The Analytical Overview of the Main Currency Pairs on 2018.02.06

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24358
  • Open: 1.23667
  • % chg. over the last day: -0.64
  • Day's range: 1.23661 – 1.23868
  • 52 wk range: 1.0492 – 1.2537

Yesterday, a number of important reports on the US economy and the Eurozone was published, which caused high volatility. The activity of the US services sector accelerated. The index of business activity in the non-manufacturing sector from ISM increased from 56.0 in December to 59.9 last month. Economic data from the Eurozone was mixed. As a result, the EUR/USD currency pair fell more than 100 points. At the moment, quotes start to recover. The key support and resistance levels are 1.23900 and 1.24300, respectively. We recommend you to open positions above/below these levels.

The news feed on 2018.02.06:

  • - Trade balance in the US at 15:30 (GMT+2:00);
    - The number of JOLTS job openings in the US at 17:00 (GMT+2:00).
EUR/USD

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

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell EUR/USD.

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which signals the purchases of EUR/USD.

Trading recommendations
  • Support levels: 1.23900, 1.23550, 1.23300
  • Resistance levels: 1.24300, 1.24700, 1.25100

If the currency pair fixes above the local resistance of 1.24300, we recommend considering purchases. The movement is tending potentially to 1.24700-1.25100.

Alternative option. If the EUR/USD quotes overcome the mark of 1.23900, we recommend looking for entry points to the market to open short positions. The movement is tending potentially to the round level of 1.23550-1.23300.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.41038
  • Open: 1.39562
  • % chg. over the last day: -1.18
  • Day's range: 1.39549 – 1.39721
  • 52 wk range: 1.2106 – 1.4345

Yesterday, the GBP/USD quotes fell almost by 200 points. The pound was under pressure due to a weak index of business activity in the services sector, which fell to 53.0. Also, Britain excluded the creation of a customs union with the EU. At the moment, the technical pattern is ambiguous on the GBP/USD currency pair. Investors took a wait-and-see position before the meeting of the Bank of England. The trading instrument is consolidating in the range of 1.39500-1.40000. The positions must be opened from these marks.

The news feed on the UK economy is calm today.

GBP/USD

The price has fixed below 50 MA and 200 MA, which indicates a bearish sentiment.

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

Trading recommendations
  • Support levels: 1.39500, 1.39000, 1.38600
  • Resistance levels: 1.40000, 1.40500, 1.41000

If the price fixes below the support level of 1.39500, we recommend considering sales of GBP/USD. The movement is tending potentially to the round level of 1.39000.

Alternative option. If the price fixes above the round level of 1.40000, it is necessary to look for entry points to the market to open long positions. The target movement level is round level of 1.40500-1.40700.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24922
  • Open: 1.25354
  • % chg. over the last day: +0.80
  • Day's range: 1.25181 – 1.25392
  • 52 wk range: 1.2059 – 1.3795

Yesterday, a bullish sentiment was observed on the USD/CAD currency pair. The US dollar was supported by the positive economic reports. Quotes rose by almost 150 points. At the moment, there is a decline in the currency pair. The key trading range is 1.25000-1.25400. Today, we recommend you to pay attention to the news feed on the US and Canadian economies. Positions must be opened from the key levels.

The news feed on 2018.02.06:

  • - Trade balance in the US at 15:30 (GMT+2:00);
    - Trade balance in Canada at 15:30 (GMT+2:00);
    - The number of JOLTS job openings in the US at 17:00 (GMT+2:00);
    - The index of business activity from Ivey in Canada at 17:00 (GMT+2:00).
USD/CAD

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 USD/CAD.

Stochastic Oscillator is located near the oversold zone, the K line is below the %D line, which gives a weak signal to sell USD/CAD.

Trading recommendations
  • Support levels: 1.25000, 1.24600, 1.24000
  • Resistance levels: 1.25400, 1.25700, 1.26000

If the price fixes below the round level of 1.25000, we recommend considering sales of USD/CAD. The movement is tending potentially to 1.24600-1.24300.

An alternative is the growth of the USD/CAD quotes to the level of 1.25700-1.26000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.200
  • Open: 109.070
  • % chg. over the last day: -0.89
  • Day's range: 109.757 – 109.913
  • 52 wk range: 107.33 – 115.51

Yesterday, there were aggressive sales on the USD/JPY currency pair. Despite the positive reports on the US economy, the yen strengthened against the US currency. The collapse in the stock markets contributed to this, as a result the demand for safe assets grew. At the moment, the key support and resistance levels are 109.000 and 109.300, respectively. We recommend you to pay attention to the statistics on the US economy. Positions must be opened from the key levels.

The news feed on Japan's economy is calm.

USD/JPY

The price is testing the mark of 200 MA, which is a strong dynamic resistance.

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 near the overbought zone, the %K line is above the %D line, which gives a weak signal to buy USD/JPY.

Trading recommendations
  • Support levels: 109.000, 108.600, 108.300
  • Resistance levels: 109.300, 109.700, 110.000

If the price fixes below the round level of 109.000, it is necessary to consider sales of USD/JPY. The movement is tending potentially to 108.600-108.300.

An alternative may be the growth of the USD/JPY currency pair to 109.700-110.000.

by JustForex, 2018.02.06

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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