The Analytical Overview of the Main Currency Pairs on 2017.08.11


The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.17564
  • Open: 1.17706
  • % chg. over the last day: +0.09
  • Day’s range: 1.17526 1.17796
  • 52 wk range: 1.0339 1.1909

The technical pattern on EUR/USD is ambiguous. The currency continues to be in a sideways trend. Weak statistics on the US economy put pressure on the US currency. At the moment, investors adopted a waitandsee attitude before the publication of the report on inflation in the US. The key trading range is 1.172001.17750. We recommend you to open positions from these marks.

The news background on 2017.08.11:
  • inflation report in the US 15:30 (GMT+3:00);
  • speeches of the FOMC representatives Kaplan and Kashkari 16:40 (GMT+3:00) and 18:30 (GMT+3:00), respectively
EUR/USD

Indicators do not send accurate signals. The price is between 50 MA and 200 MA, which are strong dynamic support and resistance levels.

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

Stochastic Oscillator has fixed in the neutral zone, the %K line is below the %D line, which indicates the drop in the EUR/USD quotes.

Trading recommendations
  • Support levels: 1.17200
  • Resistance levels: 1.17750, 1.18200

If the inflation report in the US is positive, the bearish sentiment may prevail on the EUR/USD currency pair. The movement is tending potentially to 1.170001.16500.

An alternative may be the growth of the EUR/USD quotes to the level of 1.182001.18500.

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

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.29977
  • Open: 1.29715
  • % chg. over the last day:0.21
  • Day’s range: 1.29713 1.29989
  • 52 wk range: 1.1450 1.3447

GBP/USD continues to consolidate. The key levels are still: support1.29600; resistance1.30250. At the moment, the US currency is under pressure. Financial markets participants expect a report on inflation in the US. We recommend you to open positions from key levels.

The news background on the UK economy is calm today.

GBP/USD

The signals of the indicators are ambiguous. The price is near 50 MA, which at the moment is a fairly strong dynamic resistance.

The MACD histogram has fixed near the 0 mark.

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

Trading recommendations
  • Support levels: 1.29600
  • Resistance levels: 1.30250, 1.30750

If the statistics from the US is positive, we recommend considering selling GBP/USD. The movement is tending potentially to the round level of 1.29000.

An alternative may be the upward trend on GBP/USD to 1.307501.31000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.26968
  • Open: 1.27360
  • % chg. over the last day: +0.30
  • Day’s range: 1.27229 1.27521
  • 52 wk range: 1.2414 1.3795

Yesterday, purchases prevailed on USD/CAD. Nevertheless, at the moment the technical pattern is ambiguous. In the Asian trading session, the currency failed to overcome the local resistance of 1.27500, which caused a correction. A round level of 1.27000 is a key support. Today’s report on inflation in the US will be a driver for the further alignment of forces on the USD/CAD currency pair.

There is no important statistics on Canada’s economy today.

USD/CAD

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

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 in the neutral zone, the %K line is below the %D line, which signals the drop in the USD/CAD quotes.

Trading recommendations
  • Support levels: 1.27000, 1.26600
  • Resistance levels: 1.27500

If the statistics from the US is optimistic, we recommend to consider buying USD/CAD. The movement is tending potentially to the round level of 1.28000.

Alternatively, the USD/CAD quotes may fall to the level of 1.266001.26250.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 110.049
  • Open: 109.175
  • % chg. over the last day:0.89
  • Day’s range: 108.902 109.267
  • 52 wk range: 99.53 118.67

Yesterday, aggressive sales were observed on the USD/JPY currency pair. The growth of geopolitical risks between the US and North Korea supports the demand for safe assets. Drop in the USD/JPY quotes exceeded 100 points. The currency reached a round level of 109,000. The 109.750 mark is already a “mirror” resistance. We are waiting for statistics from the US.

No important economic reports from Japan are planned today.

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 in the neutral zone, the %K line crossed the %D line. There are no signals yet.

Trading recommendations
  • Support levels: 109.000
  • Resistance levels: 109.750, 110.100

If the inflation report in the US turns out to be weak, we recommend looking for entry points to the market to open short positions. The target movement level is 108.500108.250.

An alternative may be the USD/JPY correction to the level of 109.750110.100.

by JustMarkets, 2017.08.11

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.