The Analytical Overview of the Main Currency Pairs on 2018.01.23

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.22701
  • Open: 1.22610
  • % chg. over the last day: 0.00
  • Day's range: 1.22383 - 1.22565
  • 52 wk range: 1.0492 – 1.2296

Yesterday, there was a variety of trends on the EUR/USD currency pair. Demand for the euro remains. At the moment, the EUR/USD quotes are in a sideways trend. Financial markets participants took a wait-and-see position before the ECB meeting. The key trading range is 1.22150-1.22650. Positions should be opened, if the price fixes above/below these marks.

At 12:00 (GMT+2:00) economic sentiment indices from ZEW in Germany and the Eurozone will be published.

EUR/USD

Indicators do not send accurate signals. The price crossed 50 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 in the neutral zone, the %K line is below the %D line, which signals to sell EUR/USD.

Trading recommendations
  • Support levels: 1.22150, 1.21300, 1.20450
  • Resistance levels: 1.22650, 1.23200

If the price fixes below support level of 1.22150, we recommend you to look for entry points to the market to open short positions. The movement is tending potentially to 1.21700-1.21500.

Alternative option. If the price fixes above 1.22650, it is necessary to consider purchases of EUR/USD. The target movement level is 1.23000-1.23250.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.38902
  • Open: 1.39834
  • % chg. over the last day: +0.67
  • Day's range: 1.39595 – 1.39774
  • 52 wk range: 1.2014 – 1.3820

Yesterday, the British pound strengthened against the US dollar, as a result, GBP/USD quotes rose by almost 100 points. At the moment, the technical pattern on the GBP/USD currency pair is ambiguous. In the near future, technical correction is possible. The key trading range is 1.39400-1.39900. We recommend opening positions from these marks.

Today, the publication of important economic reports from the UK is not planned.

GBP/USD

The signals of the indicators are different. The price has fixed above 50 MA and 200 MA, which indicates a bullish sentiment.

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 in the oversold zone, the %K line is below the %D line, which signals to sell GBP/USD.

Trading recommendations
  • Support levels: 1.39400, 1.38600, 1.37850
  • Resistance levels: 1.39900, 1.40300

If the price fixes below support level of 1.39400, we recommend you to consider sales of GBP/USD. The movement is tending potentially to 1.39000-1.38700.

An alternative may be the growth of the GBP/USD currency pair to 1.40300-1.40500.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24712
  • Open: 1.24430
  • % chg. over the last day: -0.26
  • Day's range: 1.24423 – 1.24470
  • 52 wk range: 1.2059 – 1.3795

During the Asian trading session, the USD/CAD currency pair kept the key support level of 1.24500, which caused bullish sentiment. At the moment, the price is testing local resistance level of 1.24900. The trading instrument has the potential for further growth. We recommend paying attention to the dynamics of oil quotations.

The news feed on Canada's economy is calm today.

USD/CAD

The indicators show the buyers power. The price has fixed above 50 MA and 200 MA, which indicates a bullish sentiment.

The MACD histogram has begun to rise and moved to the positive zone, which signals an increase in the USD/CAD currency pair.

Stochastic Oscillator is in the overbought zone, the %K line is above the %D line, which gives a signal to buy USD/CAD.

Trading recommendations
  • Support levels: 1.24500, 1.24000, 1.23700
  • Resistance levels: 1.24900, 1.25200, 1.25500

If the USD/CAD quotes overcome the resistance level of 1.24900, it is necessary to consider purchases. The target movement level is 1.25200-1.25500.

Alternative option. If the price fixes below the local support level of 1.24500, we recommend looking for entry points to the market to open short positions. The movement is tending potentially to the round level of 1.24000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.524
  • Open: 110.912
  • % chg. over the last day: +0.26
  • Day's range: 110.650 – 111.038
  • 52 wk range: 107.33 – 115.62

During the Asian trading session, there was a high activity on the USD/JPY currency pair. The Bank of Japan, as expected, kept the key interest rates at the same level. At the same time, the regulator was optimistic about inflationary expectations. At the moment, USD/JPY is in a sideways trend. The key support and resistance levels are 110.500 and 111.000, respectively. The positions must be opened from these marks.

We recommend paying attention to the news feed on the US economy.

USD/JPY

The indicators don’t send accurate signals. The price crossed 50 MA and 200 MA.

The MACD histogram is near the 0 mark.

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

Trading recommendations
  • Support levels: 110.500, 110.000
  • Resistance levels: 111.000, 111.450, 111.850

If the price fixes below the local support level of 110.500, we recommend you to consider selling USD/JPY. The movement is tending potentially to the round level of 110.000.

An alternative may be the growth of the USD/JPY quotes to the level of 111.300-111.500.

by JustForex, 2018.01.23

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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