The analytical overview of the main currency pairs on 2017.11.16

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17961
  • Open: 1.17910
  • % chg over the last day: -0.13
  • Days range: 1.17685 – 1.18010
  • 52 wk range: 1.0341 – 1.2069

Yesterday's trades on EUR/USD were very active. The currency pair kept the key mark 1.18500, which caused a correction movement. At the moment, the technical pattern is ambiguous. The trading instrument is consolidating in the range of 1.17700-1.18000. We recommend opening positions, if the price fixes above/below these marks. Investors expect economic reports from the Eurozone and the US.

The news background on 2017.11.16:
  • - consumer price index in the Eurozone – 12:00 (GMT+2:00);
  • - the index of production activity from the Federal Reserve Bank of Philadelphia – 15:30 (GMT+2:00).
EUR/USD

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

The MACD histogram is located near the 0 mark.

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

Trading recommendations
  • Support levels: 1.17700, 1.17250, 1.16750
  • Resistance levels: 1.18000, 1.18500

If the price fixes above the round level of 1.18000, we recommend considering buying EUR/USD. The movement is tending potentially to 1.18500-1.18750.

Alternative option. If the price fixes below the local support of 1.17700, we expect further correction of the EUR/USD currency pair. The target movement level is 1.17250-1.17000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31643
  • Open: 1.31713
  • % chg over the last day: +0.06
  • Days range: 1.31353 – 1.31875
  • 52 wk range: 1.1450 – 1.3618

On the GBP/USD currency pair, there was an ambiguous technical pattern. At the moment, the trading instrument is in a sideways trend. The key support and resistance levels are 1.31350 and 1.31750. We recommend opening positions from these marks. Participants of the financial markets expect important statistics on the UK economy.

At 11:30 (GMT+2:00), a report on retail sales in the UK will be published.

GBP/USD

Indicators do not send accurate signals. The price 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 signals the purchase of GBP/USD.

Trading recommendations
  • Support levels: 1.31350, 1.30850
  • Resistance levels: 1.31750, 1.32200, 1.32800

If the statistics from the UK is optimistic, we recommend considering buying GBP/USD. The movement is tending potentially to 1.32200-1.32800.

An alternative may be the fall in the GBP/USD quotes to 1.30850.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27298
  • Open: 1.27603
  • % chg over the last day: +0.28
  • Days range: 1.27575 – 1.27836
  • 52 wk range: 1.2059 – 1.3795

Yesterday, the bullish sentiment prevails on the USD/CAD currency pair. Additional pressure on the Canadian dollar is provided by the downward dynamics of oil quotes. At the moment, the trading instrument is consolidating. The following key support and resistance levels can be identified: 1.27500 and 1.27800, respectively. We recommend you to pay attention to the news background from the US.

Today, the news background on Canada's economy is quite calm. At 15:30 (GMT+2:00) the data on the volume of sales in the manufacturing sector will be released.

USD/CAD

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

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

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

Trading recommendations
  • Support levels: 1.27500, 1.27100, 1.26700
  • Resistance levels: 1.27800, 1.28200

If the price fixes above the level of 1.27800, it is necessary to look for entry points to the market to open long positions. The target movement level is 1.28200-1.28350.

Alternative option. If the USD/CAD quotes overcome the 1.27500 mark, we recommend considering sales. The movement is tending potentially to 1.27100-1.27000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 113.446
  • Open: 112.874
  • % chg over the last day: -0.60
  • Days range: 112.759 – 113.269
  • 52 wk range: 99.53 – 118.67

Yesterday, the USD/JPY currency pair kept local support of 112.600, which caused a corrective movement. The US dollar recovered some of the losses. At the moment, the trading instrument is in a sideways trend. The USD/JPY quotes are consolidating in the range of 112.900-113.150. Investors expect statistics from the US. We recommend you to open positions from key levels.

The publication of important economic reports from Japan is not planned.

USD/JPY

The price is close to 50 MA, which is currently quite strong dynamic resistance.

The MACD histogram does not provide accurate signals. The indicator is located near the 0 mark.

Stochastic Oscillator began to exit the overbought zone, the %K line is below the %D line, which gives the signal to sell USD/JPY.

Trading recommendations
  • Support levels: 112.900, 112.600
  • Resistance levels: 113.150, 113.500

If the price fixes above the level of 113.150, we recommend considering buying USD/JPY. The movement is tending potentially to 113.500-113.700.

Alternative option. If the price fixes below the level of 112.900, it is necessary to consider selling USD/JPY. The target movement level is 112.600-112.250.

by JustForex, 2017.11.16

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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