The Analytical Overview of the Main Currency Pairs on 2018.08.02

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.16911
  • Open: 1.16591
  • % chg. over the last day: -0.24
  • Day's range: 1.16308 - 1.16676
  • 52 wk range: 1.0571 – 1.2557

Yesterday's trading on currency majors was quite active amid the Fed's meeting. The regulator kept the key interest rate range at 1.75% -2.00%. The Central Bank noted the stability of the labor market and sustained economic growth. At the moment, the bearish sentiment is prevailing on the EUR/USD currency pair. The key range is 1.16250-1.16550. We recommend opening positions from these marks.

The news feed on 2018.08.02:

Today, the publication of important economic reports from the US and the Eurozone is not planned.

EUR/USD

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 and below the signal line, which indicates a bearish sentiment on the EUR/USD currency pair.

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

Trading recommendations
  • Support levels: 1.16250, 1.16000
  • Resistance levels: 1.16550, 1.16750, 1.17000

If the price fices below 1.16250, the EUR/USD quotes are expected to fall further. The movement is tending to 1.16000-1.15750.

Alternative option. If the price fixes above the resistance level of 1.16550, it is necessary to consider buying EUR/USD. The movement is tending to 1.16750-1.17000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31179
  • Open: 1.31158
  • % chg. over the last day: -0.02
  • Day's range: 1.30676 - 1.31285
  • 52 wk range: 1.2361 – 1.4345

At the moment, the GBP/USD quotes show a negative trend before the meeting of the Bank of England. Attention of investors will be focused on the decision of the Central Bank on the key interest rate and comments by regulator representatives. The key support and resistance levels are 1.30700 and 1.31100, respectively. The positions must be opened from these marks.

The news feed on the UK economy:
  • - Index of economic activity in the construction sector at 11:30 (GMT+3:00);
  • - The Bank of England's decision on the key interest rate at 14:00 (GMT+3:00).
GBP/USD

Indicators point to the power of sellers. 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 located in the oversold zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.30700, 1.30300, 1.30000
  • Resistance levels: 1.31100, 1.31400, 1.31700

If the price falls below the support level of 1.30700, the GBP/USD price drop is expected. The movement is tending to 1.30300-1.30000.

Alternative option. If the price fixes above 1.31100, it is necessary to consider buying GBP/USD. The movement is tending to 1.31400-1.31700.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30117
  • Open: 1.29988
  • % chg. over the last day: -0.06
  • Day's range: 1.29937 - 1.30208
  • 52 wk range: 1.2059 – 1.3795

Since the beginning of this week, USD/CAD has been moving in a flat. A unidirectional trend is not observed. Investors expect additional drivers. At the moment, the key support and resistance levels are 1.29800 and 1.30300 respectively. We recommend opening positions from these marks.

The news feed on Canada's economy is calm.

USD/CAD

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

The MACD histogram is near the 0 mark.

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

Trading recommendations
  • Support levels: 1.29800, 1.29500
  • Resistance levels: 1.30300, 1.30750, 1.31200

If the price fixes below the support level of 1.29800, the USD/CAD quotes are expected to fall. The movement is tending to 1.29500-1.29250.

If the price fixes above the 1.30300 mark, you need to look for entry points to the market to open long positions. The target movement level is 1.30750-1.31000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 111.787
  • Open: 111.709
  • % chg. over the last day: -0.21
  • Day`s range: 111.519 - 111.734
  • 52 wk range: 104.56 – 114.74

On the USD/JPY currency pair there is an ambiguous technical pattern. At the moment, quotes are consolidating. The trading instrument is testing local support and resistance levels: 111.400 and 111.700. The positions must be opened from these marks. 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 fixed between 50 MA and 200 MA.

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 growth of USD/JPY.

Trading recommendations
  • Support levels: 111.400, 111.000, 110.650
  • Resistance levels: 111.700, 112.000

If the price fixes below the 111.400 level, the USD/JPY currency pair is expected to fall. The movement is tending to 111.000-110.700.

Alternative option. If the price fixes above the level of 111.700, it is necessary to consider buying USD/JPY. The movement is tending to 112.000-112.250.

by JustForex, 2018.08.02

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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