The Analytical Overview of the Main Currency Pairs on 2018.01.11

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.19360
  • Open: 1.19473
  • % chg. over the last day: -0.06
  • Day's range: 1.19370 – 1.19400
  • 52 wk range: 1.0341 – 1.2069

Yesterday, the EUR/USD quotes first increased sharply, then began to decline till the end of trading. At the moment, the technical pattern on the EUR/USD currency pair is ambiguous. Market participants expect important statistics from the Eurozone and the US today. The key trading range is 1.19250-1.19700. We recommend opening positions above/below these marks.

The news feed on 2018.01.11:

  • - The volume of industrial production in the Eurozone at 12:00 (GMT+2:00);
    - Publication of the ECB Monetary Policy Report at 14:30 (GMT+2:00);
    - Producer price index in the US at 15:30 (GMT+2:00);
    - The number of initial jobless claims in the US at 15:30 (GMT+2:00);
    - Report on the US federal budget balance - 21:00 (GMT+2:00).
EUR/USD

The signals of the indicators are ambiguous. The price has fixed below 50 MA and 200 MA, which indicates a bearish sentiment.

The MACD histogram is in the negative zone and continues to decline, which gives signal to sell EUR/USD.

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

Trading recommendations
  • Support levels: 1.19250
  • Resistance levels: 1.19700, 1.20150, 1.20700

If the EUR/USD quotes fall and fix below the support level of 1.19250, we recommend looking for entry points to the market to open short positions. The target movement level is 1.18850-1.18650.

An alternative may be the growth of the EUR/USD quotes to the level of 1.20100-1.20300.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.35398
  • Open: 1.35064
  • % chg. over the last day: -0.16
  • Day's range: 1.35058 – 1.35109
  • 52 wk range: 1.1450 – 1.3618

Yesterday, positive data on the volume of production in the UK was published, but the trade balance was below the forecast value. The GBP/USD quotes rose and then fell again. At the moment, the key trading range is 1.34700-1.35150. Today, statistics from the US is the focus of attention. Positions must be opened from the key levels.

The news feed on the UK economy is calm.

GBP/USD

The signals of the indicators are ambiguous. The price has fixed below 50 MA and 200 MA, which indicates a bearish sentiment.

The MACD histogram is in the negative zone and below the signal line, which gives a strong signal to sell GBP/USD.

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

Trading recommendations
  • Support levels: 1.34700, 1.34300
  • Resistance levels: 1.35150, 1.35550, 1.35800, 1.36050

If the GBP/USD quotes continue to fall and fix below the support level of 1.34700, we recommend considering sales. The movement is tending potentially to 1.34300-1.34100.

Alternative option. If the quotes begin to rise and fix above the local resistance of 1.35150, it is necessary to look for entry points to the market to open long positions. The target movement level is 1.35550-1.35750.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24581
  • Open: 1.25263
  • % chg. over the last day: +0.19
  • Day's range: 1.25574 – 1.25809
  • 52 wk range: 1.2059 – 1.3795

Yesterday there were purchases of USD/CAD. The further growth of the USD/CAD currency pair is not excluded. Investors expect statistics from the US and Canada. At the moment, the trading instrument is consolidating in the range of 1.25450-1.25900. It is recommended to open positions if the price fixes above/below these marks.

At 15:30 (GMT+2:00) new housing price index in Canada will be published. We also recommend paying attention to the economic reports from the United States.

USD/CAD

Indicators do not send accurate signals. The price has fixed above 50 MA and 200 MA, which indicates bullish sentiment.

The MACD histogram is in the positive zone and continues to rise, which gives a signal to buy USD/CAD.

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

Trading recommendations
  • Support levels: 1.25450, 1.24850, 1.24250, 1.23750
  • Resistance levels: 1.25900

If the price continues to rise and fixes above the local resistance of 1.25900, we recommend considering purchases of USD/CAD. The target movement level is 1.26300-1.26500.

Alternative option. If the USD/CAD quotes fix below the support level of 1.25450, it is necessary to look for entry points to the market to open short positions. The movement is tending potentially to 1.25050-1.24850.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 112.631
  • Open: 111.428
  • % chg. over the last day: +0.28
  • Day's range: 111.673 – 111.796
  • 52 wk range: 99.53 – 118.67

Yesterday, the USD/JPY quotes continued to fall. The US dollar weakened against the yen by 140 points. In the near future, technical correction is not excluded. The USD/JPY currency pair is being traded in the range of 111.400-111.850. Positions should be opened from the key levels.

The publication of important economic reports from Japan is not planned. We recommend you to pay attention to reports from the USA.

USD/JPY

Indicator signals indicate bearish sentiment. The price has fixed below 50 MA and 200 MA.

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

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

Trading recommendations
  • Support levels: 111.400
  • Resistance levels: 111.850, 112.350, 112.750, 113.250

If the price breaks through and fixes below the local support level of 111.400, we recommend looking for entry points to the market to open short positions. The target movement level is 111.000-110.800.

If the price fixes above the resistance level of 111.850, we recommend considering purchases of USD/JPY. The movement is tending potentially to 112.250-112.450.

by JustForex, 2018.01.11

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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