The Analytical Overview of the Main Currency Pairs on 2018.04.16

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.23256
  • Open: 1.23307
  • % chg. over the last day: +0.03
  • Day's range: 1.23241 – 1.23428
  • 52 wk range: 1.0571 – 1.2557

The EUR/USD currency pair is in a sideways trend. The technical pattern is ambiguous. Investors continue to assess the risks of a military conflict between the US and Syria, as well as the strained trade relations between the US and China. The key support and resistance levels are: 1.23000 and 1.23450, respectively. We recommend opening positions from these marks. We expect important economic reports.

At 15:30 (GMT+3:00) a report on retail sales in the United States will be published.

EUR/USD

Indicators do not send accurate signals. The price crossed 50 MA.

The MACD histogram is near the 0 mark.

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

Trading recommendations
  • Support levels: 1.23000, 1.22600, 1.22200
  • Resistance levels: 1.23450, 1.23900

If the price fixes above the resistance level of 1.23450, the growth of the EUR/USD currency pair is expected. The target movement level is 1.23900-1.24250.

Alternative option. If the price fixes below the round level of 1.23000, it is necessary to consider sales of EUR/USD. The movement is tending potentially to the round level of 1.22600-1.22200.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.42264
  • Open: 1.42405
  • % chg. over the last day: +0.10
  • Day's range: 1.42299 – 1.42691
  • 52 wk range: 1.2361– 1.4345

There is an ambiguous technical pattern on the GBP/USD currency pair. At the moment, investors have taken a wait-and-see attitude. A number of important economic reports from the UK will be published this week. The key support and resistance levels are: 1.42200 and 1.42850, respectively. The positions must be opened from these marks.

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

GBP/USD

The signals of the indicators are different. The price has fixed above 50 MA and 200 MA, which indicates the growth of the GBP/USD currency pair.

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 signals to sell GBP/USD.

Trading recommendations
  • Support levels: 1.42200, 1.41500, 1.40850
  • Resistance levels: 1.42850, 1.43250

If the price fixes above the resistance level of 1.42850, the GBP/USD currency pair is expected to grow. The movement is tending potentially to 1.43250-1.43400.

An alternative may be the correction of the GBP/USD currency pair to 1.41750-1.41500.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.25889
  • Open: 1.25868
  • % chg. over the last day: +0.23
  • Day's range: 1.25868 – 1.26231
  • 52 wk range: 1.2059 – 1.3795

The USD/CAD currency pair has been moving in a flat for a long time. The technical pattern is still ambiguous. Financial market participants expect additional drivers. The key trading range is 1.25500-1.26200, respectively. Correction is not ruled out in the near future. We recommend opening positions from the key levels.

The news feed on Canada's economy is calm.

USD/CAD

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 signals to buy USD/CAD.

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

Trading recommendations
  • Support levels: 1.25500, 1.25000
  • Resistance levels: 1.26200, 1.26750, 1.27300

If the price fixes above 1.26200, correction of the USD/CAD quotes is expected. The movement is tending potentially to 1.26750-1.27300.

Alternative option. If the statistics from the US turns out to be weak, a further decline in the USD/CAD currency pair is expected. The movement is tending potentially to 1.25500-1.25250.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.303
  • Open: 107.459
  • % chg. over the last day: +0.01
  • Day's range: 107.129 – 107.608
  • 52 wk range: 104.56 – 114.74

Last sessions, trading on the USD/JPY currency pair is quite active. However, a unidirectional trend is not observed. At the moment, the key support and resistance levels are: 107.150 and 107.500, respectively. The positions must be opened from these marks. We recommend paying attention to the economic reports and the dynamics of the US government bonds yield.

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.

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, the %K line is above the %D line, which indicates the growth of the USD/JPY quotes.

Trading recommendations
  • Support levels: 107.150, 106.800, 106.600
  • Resistance levels: 107.500, 107.750

If the price fixes above the resistance level of 107.500, it is necessary to consider purchases of USD/JPY. The movement is tending potentially to 107.750-108.000.

An alternative may be the decrease of the USD/JPY currency pair to 106.800-106.600.

by JustForex, 2018.04.16

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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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