The Analytical Overview of the Main Currency Pairs on 2018.04.17

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.23307
  • Open: 1.23794
  • % chg. over the last day: +0.42
  • Day's range: 1.23960 – 1.24034
  • 52 wk range: 1.0571 – 1.2557

Yesterday, the EUR/USD currency pair strengthened by almost 70 points. The US dollar remains under pressure after the US struck missiles at Syria. Yesterday, the US President Donald Trump also accused China and Russia of devaluing the national currency. Investors closely monitor the geopolitical events. At the moment, the key support and resistance levels are: 1.23800 and 1.24100, respectively. We recommend opening positions from these marks.

The news feed on 2018.04.17:
  • - ZEW economic sentiment index in Germany at 12:00 (GMT+3:00);
  • - Statistics on the real estate market in the US at 15:30 (GMT+3:00).
EUR/USD

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

The MACD histogram is in the positive zone, above the signal line, which gives a strong signal to buy EUR/USD.

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

Trading recommendations
  • Support levels: 1.23800, 1.23400, 1.23000
  • Resistance levels: 1.24100, 1.24500

If the price fixes above the resistance level of 1.24100, further growth of the EUR/USD currency pair is expected. The movement target level is 1.24500-1.24700.

Alternative option. If the price fixes below 1.23800, it is necessary to consider sales of EUR/USD. The movement is tending potentially to 1.23400-1.23200.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.42405
  • Open: 1.43376
  • % chg. over the last day: +0.67
  • Day's range: 1.43347 – 1.43409
  • 52 wk range: 1.2361– 1.4345

The bullish sentiment continues to prevail on the GBP/USD currency pair. Yesterday, quotes rose by more than 100 points. Investors expect that the Bank of England will raise interest rates in the near future. At the moment, the trading instrument is moving in the range of 1.43350-1.43800. Positions need to be opened from the key support and resistance levels.

At 11:30 (GMT+3:00), a report on the labor market in the UK will be published.

GBP/USD

Indicator signals point to the power of buyers. The price has fixed above 50 MA and 200 MA.

The MACD histogram is in the positive zone and continues to rise, which gives a signal to buy GBP/USD.

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which also signals to buy GBP/USD.

Trading recommendations
  • Support levels: 1.43350, 1.42800, 1.42000
  • Resistance levels: 1.43800, 1.44250

If the price fixes above the resistance level of 1.43800, further growth of the GBP/USD currency pair is expected. The movement is tending potentially to 1.44250-1.44500.

An alternative may be the GBP/USD currency pair correction to the level of 1.43000-1.42800.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.25868
  • Open: 1.25649
  • % chg. over the last day: -0.28
  • Day's range: 1.25538 – 1.25606
  • 52 wk range: 1.2059 – 1.3795

Yesterday, there was a downward trend on the USD/CAD currency pair. At the moment, the technical pattern is ambiguous. Financial market participants expect additional drivers. The trading instrument is consolidating. Local support and resistance levels are: 1.25450 and 1.25800, respectively. The positions must be opened from these marks. We recommend paying attention to the dynamics of oil quotes.

The news feed on Canada's economy is calm.

USD/CAD

The price has fixed below 50 MA and 200 MA, which indicates the power of sellers.

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

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also gives a signal to sell USD/CAD.

Trading recommendations
  • Support levels: 1.25450, 1.25000
  • Resistance levels: 1.25800, 1.26200, 1.26700

If the price fixes above 1.25800, correction of the USD/CAD quotes is expected. The movement is tending potentially to 1.26200-1.26500.

An alternative is a further decline in the USD/CAD currency pair to the round level of 1.25000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.459
  • Open: 107.109
  • % chg. over the last day: -0.44
  • Day's range: 107.109 – 107.151
  • 52 wk range: 104.56 – 114.74

Yesterday, there were sales on the USD/JPY currency pair. The decrease in quotes was almost 70 points. As a rule, the demand for safe assets, such as the Japanese yen, increases during the period of instability in the financial markets. At the moment, the key support and resistance levels are: 106.850 and 107.100, respectively. The positions must be opened from these marks.

The news feed on Japan's economy is calm.

USD/JPY

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

The MACD histogram is located in the negative zone and below the signal line, which gives a strong signal to sell USD/JPY.

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

Trading recommendations
  • Support levels: 106.850, 106.650, 106.400
  • Resistance levels: 107.100, 107.350, 107.700

If the price fixes above the resistance level of 107.100, it is necessary to consider purchases of USD/JPY. The movement is tending potentially to 107.350-107.700.

An alternative may be the USD/JPY currency pair decrease to 106.650-106.400.

by JustForex, 2018.04.17

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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