The Analytical Overview of the Main Currency Pairs on 2018.02.16

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24494
  • Open: 1.25034
  • % chg. over the last day: +0.43
  • Day's range: 1.25265 – 1.25450
  • 52 wk range: 1.0492 – 1.2537

Yesterday, there was an upward trend on the EUR/USD currency pair. This was a result of the US currency decline against the growing budget deficit and US debt. At the moment, the trading instrument is consolidating in the range 1.25100-1.25500. In the near future, there may be technical correction. We recommend opening positions from the key support and resistance levels.

The news feed on 2018.02.16:

  • - Statistics on trading and real estate market in the US at 15:30 (GMT+2:00).
EUR/USD

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

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

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

Trading recommendations
  • Support levels: 1.25100, 1.24600, 1.24000
  • Resistance levels: 1.25500, 1.26000

If the EUR/USD currency pair fixes above the resistance level of 1.25500, we recommend you to consider buying. The movement is tending potentially to the round level of 1.26000.

Alternative option. If the EUR/USD quotes fix below 1.25100, we recommend looking for entry points to open short positions. The movement is tending potentially to 1.24600-1.24300.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.39949
  • Open: 1.40964
  • % chg. over the last day: +0.76
  • Day's range: 1.40891 – 1.41006
  • 52 wk range: 1.2106 – 1.4345

The British pound is strengthening against the US dollar weakness. Yesterday, there was an upward trend on the GBP/USD currency pair. The quotes rose by almost 150 points. At the moment, the key support and resistance levels are: 1.41000 and 1.41400, respectively. In the near future, technical correction is expected. We recommend you to open positions from the key levels.

Today a retail sales report will be published in the UK at 11:30 (GMT+2:00).

GBP/USD

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

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

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

Trading recommendations
  • Support levels: 1.41000, 1.40400, 1.39700
  • Resistance levels: 1.41400, 1.41700, 1.42000

If the price fixes below the support level of 1.41000, we recommend considering sales of GBP/USD. The movement is tending potentially to 1.40400-1.40200.

Alternative option. If the price fixes above the resistance level of 1.41400, it is necessary to look for entry points to the market to open long positions. The movement is tending potentially to the round level of 1.42000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24912
  • Open: 1.24826
  • % chg. over the last day: -0.06
  • Day's range: 1.24866 – 1.24741
  • 52 wk range: 1.2059 – 1.3795

Yesterday, there was a variety of trends on the USD/CAD currency pair. At the moment, the price is going down. The trading instrument is testing the local support level of 1.24550. We recommend paying attention to the dynamics of oil quotes. Positions should be opened from the key levels.

At 15:30 (GMT+2:00) the data on manufacturing sales in Canada will be published.

USD/CAD

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

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

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

Trading recommendations
  • Support levels: 1.24550, 1.24000
  • Resistance levels: 1.24800, 1.25100, 1.25500

If the USD/CAD quotes fix below the 1.24550 mark, we recommend looking for entry points to the market to open short positions. The movement is tending potentially to the round level of 1.24000.

Alternative option. If the price fixes above the round level of 1.24800, the quotes are expected to rise to 1.25100-1.25500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 106.999
  • Open: 106.116
  • % chg. over the last day: -0.86
  • Day's range: 107.278 – 107.489
  • 52 wk range: 107.33 – 115.51

Today it became known that Haruhiko Kuroda remained the head of the Bank of Japan for a second term. This news contributed to further growth of the yen against the US dollar. The USD/JPY currency pair continues its decline. At the moment, the trading instrument is consolidating in the range of 105.650-106.250. We recommend paying attention to the 10-year US government bonds yield. Positions should be opened from the key levels.

Today, the news feed on the Japanese economy is calm.

USD/JPY

The price has fixed below 50 MA and 200 MA, which indicates the power of sellers.

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell 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: 105.650, 105.000
  • Resistance levels: 106.250, 106.850, 107.500

If the quotes continue to decline and fix below the 105.650 mark, USD/JPY sales should be considered. The movement is tending potentially to the round level of 105.000.

An alternative is the growth of the USD/JPY currency pair to 106.500-106.850.

by JustForex, 2018.02.16

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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