The Analytical Overview of the Main Currency Pairs on 2018.01.10

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.19671
  • Open: 1.19360
  • % chg. over the last day: +0.09
  • Day's range: 1.19343 – 1.19475
  • 52 wk range: 1.0341 – 1.2069

Yesterday, the euro fell against the US dollar, as a result the EUR/USD quotes fell. At the moment, the technical pattern on the EUR/USD currency pair is ambiguous. Investors expect additional drivers. Local support and resistance levels are 1.19200 and 1.19700. We recommend opening positions from key levels.

The news feed on 2018.01.10:

  • - German 10-year bund auction at 12:40 (GMT+2:00);
    - Import/export price index in the US at 15:30 (GMT+2:00);
    - Crude oil inventories in the US at 17:30 (GMT+2:00);
    - 10-year yield on the treasury note of the US at 20:00 (GMT+2:00).
EUR/USD

The signals of the indicators are ambiguous. The price has fixed below 50 MA and 200 MA, which indicates a bearish sentiment.

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

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

Trading recommendations
  • Support levels: 1.19200, 1.18900
  • Resistance levels: 1.19700, 1.20300, 1.20750

If the EUR/USD quotes fall and fix below the support level of 1.19200, we recommend looking for entry points to the market to open short positions. The target movement level is 1.18800-1.18600.

An alternative may be the growth of the EUR/USD quotes to the level of 1.20100-1.20300.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.35656
  • Open: 1.35398
  • % chg. over the last day: -0.19
  • Day's range: 1.35069 – 1.35149
  • 52 wk range: 1.1450 – 1.3618

Yesterday, the pound fell slightly against the US dollar due to the fact that Prime Minister Theresa May decided to hold staff changes in the Cabinet. At the moment, the technical pattern on the GBP/USD currency pair is ambiguous. We are waiting for important statistics from the UK. The key trading range is 1.35050-1.35400.

The news feed on the economy of Great Britain on 2018.01.10:

  • - The volume of industrial production in the UK at 11:30 (GMT+2:00);
    - The trade balance in the UK at 11:30 (GMT+2:00);
    - Estimation of the UK GDP growth at 15:00 (GMT+2:00);

We also recommend paying attention to the statistics from the US.

GBP/USD

Indicator signals indicate bearish sentiment on the GBP/USD currency pair. The price has fixed below 50 MA and 200 MA.

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

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

Trading recommendations
  • Support levels: 1.35050, 1.34350, 1.33900
  • Resistance levels: 1.35400, 1.35800, 1.36050

If GBP/USD continues to fall and fixes below the support level of 1.35050, we recommend looking for entry points to the market to open short positions. The movement is tending potentially to 1.34650-1.34450.

Alternative option. If the quotes begin to rise and fix above the local resistance of 1.35400, it is necessary to consider purchases. The target movement level is 1.35800-1.36000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24203
  • Open: 1.24581
  • % chg. over the last day: -0.13
  • Day's range: 1.24425 – 1.24644
  • 52 wk range: 1.2059 – 1.3795

Yesterday, the USD/CAD quotes rose slightly. At the moment, the technical pattern on the USD/CAD currency pair is ambiguous. The trading instrument is consolidating in the range of 1.24250-1.24750. Financial markets participants are waiting for news from the USA and Canada. We recommend opening positions from key support and resistance levels.

The news feed on 2018.01.10:

  • - Building permits in Canada at 15:30 (GMT+2:00).
USD/CAD

Indicators indicate bullish sentiments. The price is between 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 USD/CAD.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also gives a signal to buy USD/CAD.

Trading recommendations
  • Support levels: 1.24250, 1.23750
  • Resistance levels: 1.24750, 1.25450, 1.26550

If the price fixes below the local support of 1.24250, further decrease of the USD/CAD quotes is expected. The target movement level is 1.23850-1.23650.

Alternative option. If the USD/CAD quotes fix above the resistance level of 1.24750, it is necessary to look for entry points to the market to open long positions. The movement is tending potentially to 1.25150-1.25350.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 113.103
  • Open: 112.631
  • % chg. over the last day: -0.84
  • Day's range: 111. 791 – 111.957
  • 52 wk range: 99.53 – 118.67

The USD/JPY quotes fell significantly after it became known that the Bank of Japan had reduced the volume of the purchasing program of the long-term government bonds. At the moment, a bearish trend is observed on the USD/JPY currency pair. The price is testing the local support level of 111.750. Positions should be opened from the key levels.

The publication of important economic reports from Japan is not planned. We recommend paying attention to the reports from the USA.

USD/JPY

The signals of the indicators are ambiguous. The price has fixed below 50 MA and 200 MA, which indicates a bearish sentiment.

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

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

Trading recommendations
  • Support levels: 111.750
  • Resistance levels: 112.350, 112.850, 113.250

If the price breaks through and fixes below the local support level of 111.750, we recommend considering sales of USD/JPY. The movement is tending potentially to 111.450-111.250.

An alternative may be the growth of quotes to 112.150-112.350.

by JustForex, 2018.01.10

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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