The Analytical Overview of the Main Currency Pairs on 2018.05.09

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.19222
  • Open: 1.18567
  • % chg. over the last day: -0.46
  • Day's range: 1.18257 – 1.18357
  • 52 wk range: 1.0571 – 1.2557

The US dollar continued to strengthen against the euro. Fall in the EUR/USD quotes exceeded 60 points. Yesterday it became known that the US intended to exit from the Iran nuclear deal. In the near future, technical correction is not ruled out. At the moment, the local support and resistance levels are: 1.18150 and 1.18500, respectively. We recommend opening positions from these marks.

The news feed on 2018.05.09:
  • – Producer price index in the US at 15:30 (GMT+3:00).
EUR/USD

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

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

Stochastic Oscillator is located near the oversold zone, the %K line is below the %D line, which indicates a decrease in the EUR/USD quotes.

Trading recommendations
  • Support levels: 1.18150, 1.17700
  • Resistance levels: 1.18500, 1.19000, 1.19700

If the price fixes below the support of 1.18150, further decline in the EUR/USD quotes is expected. The movement is tending potentially to 1.17700-1.17500.

Alternative option. If the price fixes above the resistance level of 1.18500, it is necessary to consider purchases of EUR/USD. The target movement level is 1.19000-1.19200.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.35556
  • Open: 1.35488
  • % chg. over the last day: -0.03
  • Day's range: 1.35357 – 1.35525
  • 52 wk range: 1.2361– 1.4345

The GBP/USD currency is still in a sideways trend. Financial market participants took a wait-and-see attitude before the meeting of the Bank of England. In the near future, the technical correction of the GBP/USD quotes is not excluded. At the moment, the key support and resistance levels are 1.34900 and 1.35500, respectively. Positions must be opened from these levels.

Today, the news feed on the UK economy is calm.

GBP/USD

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

The MACD histogram has started to decline, which also indicates the bearish sentiment.

Stochastic Oscillator is located near the oversold zone, the %K line is above the %D line, which gives a strong signal to buy GBP/USD.

Trading recommendations
  • Support levels: 1.34900, 1.34500
  • Resistance levels: 1.35500, 1.36200, 1.37500

If the price fixes below the support level of 1.34900, the GBP/USD quotes are expected to decline. The movement is tending potentially to 1.34600-1.34400.

Alternative option. If the price fixes above the resistance level of 1.35500, the GBP/USD correction to 1.36200-1.36500 is expected.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28786
  • Open: 1.29487
  • % chg. over the last day: +0.52
  • Day's range: 1.29543 – 1.29745
  • 52 wk range: 1.2059 – 1.3795

Yesterday, the aggressive purchases were observed on the USD/CAD currency pair. The growth of quotes exceeded 100 points. At the moment, the trading instrument is consolidating. Local support and resistance levels are 1.29400 and 1.29700, respectively. The positions must be opened from these marks.

Today, important economic reports from Canada are not expected to be published.

USD/CAD

The price has fixed above 50 MA and 200 MA, which indicates 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 above the %D line, which signals to buy USD/CAD.

Trading recommendations
  • Support levels: 1.29400, 1.29000, 1.28700
  • Resistance levels: 1.29700, 1.30000

If the price fixes above the resistance of 1.29700, further growth of the USD/CAD quotes is expected. The movement is tending potentially to 1.30000-1.30300.

Alternative option. If the price fixes below the support of 1.29400, it is necessary to consider sales of USD/CAD. The movement is tending potentially to 1.29000-1.28700.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.046
  • Open: 109.122
  • % chg. over the last day: -0.05
  • Day's range: 109.047 – 109.136
  • 52 wk range: 104.56 – 114.74

During today's trading session, the aggressive purchases are observed on the USD/JPY currency pair. The growth of quotes has already exceeded 60 points. Local support and resistance levels are 109.500 and 109.800, respectively. The positions must be opened from these marks. The trading instrument has the potential for further growth.

The news feed on Japan's economy is calm.

USD/JPY

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

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

Stochastic Oscillator is located in the overbought zone, the %K line is crossing the %D line. There are no accurate signals.

Trading recommendations
  • Support levels: 109.500, 109.200, 108.900
  • Resistance levels: 109.800, 110.000

If the price fixes above the level of 109.800, further growth of the USD/JPY currency pair is expected. The movement is tending potentially to 110.000-110.300.

Alternative option. If the price fixes below the support of 109.500, it is necessary to consider sales of USD/JPY. The movement is tending potentially to 109.200-108.900.

by JustForex, 2018.05.09

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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