The Analytical Overview of the Main Currency Pairs on 2018.07.16

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.16695
  • Open: 1.16905
  • % chg. over the last day: +0.19
  • Day's range: 1.16881 – 1.17057
  • 52 wk range: 1.0571 – 1.2557

On Friday, a variety of trends was observed on the EUR/USD currency pair. At the moment, the technical pattern is ambiguous. Investors expect additional drivers. The key support and resistance levels are 1.16700 and 1.17100, respectively. We recommend opening positions from these marks.

The news feed on 2018.07.16:
  • - Core retail sales index in the US at 15:30 (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 in the positive zone and above the signal line, which gives a strong signal to buy EUR/USD.

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

Trading recommendations
  • Support levels: 1.16700, 1.16300
  • Resistance levels: 1.17100, 1.17400, 1.17800

If the price fixes below 1.16700, the EUR/USD quotes are expected to decline. The movement is tending to 1.16300-1.16000.

Alternative option. If the price fixes above the resistance of 1.17100, we recommend considering purchases of EUR/USD. The movement target level is 1.17400-1.17600.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32036
  • Open: 1.32166
  • % chg. over the last day: +0.44
  • Day's range: 1.32356 – 1.32550
  • 52 wk range: 1.2361 – 1.4345

On Friday, there was a variety of trends on the GBP/USD currency pair. At the moment, the technical pattern is ambiguous. Investors expect additional drivers. The trading instrument is consolidating in the range of 1.32200-1.32600. We recommend opening positions from the key support and resistance levels.

Today, the news feed on the UK economy is calm.

GBP/USD

The price is being traded above 50 MA and 200 MA, which indicates the power of buyers.

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 located in the neutral zone, the %K line is below the %D line, which indicates a decrease in the GBP/USD quotes.

Trading recommendations
  • Support levels: 1.32200, 1.31700, 1.31300
  • Resistance levels: 1.32600, 1.33000, 1.33400

If the price fixes below 1.32200, the GBP/USD quotes are expected to decline. The movement is tending to 1.31700-1.31500.

Alternative option. If the price fixes above the resistance of 1.32600, it is necessary to consider purchases of GBP/USD. The movement is tending to 1.33000-1.33200.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31542
  • Open: 1.31523
  • % chg. over the last day: -0.02
  • Day's range: 1.31400 – 1.31591
  • 52 wk range: 1.2059 – 1.3795

On Friday, a variety of trends was observed on the USD/CAD currency pair. At the moment, the trading instrument is in a sideways trend. Investors expect additional drivers. Local support and resistance levels are 1.31350 and 1.31600, respectively. The positions should be opened from these marks. We recommend paying attention to the dynamics of oil quotes.

The news feed on the economy of Canada is calm.

USD/CAD

Indicators do not send accurate signals: the price is testing 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 neutral zone, the %K line is crossing the %D line. There are no accurate signals.

Trading recommendations
  • Support levels: 1.31350, 1.31100, 1.30800
  • Resistance levels: 1.31600, 1.31900, 1.32200

If the price fixes below the support of 1.31350, we recommend considering sales of USD/CAD. The movement is tending to 1.31100-1.30800.

Alternative option. If the price fixes above the already "mirror" resistance level of 1.31600, the USD/CAD quotes are expected to grow. The target movement level is 1.31900-1.32200.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 112.467
  • Open: 112.203
  • % chg. over the last day: -0.25
  • Day's range: 112.353 – 112.531
  • 52 wk range: 104.56 – 114.74

On Friday, the bearish sentiment was observed on the USD/JPY currency pair. Quotes fell by more than 60 points. At the moment, the trading instrument is in a sideways trend. Local support and resistance levels are 112.250 and 112.600, respectively. The positions should be opened from these marks. We recommend paying attention to the news feed and the 10-year US government bonds yield.

The news feed on the economy of Japan is calm.

USD/JPY

Indicators do not send accurate signals: the price is testing 50 MA.

The MACD histogram is near the 0 mark.

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which also indicates the USD/JPY quotes growth.

Trading recommendations
  • Support levels: 112.250, 111.900, 111.500
  • Resistance levels: 112.600, 112.900

If the price fixes below 112.250, the USD/JPY currency pair is expected to decline. The movement is tending to 111.900-111.700.

Alternative option. If the price fixes above 112.600, we recommend considering purchases of USD/JPY. The target movement level is 112.900-113.100.

by JustForex, 2018.07.16

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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