The Analytical Overview of the Main Currency Pairs on 2017.11.10

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.15939
  • Open: 1.16385
  • % chg/ over the last day: +0.44
  • Days range: 1.16230 – 1.16546
  • 52 wk range: 1.0341 – 1.2069

Yesterday purchases prevailed on EUR/USD. Implementation of the tax reform in the US has faced some difficulties. Additional pressure on the American currency was provided by weak statistics on the number of initial jobless claims. At the moment, the key trading range is 1.16200-1.16500. It is recommended to open positions if the price fixes above/below these marks.

At 17:00 (GMT+2:00) indices of consumers' expectations and sentiments from the University of Michigan will be published.

EUR/USD

The indicators do not send accurate signals. The price is close to 200 MA, which is currently quite strong dynamic support.

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

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

Trading recommendations
  • Support levels: 1.16200, 1.15800
  • Resistance levels: 1.16500, 1.16850

If the price fixes below the "mirror" support level of 1.16200, we recommend considering selling EUR/USD. The movement is tending to 1.15800-1.15600.

Alternative option. If the EUR/USD quotes overcome the 1.16500 mark, it is necessary to look for entry points to the market to open long positions. The target movement level is 1.16850-1.17000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31145
  • Open: 1.31454
  • % chg. over the last day: +0.21
  • Day's range: 1.31122 – 1.31583
  • 52 wk range: 1.1450 – 1.3618

At the moment, there is a mixed technical pattern on the GBP/USD currency pair. Investors took a wait-and-see attitude before publishing important statistics on the UK economy. The key support and resistance levels are 1.31250 and 1.31750, respectively. We recommend opening positions from these marks.

At 11:30 (GMT+2:00) the data on the volume of production in the manufacturing industry in the UK will be published.

GBP/USD

The price has fixed between 50 MA and 200 MA, which are quite strong dynamic levels of support and resistance.

The MACD histogram is located near the 0 mark.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which signals purchase of GBP/USD.

Trading recommendations
  • Support levels: 1.31250, 1.30750, 1.30400
  • Resistance levels: 1.31750, 1.32400

If the statistics from the UK is weak, we recommend you to look for entry points to the market to open short positions. The movement is tending to 1.30750-1.30400.

An alternative may be the growth of GBP/USD to 1.32000-1.32400.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27207
  • Open: 1.26816
  • % chg. over the last day: -0.37
  • Day's range: 1.26663 – 1.26856
  • 52 wk range: 1.2059 – 1.3795

On the USD/CAD currency pair the bearish sentiment still prevails. Yesterday, the Canadian dollar rose against the US dollar by more than 50 points. At the moment, the price is testing the local support of 1.26700. The round level of 1.27000 is already a "mirror" resistance. Positive dynamics in the market of "black gold" supports the Canadian dollar. Positions must be opened from the key levels.

Today, the news background 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 located in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.26700, 1.26000
  • Resistance levels: 1.27000, 1.27350, 1.27750

If the price fixes below the local support of 1.26700, the USD/CAD quotes are expected to fall. The movement is tending to 1.26250-1.26000.

Alternative option. If the price fixes above the round level of 1.27000, it is necessary to consider buying USD/CAD. The movement is tending to 1.27350-1.27500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 113.807
  • Open: 113.462
  • % chg. over the last day: -0.45
  • Day's range: 113.261 – 113.635
  • 52 wk range: 99.53 – 118.67

The technical pattern on USD/JPY is still ambiguous. The trading instrument continues to be in a sideways trend. At the moment, the following key levels of support and resistance can be identified: 113.400 and 113.750, respectively. We recommend paying attention to the US government bonds yield. Positions should be opened from the key levels.

The news background on Japan's economy is calm.

USD/JPY

The indicators do not send accurate signals. The price has crossed 50 MA.

The MACD histogram has begun to rise and is above the signal line, which indicates the growth of USD/JPY.

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

Trading recommendations
  • Support levels: 113.400, 113.000
  • Resistance levels: 113.750, 114.000, 114.250

If the price fixes below the level of 113.400, we recommend looking for entry points to the market for opening short positions. The movement is tending to the round level of 113.000.

Alternative option. If the price fixes above the level of 113.750, it is necessary to consider buying USD/JPY. The target movement level is 114.000-114.250.

by JustForex, 2017.11.10

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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.