The Analytical Overview of the Main Currency Pairs on 2017.12.13

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17680
  • Open: 1.17413
  • % chg. over the last day: -0.22
  • Day's range: 1.17353 – 1.17626
  • 52 wk range: 1.0341 – 1.2069

At the moment, the main currency pairs are consolidating. Investors took a wait-and-see attitude before the Fed's press conference. It is expected that the regulator will raise the key interest rate by 25 basis points to 1.50%. It is necessary to pay attention to the statements and rhetoric by the Central Bank representatives. The Fed may point to further rates of tightening the monetary policy. The key trading range on the EUR/USD currency pair is 1.17300-1.17650. We recommend opening positions from these marks.

The economic calendar for 2017.12.13:

  • - The volume of industrial production in the Eurozone at 12:00 (GMT+2:00);
  • - The inflation report in the USA at 15:30 (GMT+2:00);
  • - The decision on the Fed's interest rate at 21:00 (GMT+2:00).
EUR/USD

At the moment, indicators point to the power of sellers. The price has fixed below 50 MA and 200 MA.

The MACD histogram is located in the negative zone and continues to decline, which signals a fall in EUR/USD.

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

Trading recommendations
  • Support levels: 1.17300, 1.17000
  • Resistance levels: 1.17650, 1.18000, 1.18500

If the price fixes below the local support of 1.17300, we recommend considering selling EUR/USD. The target movement level is 1.16500.

Alternative option. If the price fixes above the "mirror" resistance level of 1.17650, you need to look for entry points to the market to open long positions. The movement is tending to 1.18000-1.18300.

When following the positions, we recommend using a trailing stop.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.33369
  • Open: 1.33166
  • % chg. over the last day: -0.15
  • Day's range: 1.33114 – 1.33361
  • 52 wk range: 1.1450 – 1.3618

Yesterday sales prevailed on the GBP/USD currency pair. At the moment, the quotations are consolidating in the range of 1.33000-1.33300. The technical pattern is ambiguous. Participants of the financial markets expect a report on the labor market in the UK at 11:30 (GMT+2:00). We recommend opening positions from the key support and resistance levels.

It is necessary to pay attention to the news feed on the US economy.

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 and continues to decline, which indicates a bearish sentiment on GBP/USD.

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

Trading recommendations
  • Support levels: 1.33000, 1.32500
  • Resistance levels: 1.33300, 1.33700, 1.34300

If the report on the UK labor market turns out to be weak, the bearish sentiment may prevail on the GBP/USD currency pair. The movement is tending to 1.32500.

An alternative may be the growth of GBP/USD to 1.33700-1.34000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28559
  • Open: 1.28640
  • % chg. over the last day: +0.11
  • Day's range: 1.28487 – 1.28788
  • 52 wk range: 1.2059 – 1.3795

During yesterday's trading, the Canadian dollar continued to lose ground against the US currency. At the moment, the key levels of support and resistance are 1.28500 and 1.28850. It is recommended to open positions if the price fixes above/below these marks. Investors expect additional drivers. The attention is focused on the Fed's meeting.

The publication of important economic reports from Canada is not expected.

USD/CAD

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

The MACD histogram does not provide accurate signals. The indicator is located near the 0 mark.

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

Trading recommendations
  • Support levels: 1.28500, 1.28000, 1.27600
  • Resistance levels: 1.28850, 1.29200

If the price fixes above 1.28850, we recommend considering USD/CAD purchases. The movement is tending to 1.29200-1.29500.

Alternative option. If the price fixes below 1.28500, the correction of the USD/CAD currency pair is expected. The movement is tending to the round level of 1.28000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 113.551
  • Open: 113.542
  • % chg. over the last day: -0.02
  • Day's range: 113.126 – 113.542
  • 52 wk range: 99.53 – 118.67

The USD/JPY currency pair is in a sideways movement for quite some time. The technical pattern is still ambiguous. We recommend opening positions from the key support and resistance levels: 113.250 and 113.650 respectively. Today, the key event will be the Fed's press conference, which can have a significant impact on the further alignment of the forces of buyers and sellers.

The news feed on Japan's economy is calm.

USD/JPY

Indicators do not send accurate signals. The price has fixed between 50 MA and 200 MA, which are strong dynamic levels of support and resistance.

The MACD histogram has begun to decline and is below the signal line, indicating a drop in USD/JPY.

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

Trading recommendations
  • Support levels: 113.250, 112.750, 112.350
  • Resistance levels: 113.650, 114.000

If the price fixes below the level of 113.250, it is necessary to consider selling USD/JPY. The movement is tending to 112.750 - 112.500.

Alternative option. If the price fixes above the level of 113.650, we recommend looking for entry points to the market to open long positions. The target movement level is 114.000-114.250.

by JustForex, 2017.12.13

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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