The Analytical Overview of the Main Currency Pairs on 2018.08.07

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.15699
  • Open: 1.15233
  • % chg. over the last day: -0.03
  • Day's range: 1.15760 – 1.15805
  • 52 wk range: 1.0571 – 1.2557

The technical pattern on the EUR/USD currency pair is ambiguous. During yesterday's trading session, quotes were in a sideways trend. Today, the currency pair has slightly increased, but there is no exact trend. Investors expect additional drivers. The key support and resistance levels are 1.15600 and 1.15900, respectively. We recommend opening positions from these marks. In the near future, the EUR/USD correction is not ruled out.

The news feed on 2018.08.07:
  • - JOLTS job openings in the US at 17:00 (GMT+3:00).
EUR/USD

Indicators do not send accurate signals: the price has fixed between 50 MA and 200 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: 1.15600, 1.15300
  • Resistance levels: 1.15900, 1.16200, 1.16600

If the price fixes below the support level of 1.15600, the EUR/USD quotes are expected to fall. The movement is tending to 1.15300-1.15000.

Alternative option. If the price fixes above the resistance level of 1.15900, it is necessary to consider purchases of EUR/USD. The movement is tending to 1.16200-1.16400.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29952
  • Open: 1.29445
  • % chg. over the last day: -0.45
  • Day's range: 1.29614 – 1.29715
  • 52 wk range: 1.2361 – 1.4345

During yesterday's trading session, the pound continued to lose ground against the US dollar. The British pound is significantly weakened after a Secretary of State for International Trade Liam Fox announced that the UK is likely to exit from the European Union without signing any agreements. At the moment, the GBP/USD quotes are moving in the range of 1.29400-1.29800. The positions should be opened from these marks.

The news feed on the UK economy is calm.

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, but above the signal line, which gives a weak signal to sell GBP/USD.

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

Trading recommendations
  • Support levels: 1.29400, 1.29000
  • Resistance levels: 1.29800, 1.30200, 1.30700

If the price fixes below 1.29400, a further decline of the currency pair is expected. The movement is tending to 1.29000-1.28800.

Alternative option. If the price fixes above the resistance of 1.29800, it is necessary to look for entry points to the market to open long positions. The movement is tending to 1.30200-1.30400.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29925
  • Open: 1.30025
  • % chg. over the last day: -0.09
  • Day's range: 1.29880 – 1.29943
  • 52 wk range: 1.2059 – 1.3795

Yesterday, there was a variety of trends on the USD/CAD currency pair. At the moment, quotes are declining. Local support and resistance levels are 1.29700 and 1.30000, respectively. The positions should be opened from these marks. We recommend paying attention to the dynamics of oil quotes.

At 17:00 (GMT+3:00) the index of economic activity from Ivey will be published in Canada.

USD/CAD

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/CAD.

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

Trading recommendations
  • Support levels: 1.29700, 1.29300, 1.29000
  • Resistance levels: 1.30000, 1.30300, 1.30700

If the price fixes above the round level of 1.30000, we recommend considering purchases of USD/CAD. The target movement level is 1.30300-1.30500.

Alternative option. If the price fixes below 1.29700, the USD/CAD quotes are expected to decline. The movement is tending to 1.29400-1.29200.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 111.214
  • Open: 111.322
  • % chg. over the last day: +0.09
  • Day`s range: 111.312 – 111.367
  • 52 wk range: 104.56 – 114.74

The technical pattern on the USD/JPY currency pair is ambiguous. The USD/JPY quotes are in a sideways trend. Investors expect additional drivers. Local support and resistance levels are 111.200 and 111.450, respectively. The positions should be opened from these marks.

The news feed on the economy of Japan is calm.

USD/JPY

Indicators do not send accurate signals. 50 MA has crossed 200 MA.

The MACD histogram is near the 0 mark.

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

Trading recommendations
  • Support levels: 111.200, 111.000, 110.750
  • Resistance levels: 111.450, 111.700, 112.000

If the price fixes below 111.200, the USD/JPY quotes are expected to decline. The movement is tending to 111.000-110.750.

Alternative option. If the price fixes above the level of 111.450, it is necessary to consider purchases of USD/JPY. The movement is tending to 111.700-112.000.

by JustForex, 2018.08.07

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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