The Analytical Overview of the Main Currency Pairs on 2018.08.24

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.15938
  • Open: 1.15367
  • % chg. over the last day: -0.47
  • Day's range: 1.15651 – 1.15764
  • 52 wk range: 1.0571 – 1.2557

Yesterday, the bearish sentiment was observed on the EUR/USD currency pair. The decrease in quotations was more than 60 points. At the moment, quotes are recovering. The local support and resistance levels are: 1.15500 and 1.15850, respectively. We recommend opening positions from these marks. The trading instrument is tending to grow.

The news feed on 2018.08.24:
  • - Data on GDP of Germany at 09:00 (GMT+3:00);
  • - Basic orders for durable goods in the US at 15:30 (GMT+3:00).

We also recommend paying attention to the speech by the Fed's head, Powell.

EUR/USD

Indicators do not send accurate signals: the price is testing 50 MA.

The MACD histogram is located near the 0 mark.

Stochastic Oscillator is in the overbought zone, the %K line has crossed the %D line. There are no exact signals.

Trading recommendations
  • Support levels: 1.15500, 1.15000, 1.14600
  • Resistance levels: 1.15850, 1.16200

If the price fixes above the resistance level of 1.15850, further growth of the EUR/USD currency pair is expected. The movement is tending to 1.16200-1.16500.

Alternative option. If the price fixes below the support of 1.15500, we recommend considering sales of EUR/USD. The movement is tending to 1.15000-1.14800.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29006
  • Open: 1.28097
  • % chg. over the last day: -0.79
  • Day's range: 1.28201 – 1.28307
  • 52 wk range: 1.2361 – 1.4345

Yesterday aggressive sales were observed on the GBP/USD currency pair. The decrease in quotations exceeded 100 points. At the moment, the trading instrument is recovering. Local support and resistance levels are: 1.28100 and 1.28450, respectively. The positions must be opened from these marks.

The news feed on the UK economy is calm.

GBP/USD

Indicators do not send accurate signals: the price is being traded between 50 MA and 200 MA.

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 overbought zone, the %K line is crossing the %D line. There are no exact signals.

Trading recommendations
  • Support levels: 1.28100, 1.27700, 1.27300
  • Resistance levels: 1.28450, 1.28800, 1.29200

If the price fixes above 1.28450, the GBP/USD currency pair is expected to grow. The target level of movement is 1.28800-1.29000.

Alternative option. If the price fixes below 1.28100, we recommend considering sales of GBP/USD. The target movement level is 1.27700-1.27500.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.30367
  • Open: 1.30788
  • % chg. over the last day: +0.79
  • Day's range: 1.30740 – 1.30792
  • 52 wk range: 1.2059 – 1.3795

Yesterday there were purchases on the USD/CAD currency pair. The growth of quotations exceeded 100 points. At the moment, the trading instrument has started declining. Local support and resistance levels are: 1.30650 and 1.30900, respectively. We recommend opening positions from these marks. The trading instrument is tending to fall.

The news feed on Canada's economy is calm.

USD/CAD

Indicators do not send accurate signals: the price is testing 200 MA.

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

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

Trading recommendations
  • Support levels: 1.30650, 1.30300, 1.30000
  • Resistance levels: 1.30900, 1.31200, 1.31500

If the price fixes below 1.30650, the USD/CAD quotes are expected to decline further. The movement is tending to 1.30300-1.30000.

Alternative option. If the price fixes above the resistance of 1.30900, it is necessary to consider buying USD/CAD. The movement is tending to 1.31200-1.31500.

The USD/JPY currency pair:

Technical indicators of the currency pair:
  • Prev Open: 110.549
  • Open: 111.229
  • % chg. over the last day: +0.73
  • Day's range: 111.305 – 111.350
  • 52 wk range: 104.56 – 114.74

Yesterday, aggressive purchases were observed on the USD/JPY currency pair. The quotes rose by more than 90 points. At the moment, the key levels of support and resistance are 111.200 and 111.450, respectively. The positions must be opened from these marks. In the near future, technical correction is not ruled out.

The news feed on Japan's economy is calm.

USD/JPY

Indicators point to the power of buyers: the price is 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 indicates a decrease in quotes.

Trading recommendations
  • Support levels: 111.200, 110.900, 110.600
  • Resistance levels: 111.450, 111.700

If the price fixes above the resistance level of 111.450, it is necessary to consider buying USD/JPY. The movement is tending to 111.700-112.000.

Alternative option. If the price fixes below the level of 111.200, the correction of the USD/JPY currency pair is expected. The movement is tending to 110.900-110.600.

by JustForex, 2018.08.24

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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