The Analytical Overview of the Main Currency Pairs on 2018.04.10

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.22811
  • Open: 1.23189
  • % chg. over the last day: +0.41
  • Day’s range: 1.23029 – 1.23289
  • 52 wk range: 1.0571 – 1.2557

Yesterday, the US dollar weakened against the major currencies. Participants in financial markets are still concerned about the strained trade relations between the US and China. Today, the president of the PRC promised at the Boao forum to make the country's economy more open and to reduce import duties on products, including cars. This statement caused the strengthening of the US currency during the Asian trading session. At the moment, the technical pattern on the EUR/USD currency pair is ambiguous. The quotations are consolidating in the range of 1.23000-1.23250. We recommend you to open positions above/below these markers.

The news feed on 2018.04.10:
  • At 15:30 (GMT+3:00) the producer price index in the US will be published.
EUR/USD

Indicators do not send accurate signals. 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 EUR/USD.

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

Trading recommendations
  • Support levels: 1.23000, 1.22600, 1.22200
  • Resistance levels: 1.23250, 1.23600

If the price fixes below the round level of 1.23000, the EUR/USD quotes are likely to fall. The movement is tending to 1.22600-1.22500.

Alternative option. If the price fixes above 1.23250, you need to look for entry points to the market to open long positions. The movement is tending to 1.23600-1.23800.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.40895
  • Open: 1.41282
  • % chg. over the last day: +0.30
  • Day’s range: 1.41202 – 1.41502
  • 52 wk range: 1.2361– 1.4345

During recent sessions, the bullish sentiment has been prevailing on the GBP/USD currency pair. At the moment, the quotes are in a sideways trend. The key support and resistance levels are 1.41150 and 1.41600, respectively. The further growth of the GBP/USD currency pair is not ruled out. We recommend opening positions from the key levels.

The news feed on the UK economy is calm.

GBP/USD

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 GBP/USD.

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which also sends a signal to buy.

Trading recommendations
  • Support levels: 1.41150, 1.40700, 1.40200
  • Resistance levels: 1.41600, 1.42000

If the price fixes above 1.41600, further growth of the GBP/USD currency pair is expected. The movement is tending to the round level of 1.42000.

Alternative option. If the price fixes below the support level of 1.41150, it is necessary to consider sales of GBP/USD. The movement is tending to 1.40700-1.40500.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27562
  • Open: 1.26971
  • % chg. over the last day: -0.63
  • Day’s range: 1.26742 – 1.27076
  • 52 wk range: 1.2059 – 1.3795

At the moment, the bearish sentiment is prevailing on the USD/CAD currency pair. Yesterday, the Canadian dollar strengthened against the US dollar by more than 60 points. The USD/CAD quotes are testing the support level of 1.26750. The local resistance is the mark of 1.27150. Investors expect that in the near future an agreement on NAFTA will be reached. We recommend opening positions from the key levels.

The news feed on Canada's economy:
  • - The new home construction at 15:15 (GMT+3:00);
  • - Building permits at 15:30 (GMT+3:00).
USD/CAD

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

The MACD histogram is located in the negative zone and continues to decline, which signals a further drop in the USD/CAD quotes.

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: 1.26750, 1.26000
  • Resistance levels: 1.27150, 1.27500, 1.27900

If the price fixes below the support level of 1.26750, the USD/CAD quotes are likely to fall further. The movement is tending to 1.26250-1.26000.

Alternative option. If the price fixes above the local resistance of 1.27150, it is necessary to consider buying USD/CAD. The target movement level is 1.27500-1.27750.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 106.934
  • Open: 106.758
  • % chg. over the last day: -0.19
  • Day’s range: 106.619 – 107.245
  • 52 wk range: 104.56 – 114.74

Since the beginning of this week, trading on the USD/JPY currency pair is very active. However, a unidirectional trend is not observed. The USD/JPY quotes are in a sideways trend. At the moment, the key range is 106.900-107.200. The trade conflict between the US and China is in the focus of attention. Positions need to be opened from the key levels of support and resistance. We recommend paying attention to the yield of US government bonds.

The news feed on Japan's economy is calm.

USD/JPY

Indicators do not send accurate signals. The price has crossed 50 MA.

The MACD histogram is located near the 0 mark.

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: 106.900, 106.600, 106.100
  • Resistance levels: 107.200, 107.500

If the price fixes above the 107.200 mark, one should consider buying USD/JPY. The closest target for fixing profit is the resistance level of 107.500.

Alternative option. If the price fixes below the 106.900 level, USD/JPY is expected to fall. Target level of movement is 106.600-106.300.

by JustForex, 2018.04.10

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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