The Analytical Overview of the Main Currency Pairs on 2017.11.01

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.16492
  • Open: 1.16465
  • % chg. over the last day: -0.02
  • Day's range: 1.16256 – 1.16572
  • 52 wk range: 1.0341 – 1.2069

At the moment, the technical pattern on EUR/USD is ambiguous. The trading instrument is in lateral motion. The key levels of support and resistance are still: 1.16200 and 1.16600 respectively. Investors took a wait-and-see attitude before the Fed's meeting. It is expected that the regulator will leave interest rates unchanged. We recommend you to pay attention to the comments and rhetoric of the representatives of the Central Bank.

The news background on 2017.11.01:

  • - The index of business activity in the manufacturing sector of the UK at 11:30 (GMT+2:00);
  • - A preliminary report on the labor market in the US from ADP at 14:15 (GMT+2:00);
  • - The index of business activity in the manufacturing sector of the US from ISM at 4:00 pm (GMT+2:00);
  • - The decision on the Fed's interest rate at 20:00 (GMT+2:00).
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 near the 0 mark.

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

Trading recommendations
  • Support levels: 1.16200, 1.15800
  • Resistance levels: 1.16600, 1.17000, 1.17350

If the price fixes above the 1.16600 mark, we recommend considering buying EUR/USD. The movement is tending to 1.17000-1.17500.

Alternative option. If the EUR/USD quotes overcome the level of 1.16200, it is necessary to search for entry points to the market for opening short positions. The target level of movement is to 1.15800-1.15500.

When following the positions, we recommend using a trailing stop.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32065
  • Open: 1.32844
  • % chg. over the last day: +0.62
  • Day's range: 1.32667 – 1.33109
  • 52 wk range: 1.1450 – 1.3618

On the GBP/USD currency pair, the bullish sentiment still prevails. Yesterday, the pound grew against the US dollar by more than 80 points. Today, the UK currency rally has continued. The trading instrument found resistance at 1.33100. The mark 1.32700 is already a "mirror" support. We are waiting for statistics from Britain.

At 11:30 (GMT+3:00), the index of business activity in the manufacturing sector of Great Britain will be published.

GBP/USD

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, 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 above the %D line, which also signals the purchase of GBP/USD.

Trading recommendations
  • Support levels: 1.32700, 1.32250
  • Resistance levels: 1.33100, 1.33500

If the statistics from the UK id positive, we expect further growth of the GBP/USD currency pair. The target level of movement is 1.33500-1.33750.

An alternative may be the fall of GBP/USD to 1.32500-1.32250.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28282
  • Open: 1.28899
  • % chg. over the last day: +0.49
  • Day's range: 1.28756 – 1.29085
  • 52 wk range: 1.2059 – 1.3795

Yesterday, the Canadian dollar continued to lose ground against the US dollar. The pressure was caused by a weak report on Canada's GDP. At the moment, the USD/CAD currency pair is consolidating in the range of 1.28750-1.29000. In the near future, a technical correction is not ruled out. Positions must be opened from the key levels. We recommend paying attention to the news background on the US economy.

There are no important economic reports from Canada today.

USD/CAD

The signals of the indicators are different. The price has fixed above 50 MA and 200 MA, which signals the power of buyers.

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

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

Trading recommendations
  • Support levels: 1.28750, 1.28450, 1.28100
  • Resistance levels: 1.29000, 1.29500

If the statistics from the US turns out to be weak, we expect the correction of the USD/CAD currency pair to the level of 1.28450-1.28100.

An alternative may be further growth of the USD/CAD quotations to the resistance level of 1.29500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 113.164
  • Open: 113.652
  • % chg. over the last day: +0.42
  • Day's range: 113.604 – 113.991
  • 52 wk range: 99.53 – 118.67

During yesterday's trading on USD/JPY, the bullish sentiment prevailed. Today, the currency of the "safe haven" continued to lose ground against the US dollar. At the moment, the price is testing a round level of 114.000. The 113.800 mark is already a "mirror" support. The trading instrument has the potential for further growth. The attention is focused on statistics from the US. Positions must be opened from the key levels.

Today, the news background on the Japanese economy is calm.

USD/JPY

The price has fixed above 50 MA and 200 MA, which signals the power of buyers.

The MACD histogram is located in the positive zone and above the signal line, which indicates a bullish sentiment on USD/JPY.

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

Trading recommendations
  • Support levels: 113.800, 113.450, 113.000
  • Resistance levels: 114.000, 114.400

If the price fixes above the round level of 114.000, we recommend considering buying USD/JPY. The movement is tending to 114.400-114.750.

Alternative option. If the price fixes below the 113.800 mark, you need to look for entry points to the market to open short positions. The target movement level is 113.450-113.200.

by JustForex, 2017.11.01

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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.