
  • - The current account balance at 11:30 (GMT+3:00).
GBP/USD

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

The MACD histogram has fixed near the 0 mark.

Stochastic oscillator is located in the neutral zone, the %K line is above the %D line, which sends a signal to buy GBP/USD.

Trading recommendations
  • Support levels: 1.34100, 1.33600
  • Resistance levels: 1.34750

If the statistics on the UK economy turns out to be weak, we recommend considering selling GBP/USD. The target movement level is 1.33600-1.33500.

An alternative may be the growth of the GBP/USD quotes to the offer zone of 1.34500-1.34750.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24761
  • Open: 1.24227
  • % chg. over the last day: -0.30
  • Day's range: 1.24194 – 1.24448
  • 52 wk range: 1.2059 – 1.3795

Yesterday the USD/CAD currency pair held a round level of 1.25000, which caused a correction. At the moment, the technical pattern is ambiguous. The key support and resistance levels are 1.24100 and 1.24600, respectively. We recommend opening positions from these marks. We expect economic reports from Canada.

Newsline on the economy of Canada:

  • - The GDP data at 15:30 (GMT+3:00);
  • - Raw Materials Price Index (RMPI) at 15:30 (GMT+3:00).
USD/CAD

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

The MACD histogram is located in the negative zone and continues to decline, indicating a fall in USD/CAD.

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

Trading recommendations
  • Support levels: 1.24100, 1.23500
  • Resistance levels: 1.24600, 1.25000

If the statistics on the Canadian economy turns out to be weak, purchases on the USD/CAD currency pair may prevail. The immediate goal for profit taking is a round level of 1.25000.

Alternatively, USD/CAD may drop to 1.23500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 112.819
  • Open: 112.271
  • % chg. over the last day: -0.31
  • Day's range: 112.239 – 112.731
  • 52 wk range: 99.53 – 118.67

During yesterday's trading, sales prevailed on USD/JPY. At the moment, the currency is in a sideways trend. The following key levels can be identified: support – 112.200; resistance – 112.700. The technical pattern is ambiguous. Positions must be opened from these levels. We recommend paying attention to the US government bonds yield.

Mixed economic reports from Japan were published in the Asian trading session.

USD/JPY

The USD/JPY quotes have fixed between 50 MA and 200 MA, which are quite strong dynamic levels of support and resistance.

The MACD histogram is located in the negative zone and continues to decline, which signals a bearish sentiment on USD/JPY.

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

Trading recommendations
  • Support levels: 112.200, 111.700
  • Resistance levels: 112.700, 113.200

If the price fixes above the 112.700 level, we recommend considering buying USD/JPY. The movement is tending to 113.200.

Alternative option. If the price fixes below 112.200, you need to look for entry points in the market to open short positions. The target movement level is 111.700.

by JustForex, 2017.09.29

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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.