The Analytical Overview of the Main Currency Pairs on 2018.08.31

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17060
  • Open: 1.16639
  • % chg. over the last day: -0.37
  • Day's range: 1.16596 – 1.16901
  • 52 wk range: 1.0571 – 1.2557

The EUR/USD currency pair is consolidating. A unidirectional trend is not observed. At the moment, the key levels of support and resistance are: 1.16600 and 1.17000 respectively. In the near future, a technical correction after a prolonged rally over the past two weeks is not ruled out. We recommend opening positions from the key levels.

Important economic reports on 2018.08.31:
  • - The consumer price index in the Eurozone at 12:00 (GMT+3:00).
EUR/USD

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 is above the %D line, which indicates the bullish sentiment.

Trading recommendations
  • Support levels: 1.16600, 1.16200, 1.15900
  • Resistance levels: 1.17000, 1.17300

If the price fixes above the round level of 1.17000, further growth of the EUR/USD currency pair is expected. The movement is tending to 1.17300-1.17500.

Alternative option. If the price fixes below the 1.16600 mark, we recommend considering sales of EUR/USD. The movement is tending to 1.16200-1.16000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30244
  • Open: 1.30053
  • % chg. over the last day: -0.12
  • Day's range: 1.29929 – 1.30251
  • 52 wk range: 1.2361 – 1.4345

The GBP/USD has stabilized near the round of 1.30000. At the moment, the quotes are consolidating. The key range is 1.29850-1.30350. The technical pattern indicates the possibility of further recovery of the pound's rate. Positions must be opened from the key levels. We recommend you to keep track of the current information regarding the Brexit process.

Today, the news feed on the UK economy is calm.

GBP/USD

The price has fixed above 50 MA and 200 MA, which signals 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 crossing the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.29850, 1.29350, 1.29000
  • Resistance levels: 1.30350, 1.30600

If the price fixes above the 1.30350 mark, further growth of the GBP/USD currency pair is expected. The target level of movement is 1.30600-1.30750.

Alternative option. If the price fixes below the local support of 1.29850, we recommend considering sales of GBP/USD. The target level of movement is 1.29400-1.29200.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29077
  • Open: 1.29708
  • % chg. over the last day: +0.64
  • Day's range: 1.29593 – 1.30230
  • 52 wk range: 1.2059 – 1.3795

Yesterday the bullish sentiment prevailed on the USD/CAD currency pair. The growth of quotations exceeded 70 points. This is due to the release of weak data on Canada's GDP. Today, the Canadian dollar continued to lose ground. At the moment, the USD/CAD quotations are consolidating. The key range is 1.29850-1.30200. The trading instrument is tending to grow.

Today, the news feed on Canada's economy is calm.

USD/CAD

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

The MACD histogram is in the positive zone and above the signal line, which indicates the bullish sentiment.

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

Trading recommendations
  • Support levels: 1.29850, 1.29500, 1.29000
  • Resistance levels: 1.30200, 1.30500, 1.30850

If the price fixes above the local resistance of 1.30200, further growth of the USD/CAD quotes is expected. The movement is tending to 1.30500-1.30850.

Alternative option. If the price fixes below 1.29850, it is necessary to consider selling USD/CAD. The movement is tending to 1.29500-1.29300.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 111.691
  • Open: 110.965
  • % chg. over the last day: -0.59
  • Day's range: 110.695 – 111.135
  • 52 wk range: 104.56 – 114.74

The bearish sentiment prevails on the USD/JPY currency pair. During yesterday's and today's trading, the drop in quotations was almost 100 points. The trading instrument has updated local extremes. At the moment, USD/JPY is testing the "mirror" support of 110.700. The 110.950 marks the nearest resistance. The USD/JPY quotes is tending to decline.

Ambiguous economic reports were published in the Asian trading session.

USD/JPY

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 USD/JPY.

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which indicates a fall in USD/JPY.

Trading recommendations
  • Support levels: 110.700, 110.450, 110.250
  • Resistance levels: 110.950, 111.150, 111.500

If the price fixes below the support level of 110.700, the USD/JPY quotes are expected to fall further. The movement is tending to 110.450-110.250.

Alternative option. If the price fixes above the 110.950 level, one should consider buying USD/JPY. The movement is tending to 111.150-111.400.

by JustForex, 2018.08.31

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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