The Analytical Overview of the Main Currency Pairs on 2018.02.28

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.23164
  • Open: 1.22326
  • % chg. over the last day: -0.75
  • Day's range: 1.22297 – 1.22416
  • 52 wk range: 1.0492 – 1.2537

During yesterday's trading, the EUR/USD currency pair fell significantly. The drop in quotes was more than 100 points. The reason for this was the speech of the new Fed`s chairman, who stated that the US economy is growing at a steady pace and the inflation is increasing. At the moment, the trading instrument is consolidating in the range of 1.22200-1.22600. We recommend you to open positions above/below these marks.

The news feed on 28.02.2018:

- The German labor market report at 10:55 (GMT+2:00);
- Consumer price index in the Eurozone at 12:00 (GMT+2:00);
- GDP data in the US at 15:30 (GMT+2:00);
- Pending home sales index in the US at 17:00 (GMT+2:00).

EUR/USD

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

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

Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which signals to buy EUR/USD.

Trading recommendations
  • Support levels: 1.22200, 1.22000, 1.21600
  • Resistance levels: 1.22600, 1.23000, 1.23400

If the price fixes below 1.22200, the EUR/USD quotes are expected to decline. The target movement level is 1.22000-1.21600.

The alternative is the growth of the EUR/USD quotes to 1.23000-1.23400.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.39666
  • Open: 1.39078
  • % chg. over the last day: -0.45
  • Day's range: 1.38944 – 1.39103
  • 52 wk range: 1.2106 – 1.4345

Yesterday, after the statements of the new Fed`s chairman, Jerome Powell, aggressive sales were observed on the GBP/USD currency pair. The decrease in quotes was 100 points. At the moment, the key support and resistance levels are: 1.38500 and 1.39200, respectively. We recommend opening positions above/below these marks. Demand for the American currency remains at a fairly high level.

The news feed on the UK economy is calm today.

GBP/USD

The price has fixed below 50 MA and 200 MA, which indicates a bearish sentiment.

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

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

Trading recommendations
  • Support levels: 1.38800, 1.38500, 1.38000
  • Resistance levels: 1.39200, 1.39600, 1.40000

If the price fixes above 1.39200, the GBP/USD currency pair is expected to grow. The movement is tending potentially to 1.39600-1.40000.

Alternative option. If the price fixes below the support level of 1.38800, it is necessary to consider sales of GBP/USD. The movement is tending potentially to 1.38500-1.38000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.26801
  • Open: 1.27759
  • % chg. over the last day: +0.72
  • Day's range: 1.27681 – 1.27734
  • 52 wk range: 1.2059 – 1.3795

Yesterday, there were aggressive sales on the USD/CAD currency pair after the Fed`s chairman Jerome Powell speech. The quotes rose by almost 100 points. At the moment, the technical pattern is ambiguous. The trading instrument is in a sideways trend. Local support and resistance levels are: 1.27500 and 1.27800. The positions should be opened from these marks. The USD/CAD currency pair has the potential for further growth.

Today, the news feed on Canada's economy is calm.

USD/CAD

The price has fixed above 50 MA and 200 MA, which indicates a bullish sentiment.

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

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

Trading recommendations
  • Support levels: 1.27500, 1.27000, 1.26600
  • Resistance levels: 1.27800, 1.28000, 1.28500

If the price fixes below 1.27500, we recommend you to consider sales of the USD/CAD currency pair. The movement is tending potentially to the round level of 1.27000.

An alternative may be the growth of the USD/CAD quotes to the level of 1.28000-1.28500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 106.903
  • Open: 107.328
  • % chg. over the last day: +0.46
  • Day's range: 107.155 – 107.241
  • 52 wk range: 107.33 – 115.51

Yesterday, there was a variety of trends on the USD/JPY currency pair. Quotes rose after the Fed`s chairman statements, but the yen began to strengthen after the Bank of Japan announced that it intended to reduce Japanese government bonds purchases. At the moment, the trading instrument is consolidating in the range of 107.000-107.300. Positions should be opened from the key support and resistance levels.

Today, during the Asian trading session, weak reports on the volume of industrial production and the volume of retail sales in Japan were published.

USD/JPY

Indicators show the power of buyers. The price has fixed above 50 MA and 200 MA.

The MACD histogram is located in the positive zone.

Stochastic Oscillator is close to the oversold zone,the %K line is above the %D line, which signals to buy USD/JPY.

Trading recommendations
  • Support levels: 107.000, 106.700, 106.400
  • Resistance levels: 107.300, 107.500, 107.800

If the price fixes below the round level of 107.000, the USD/JPY quotes are expected to decline. The movement is tending potentially to 106.700-106.400.

Alternative option. If the price fixes above the resistance level of 107.300, it is necessary to consider purchases of USD/JPY. The target movement level is 107.500-107.800.

by JustForex, 2018.02.28

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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