The Analytical Overview of the Main Currency Pairs on 2019.10.24

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.11246
  • Open: 1.11303
  • % chg. over the last day: +0.07
  • Day's range: 1.11286 - 1.11419
  • 52 wk range: 1.0884 - 1.1623

An ambiguous technical picture has developed on the EUR/USD currency pair. The trading instrument is consolidating. The local support and resistance levels are 1.11150 and 1.11450, respectively. Participants in financial markets are sitting it out before the ECB meeting. It is expected that the regulator will maintain the basic parameters of monetary policy at the same level. We recommend that you pay attention to the comments and rhetoric of representatives of the Central Bank. Investors will also evaluate important economic releases from the eurozone and the United States. Open positions from the key levels.

The Economic News Feed for 24.10.2019:

  • - A number of indicators on business activity (GER, EU) – 10:30, 11:00 (GMT+3:00);
  • - ECB decision on interest rate (EU) – 14:45 (GMT+3:00);
  • - Durable Goods Orders (US) – 15:30 (GMT+3:00);
  • - Primary Real Estate Sales (US) – 17:30 (GMT+3:00);
EUR/USD

Indicators do not provide accurate signals: 50 MA crossed 100 MA.

The MACD histogram moved into the positive zone, indicating a bullish sentiment.

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

Trading recommendations
  • Support levels: 1.11150, 1.10850, 1.10550
  • Resistance levels: 1.11450, 1.11750

If the price consolidates below 1.11150, expect the quotes to fall EUR/USD to 1.10850-1.10600.

Alternatively, the quotes could grow toward 1.11750-1.12000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28703
  • Open: 1.29140
  • % chg. over the last day: +0.37
  • Day's range: 1.29023 - 1.29286
  • 52 wk range: 1.1959 - 1.3385

GBP/USD currency pair is consolidating. There is no defined trend. GBP is under pressure due to the uncertainty surrounding Brexit. We recommend you to keep track of current information on this issue. At the moment, the local support and resistance levels are 1.28850 and 1.29350, respectively. Financial market participants also expect a release of important reports on the US economy. Open positions from the key levels.

The Economic News Feed for 24.10.2019 is calm.

GBP/USD

Indicators do not give accurate signals: the price crossed 50 MA and 100 MA.

The MACD histogram is close to 0.

The Stochastic Oscillator is in the neutral zone, the %K line began to cross the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.28850, 1.28400, 1.27600
  • Resistance levels: 1.29350, 1.30100

If the price consolidates below 1.28850, you need to look for entry points to the market to open short positions. The price will fall toward 1.28000.

Alternatively, the quotes can grow toward 1.30000-1.30300.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30934
  • Open: 1.30717
  • % chg. over the last day: -0.14
  • Day's range: 1.30707 - 1.30845
  • 52 wk range: 1.2727 - 1.3664

The USD/CAD currency pair is still dominated by bearish sentiment. The trading tool again updated local lows. Looney is currently consolidating. The key range is 1.30700-1.31000. In the near future, technical correction after a prolonged fall is not ruled out. Today we recommend that you pay attention to the dynamics of prices for oil, as well as economic reports from the United States. Open positions from the key levels.

The Economic News Feed for 24.10.2019 is calm.

USD/CAD

Indicators do not give accurate signals: the price is testing 50 MA and 100 MA.

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

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

Trading recommendations
  • Support levels: 1.30700, 1.30400, 1.30200
  • Resistance levels: 1.31000, 1.31200, 1.31450

If the price consolidates below 1.30700, expect the quotes to drop toward 1.30400-1.30200.

Alternatively, the quotes could grow toward 1.31400-1.31600.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.480
  • Open: 108.671
  • % chg. over the last day: +0.14
  • Day's range: 108.576 - 108.688
  • 52 wk range: 104.97 - 114.56

USD/JPY is still trading in a long flat. The technical picture is ambiguous. Financial market participants expect up-to-date information regarding the settlement of trade disputes between Washington and Beijing, as well as the situation around Brexit. At the moment, the local support and resistance levels are 108.500 and 108.700, respectively. We also recommend paying attention to the dynamics of yield on US government bonds. Open positions from the key levels.

The Economic News Feed for 24.10.2019:

USD/JPY

Indicators do not give accurate signals: 50 MA crossed 100 MA.

The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy USD/JPY.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates a bullish sentiment.

Trading recommendations
  • Support levels: 108.500, 108.250, 108.000
  • Resistance levels: 108.700, 108.900

If the price consolidates below 108.500, the price will fall toward 108.300-108.100.

Alternatively, the quotes could grow toward 108.900-109.200.

by JustForex, 2019.10.24

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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