The Analytical Overview of the Main Currency Pairs on 2017.12.01

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.18462
  • Open: 1.19025
  • % chg. over the last day: +0.43
  • Day's range: 1.18870 – 1.19328
  • 52 wk range: 1.0341 – 1.2069

At the moment, the "bullish" sentiment prevails on EUR/USD. The US dollar is under pressure due to problems with the tax reform and the growth of geopolitical risks on the Korean peninsula. The price is testing the local resistance of 1.19300. The mark 1.18850 is already a "mirror" support. We are awaiting the publication of important economic reports. We recommend opening positions from the key levels.

The news feed on 2017.12.01:
  • - The index of business activity in the manufacturing sector of the Eurozone at 11:00 (GMT+2:00);
  • - A report on business activity in the manufacturing sector of the US from ISM at 17:00 (GMT+2:00);

We also recommend paying attention to the statements made by the Fed's representatives.

EUR/USD

The price has fixed above 50 MA and 200 MA, which signals the power of buyers.

The MACD histogram is located in the positive zone and continues to rise, which indicates the growth of the EUR/USD quotes.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which signals the sale of EUR/USD.

Trading recommendations
  • Support levels: 1.18850, 1.18500, 1.18000
  • Resistance levels: 1.19300, 1.19600

If the price fixes above the local resistance of 1.19300, we recommend considering buying EUR/USD. The closest target for profit taking is the 1.19600 mark. When tracking positions, one should use a trailing stop.

Alternative option. If the price fixes below the "mirror" support of 1.18850, the correction of the EUR/USD currency pair is expected. The movement is tending to 1.18500-1.18250.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.34067
  • Open: 1.35276
  • % chg. over the last day: +0.90
  • Day's range: 1.35101 – 1.35495
  • 52 wk range: 1.1450 – 1.3618

Since the beginning of the current week, a pronounced upward trend has been observed on the GBP/USD currency pair. During this period, the growth of quotations exceeded 200 points. Rumors about the possible conclusion of agreements on the terms of Brexit support the pound. The trading instrument found resistance at 1.35450. The round level of 1.35000 is already a "mirror" support. In the near future, a technical correction is not ruled out. Positions must be opened from the key levels.

At 11:30 (GMT+2:00), the index of business activity in the manufacturing sector of Great Britain will be published.

GBP/USD

The signals of the indicators are different. The price has fixed above 50 MA and 200 MA, which indicates the power of buyers.

The MACD histogram has begun to decline and is below the signal line, which indicates a correction of the GBP/USD currency pair.

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: 1.35000, 1.34350, 1.33800
  • Resistance levels: 1.35450, 1.36000

If the price fixes below the round level of 1.35000, a correction movement may develop on the GBP/USD currency pair. The movement is tending to 1.34500-1.34350.

Alternative option. If the price fixes above the local resistance of 1.35450, further growth of GBP/USD is expected. The movement is tending to the round level 1.36000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28612
  • Open: 1.28934
  • % chg. over the last day: +0.22
  • Day's range: 1.28546 – 1.29009
  • 52 wk range: 1.2059 – 1.3795

At the moment, a correction movement is observed on the USD/CAD currency pair. The price is testing the local support of 1.28500. The nearest resistance is at the level of 1.28750. The trading instrument has the potential to further reduce. Investors expect important economic reports from Canada. We also recommend paying attention to statistics from the USA.

At 15:30 (GMT+2:00) reports on the labor market and the GDP of Canada will be published.

USD/CAD

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

The MACD histogram is located near the 0 mark.

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

Trading recommendations
  • Support levels: 1.28500, 1.28000
  • Resistance levels: 1.28750, 1.29000

If the statistics on the economy of Canada will be optimistic, the correction of USD/CAD quotes is expected. The movement is tending to the round level of 1.28000.

An alternative may be the growth of the USD/CAD currency pair to the level of 1.29000-1.29250.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 111.908
  • Open: 112.531
  • % chg. over the last day: +0.59
  • Day's range: 112.320 – 112.694
  • 52 wk range: 99.53 – 118.67

On the USD/JPY currency pair there was an ambiguous technical pattern. At the moment, the quotes are consolidating after significant growth since the beginning of this week. The key trading range is 112.350-112.700. The correction is not ruled out in the near future. Investors took a wait-and-see attitude before the release of important economic reports from the United States. Positions must be opened from the key levels.

In the Asian trading session, mixed statistics on the economy of Japan was published.

USD/JPY

The indicators do not send accurate signals. The price has fixed above 50 MA and 200 MA.

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 gives a signal to sell USD/JPY.

Trading recommendations
  • Support levels: 112.350, 112.000, 111.650
  • Resistance levels: 112.700, 113.000

If the price fixes above the local resistance of 112.700, we recommend considering buying USD/JPY. The movement is tending to 113.000-113.250.

Alternative option. If the price fixes below 112.350, it is necessary to consider sales of USD/JPY. The target level of movement is 112.000-111.650.

by JustForex, 2017.12.01

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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