The Analytical Overview of the Main Currency Pairs on 2017.11.23

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17383
  • Open: 1.18180
  • % chg. over the last day: +0.66
  • Day's range: 1.18132 – 1.18461
  • 52 wk range: 1.0341 – 1.2069

Yesterday, the US dollar significantly weakened against the majors. The FOMC protocols indicated that officials are concerned about the low level of inflation in the country. The single currency added more than 80 points. Today the rally continued. We do not exclude the further growth of the EUR/USD quotations. At the moment, the price is testing the key resistance of 1.18500. The round level of 1.18000 is already a "mirror" support.

The news feed on 2017.11.23:

The US financial markets are closed due to the holiday.

At 10:30 (GMT+2:00) and 11:00 (GMT+2:00), a number of business activity indices will be published in Germany and the Eurozone.

EUR/USD

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, but below the signal line, which gives a weak signal to buy 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: 1.18000, 1.17600, 1.17250
  • Resistance levels: 1.18500, 1.19000

If the EUR/USD quotes overcome the key resistance of 1.18500, we recommend looking for entry points to the market to open long positions. The movement is tending to the round level of 1.19000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32371
  • Open: 1.33196
  • % chg. over the last day: +0.57
  • Day's range: 1.33048 – 1.33370
  • 52 wk range: 1.1450 – 1.3618

The bullish sentiment prevails on the GBP/USD currency pair. Yesterday, the growth of quotations exceeded 85 points. The trading instrument formed a local resistance of 1.33300. The mark of 1.32800 is already a "mirror" support. At the moment, investors have taken a wait-and-see attitude before publishing important statistics from the UK. We recommend opening positions from the key levels.

Preliminary data on the UK GDP will appear at 11:30 (GMT+2:00).

GBP/USD

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

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

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

Trading recommendations
  • Support levels: 1.32800, 1.32200
  • Resistance levels: 1.33300, 1.33500

If the statistics from the UK is positive, we expect further growth of GBP/USD. The target level of movement is 1.33750-1.34000.

An alternative may be the correction of the GBP/USD currency pair to the level of 1.32500-1.32200.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27776
  • Open: 1.26947
  • % chg. over the last day: -0.56
  • Day's range: 1.26829 – 1.27139
  • 52 wk range: 1.2059 – 1.3795

Since the beginning of this week, sales prevail on USD/CAD. Yesterday, the drop in quotations exceeded 0.5%. The trading instrument found support at 1.26850. The mark 1.27150 is already a "mirror" resistance. The Canadian dollar is supported by a positive dynamics in the market of "black gold". At the moment, USD/CAD is consolidating. Participants of the financial markets expect important statistics.

At 15:30 (GMT+2:00) a report on retail sales in Canada will be published.

USD/CAD

The indicators point to the power of sellers. The price has fixed below 50 MA and 200 MA.

The MACD histogram is located in the negative zone, but above the signal line, which gives a weak signal to sell 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: 1.26850, 1.26500
  • Resistance levels: 1.27150, 1.27600, 1.27850

If the statistics from Canada is optimistic, we expect a further drop in the USD/CAD quotes. The target movement level is 1.26250-1.26000.

An alternative may be the correction of the USD/CAD currency pair to the level of 1.27500-1.27600.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 112.444
  • Open: 111.211
  • % chg. over the last day: -1.03
  • Day's range: 111.068 – 111.380
  • 52 wk range: 99.53 – 118.67

Yesterday aggressive sales were observed on USD/JPY. The "safe haven" currency has strengthened against the US dollar by more than 125 points. At the moment, the trading instrument is consolidating in the range of 111.150-111.350. It is recommended to open positions if the price fixes above/below these marks. In the near future, a technical correction is not ruled out.

The financial markets of Japan are closed due to the holiday.

USD/JPY

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

The MACD histogram is located in the negative zone, but above the signal line, which gives a weak signal to sell 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: 111.150
  • Resistance levels: 111.350, 112.000

If the price fixes below the local support of 111.350, it is necessary to consider selling USD/JPY. The movement is tending 110.500.

Alternative option. If the USD/JPY quotes overcome the level of 111.350, we expect a corrective movement. The target level of movement is 111.750-112.000.

by JustForex, 2017.11.23

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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