The Analytical Overview of the Main Currency Pairs on 2017.11.29

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.18919
  • Open: 1.18369
  • % chg. over the last day: -0.41
  • Day's range: 1.18364 – 1.18751
  • 52 wk range: 1.0341 – 1.2069

Yesterday, the bearish sentiment prevailed on the EUR/USD currency pair. Support for the US dollar was provided by optimistic economic reports. In November, the consumer confidence index increased by 2.6% to 129.5. At the moment, the technical pattern is ambiguous. The EUR/USD quotations are consolidating in the range of 1.18500-1.18850. Investors expect preliminary data on the US GDP. We recommend opening positions from the key levels.

Statistics on the US economy:
  • - The GDP report at 15:30 (GMT+2:00);
  • - The index of pending sales in the real estate market at 17:00 (GMT+2:00);
  • - The Fed's "Beige Book" at 21:00 (GMT+2:00).

It is necessary to pay attention to the speech of the Fed's chairman.

EUR/USD

The indicators do not send accurate signals. The price has fixed between 50 MA and 200 MA, which are strong dynamic levels of support and resistance.

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

Stochastic Oscillator has reached the overbought zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.18500, 1.18000
  • Resistance levels: 1.18850, 1.19450

If the statistics from the US is optimistic, sales on the EUR/USD currency pair may prevail. The movement is tending to the round level 1.18000.

An alternative may be the growth of the EUR/USD quotes to the level of 1.19450-1.19600.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.33075
  • Open: 1.33344
  • % chg. over the last day: +0.35
  • Day's range: 1.33344 – 1.34307
  • 52 wk range: 1.1450 – 1.3618

At the moment there are aggressive purchases of GBP/USD. There was information that in the near future, the EU and the UK could reach agreement on the number of payments in the Brexit process. The GBP/USD quotes have the potential for further growth. The price is testing the local resistance of 1.34250. The mark 1.33800 is already a "mirror" support. We are waiting for statistics from the USA.

The financial markets participant will follow the speech of the head of the Bank of England.

GBP/USD

The indicators point to the power of buyers. The price has fixed above 50 MA and 200 MA.

The MACD histogram is in the positive zone and above the signal line, which indicates a bullish sentiment on GBP/USD.

Stochastic Oscillator is located near the overbought zone, the %K line is above the %D line, which gives a weak signal to buy GBP/USD.

Trading recommendations
  • Support levels: 1.33800, 1.33100
  • Resistance levels: 1.34250, 1.34750

If GBP/USD overcomes the local resistance of 1.34250, we recommend you to look for entry points to the market to open long positions. The target movement level is 1.34750-1.35000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27697
  • Open: 1.28163
  • % chg. over the last day: +0.42
  • Day's range: 1.28075 – 1.28243
  • 52 wk range: 1.2059 – 1.3795

The bullish sentiment still prevails on the USD/CAD currency pair. Yesterday, the Canadian dollar weakened against the US dollar by more than 50 points. At the moment, the price is testing the local offer zone of 1.28200-1.28350. The nearest support is located at the round level of 1.28000. We do not exclude the technical correction of the USD/CAD quotations. We recommend paying attention to the news feed on the US economy. Positions must be opened from the key levels.

The publication of important economic reports from Canada is not planned.

USD/CAD

The indicators point to the power of buyers. The price has fixed above 50 MA and 200 MA.

The MACD histogram is located in the positive zone and continues to rise, which signals an increase in the USD/CAD quotes.

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

Trading recommendations
  • Support levels: 1.28000, 1.27500
  • Resistance levels: 1.28350, 1.28750

If economic reports from the US are positive, we expect further growth of the USD/CAD currency pair. The movement is tending to 1.28750-1.29000.

An alternative may be the correction of the USD/CAD quotations to the level of 1.27750-1.27500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 111.247
  • Open: 111.399
  • % chg. over the last day: +0.15
  • Day's range: 111.361 – 111.668
  • 52 wk range: 99.53 – 118.67

On the USD/JPY currency pair, there was an ambiguous technical pattern. At the moment, the trading instrument is consolidating in the range of 111.350-111.650. Positions should be opened if the price fixes above/below these markers. Investors expect preliminary data on the US GDP. We recommend you to follow the situation on the Korean peninsula.

The news feed on the economy of Japan is rather calm.

USD/JPY

The indicators do not send accurate signals. The price has fixed between 50 MA and 200 MA, which are strong dynamic levels of support and resistance.

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

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which indicates a fall in USD/JPY.

Trading recommendations
  • Support levels: 111.350, 111.000
  • Resistance levels: 111.650, 112.000, 112.600

If the price fixes above the local resistance of 111.650, we recommend considering buying USD/JPY. The target level is 112.000-112.400.

Alternative option. If the price fixes below 111.350, you need to look for entry points to open short positions. The movement is tending to 111.000-110.500.

When following the positions, we recommend using a trailing stop.

by JustForex, 2017.11.29

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.

GET FREE ANALYTICS

* required fields