The Analytical Overview of the Main Currency Pairs on 2018.09.07

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.16300
  • Open: 1.16212
  • % chg. over the last day: -0.08
  • Day's range: 1.16137 – 1.16491
  • 52 wk range: 1.0571 – 1.2557

The EUR/USD currency pair is consolidating. A unidirectional trend is not observed. The key range is 1.16100-1.16500. Financial market participants expect a report on the labor market in the United States. Preliminary data from ADP turned out to be rather weak. We recommend paying attention to the difference between the actual and forecasted values. Positions should be opened from the key levels.

The news feed on 2018.09.07:
  • - GDP data in Eurozone at 12:00 (GMT+3:00);
  • - Statistics on the US labor market at 15:30 (GMT+3:00).
EUR/USD

Indicators do not send accurate signals: the price has crossed 50 MA and 200 MA.

The MACD histogram is near 0 mark.

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

Trading recommendations
  • Support levels: 1.16100, 1.15700, 1.15350
  • Resistance levels: 1.16500, 1.16900, 1.17150

If the price fixes below the local support of 1.16100, we recommend looking for entry points to the market to open short positions. The movement is tending to 1.15500-1.15250.

Alternative option. If the price fixes above 1.16500, the EUR/USD quotes are expected to rise. The movement is tending to 1.17000-1.17250.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29018
  • Open: 1.29254
  • % chg. over the last day: +0.16
  • Day's range: 1.29135 – 1.29479
  • 52 wk range: 1.2361 – 1.4345

The GBP/USD currency pair continues to consolidate. Statistics on the US labor market is in the focus of attention. At the moment, the local support and resistance levels are 1.29100 and 1.29500, respectively. We recommend opening positions from these marks. Investors expect new information regarding Brexit negotiations.

The publication of important economic reports from the UK is not planned.

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 and continues to rise, which signals the bullish sentiment.

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which also signals to buy GBP/USD.

Trading recommendations
  • Support levels: 1.29100, 1.28700, 1.28250
  • Resistance levels: 1.29500, 1.29850, 1.30200

If the price fixes above 1.29500, further growth of the GBP/USD quotes is expected. The movement is tending to 1.30000-1.30200.

Alternative option. If the price fixes below the local support of 1.29100, we recommend considering sales of GBP/USD. The movement is tending to 1.28500-1.28250.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31760
  • Open: 1.31369
  • % chg. over the last day: -0.15
  • Day's range: 1.31130 – 1.31660
  • 52 wk range: 1.2059 – 1.3795

Yesterday, the USD/CAD quotes moved away from local highs. At the moment, the trading instrument is consolidating. Local support and resistance levels are 1.31150 and 1.31600, respectively. Investors expect statistics on the labor market in the US and Canada. Today, trading activity and volatility can significantly increase on the USD/CAD currency pair. We recommend opening positions from the key levels.

The news feed on the economy of Canada:
  • - A report on the labor market at 15:30 (GMT+3:00);
  • - The index of economic activity from Ivey at 17:00 (GMT+3:00).
USD/CAD

Indicators do not send accurate signals: the price has fixed between 50 MA and 200 MA.

The MACD histogram is in the negative zone and below the signal line, which indicates the bearish sentiment.

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: 1.31150, 1.30600, 1.30250
  • Resistance levels: 1.31600, 1.32000, 1.32500

If the price fixes below the local support of 1.31150, it is necessary to look for entry points to the market to open short positions. The movement is tending to 1.30600-1.30250.

Alternative option. If the price fixes above 1.31600, the USD/CAD quotes are expected to rise. The target level for profit-taking is 1.32000-1.32500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 111.528
  • Open: 110.740
  • % chg. over the last day: -0.93
  • Day's range: 110.380 – 110.772
  • 52 wk range: 104.56 – 114.74

The bearish sentiment prevails on the USD/JPY currency pair. During yesterday's trading, the drop in quotes exceeded 100 points. Investors are still concerned about the trade conflict between the US and China, which supports the demand for safe assets. At the moment, the USD/JPY currency pair is consolidating in the range of 110.500-110.750. The positions should be opened from these marks. We recommend paying attention to the news feed on the US economy.

The publication of important statistics from Japan is not planned.

USD/JPY

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

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell USD/JPY.

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

Trading recommendations
  • Support levels: 110.500, 110.000
  • Resistance levels: 110.750, 111.000, 111.200

If the price fixes below the support level of 110.500, the USD/JPY quotes are expected to fall further. The movement is tending to 110.000-109.750.

Alternative option. If the price fixes above the level of 110.750, it is necessary to consider purchases of USD/JPY. The movement is tending to 111.000-111.250.

by JustForex, 2018.09.07

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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