The Analytical Overview of the Main Currency Pairs on 2017.10.24

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17666
  • Open: 1.17487
  • % chg. over the last day: -0.15
  • Day's range: 1.17429 – 1.17700
  • 52 wk range: 1.0341 – 1.2069

On the EUR/USD currency pair, there was an ambiguous technical pattern. The trading instrument is in a sideways trend. Pressure on the euro is put by an uncertain political situation in Spain. At the moment, the following key levels of support and resistance can be identified: 1.17350 and 1.17700, respectively. We recommend opening positions from these marks. We expect important statistics on business activity.

News background on 2017.10.24:

  • - A number of indices for business activity in Germany and the Eurozone at 10:30 (GMT+3:00) and 11:00 (GMT+3:00);
  • - Statistics on business activity in the US at 16:45 (GMT+3:00).
EUR/USD

Indicators point to the power of sellers. The EUR/USD quotes have fixed below 50 MA and 200 MA.

The MACD histogram is located in the negative zone and below the signal line, which gives a weak signal to sell EUR/USD.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the EUR/USD price drop.

Trading recommendations
  • Support levels: 1.17350, 1.17000
  • Resistance levels: 1.17700, 1.18250, 1.18550

If the price fixes below the support level of 1.17350, we recommend considering sales of EUR/USD. The movement is tending to 1.17000-1.16750.

Alternative option. If the price fixes above the 1.17700 mark, you need to look for entry points to the market to open long positions. The target movement level is 1.18000-1.18250.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31860
  • Open: 1.31962
  • % chg. over the last day: +0.09
  • Day's range: 1.31813 – 1.32273
  • 52 wk range: 1.1450 – 1.3618

The technical pattern on the GBP/USD currency pair is still ambiguous. The trading instrument continues to trade in the flat. The key levels are support – 1.31850; resistance – 1.32250. Positions should be opened if the price fixes above/below these marks. We recommend paying attention to the US government bonds yield.

Today there is no important news from the UK.

GBP/USD

Indicators don't send accurate signals. The price has crossed 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 below the %D line, which indicates a bearish sentiment on GBP/USD.

Trading recommendations
  • Support levels: 1.31850, 1.31500, 1.31000
  • Resistance levels: 1.32250, 1.32650

If the price fixes below the local support of 1.31850, it is necessary to consider sales of GBP/USD. The movement is tending potentially to 1.31500-1.31250.

Alternative option. If the price fixes above the 1.32250 mark, we recommend you to look for entry points to the market to open long positions. The target movement level is 1.32650.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.26201
  • Open: 1.26438
  • % chg. over the last day: +0.12
  • Day's range: 1.26218 – 1.26603
  • 52 wk range: 1.2059 – 1.3795

The Canadian dollar continued to lose ground against the US dollar. Yesterday, additional pressure was put by a weak report on wholesale sales in Canada. At the moment, the USD/CAD quotes are testing the local resistance of 1.26600. The nearest support is at the level of 1.26200. The trading instrument has the potential for further growth. We recommend paying attention to the news background on the US economy.

Today, there are no important economic reports from Canada.

USD/CAD

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 and continues to rise, which signals a bullish sentiment on USD/CAD.

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which signals the purchase of USD/CAD.

Trading recommendations
  • Support levels: 1.26200, 1.25750, 1.25250
  • Resistance levels: 1.26600, 1.27000

If the USD/CAD quotes overcome and fix above the local resistance of 1.26600, we recommend looking for entry points to the market to open long positions. The movement is tending to the round level of 1.27000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 113.872
  • Open: 113.428
  • % chg. over the last day: -0.37
  • Day's range: 113.249 – 113.719
  • 52 wk range: 99.53 – 118.67

Yesterday the USD/JPY currency pair renewed the 3-month maximum. Investors expect that the Central Bank of Japan will maintain a soft monetary policy. At the moment, the technical pattern is ambiguous. The key trading range is 113.450-113.750. The positions must be opened from these marks. We recommend paying attention to the news feed from the USA.

The news background on Japan's economy is calm.

USD/JPY

Indicators don't accurate signals. The price has fixed above 50 MA and 200 MA, which indicates the power of buyers.

The MACD histogram is located near the 0 mark.

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

Trading recommendations
  • Support levels: 113.450, 113.100
  • Resistance levels: 113.750, 114.100

If the price fixes above the local resistance of 113.750, you need to look for entry points to the market to open long positions. The target movement level is 114.100-114.250.

Alternative option. If the price fixes below the level of 113.450, we recommend considering selling USD/JPY. The movement is tending to 113.100-113.000.

by JustForex, 2017.10.24

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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.