The Analytical Overview of the Main Currency Pairs on 2017.08.28


The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.18002
  • Open: 1.19434
  • % chg. over the last day: +1.08
  • Day’s range: 1.19162 1.19594
  • 52 wk range: 1.0366 1.1616

On Friday, aggressive purchases were observed on EUR/USD. The growth of quotations exceeded 1%. The currency found resistance at the level of 1.19550. The mark 1.18250 is already a “mirror” support. Pressure on the US dollar is provided by the speech of the Fed Chairman and the aftermath of Hurricane Harvey. At the Jackson Hole summit, Janet Yellen did not announce specific plans for the further monetary policy. Today, we recommend opening positions from the key levels. In the near future, a technical correction is possible.

The economic calendar on 2017.08.28:

The publication of important economic reports is not planned.

EUR/USD

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

The MACD histogram is located 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 crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.19150, 1.18250
  • Resistance levels: 1.19550

If the price fixes above 1.19550, it is necessary to consider buying EUR/USD. The movement is tending to the round level of 1.20000.

Alternative option. If the EUR/USD quotes overcome the local support level of 1.19150, a technical correction may be developed. The target movement level is 1.187501.18500.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27985
  • Open: 1.29240
  • % chg. over the last day: +0.68
  • Day’s range: 1.28731 1.29244
  • 52 wk range: 1.1986 1.5020

Last week GBP/USD kept the key demand zone of 1.278001.28000, which caused a correction movement. At the moment, the key trading range is 1.287501.29250. The trading instrument has the potential for further growth.

Today, the UK financial markets are closed due to the holiday.

GBP/USD

Indicators point to the power of buyers. The price is above 50 MA and 200 MA.

The MACD histogram is located in the positive zone and continues to rise, which signals an upward trend on GBP/USD.

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

Trading recommendations
  • Support levels: 1.28750, 1.28000
  • Resistance levels: 1.29250, 1.29600

We expect further growth of GBP/USD. If the price fixes above 1.29250, it is necessary to consider buying. The movement is tending potentially to 1.296001.29750.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.25205
  • Open: 1.24758
  • % chg. over the last day:0.30
  • Day’s range: 1.24630 1.24858
  • 52 wk range: 1.2458 1.4692

On the USD/CAD currency pair, the “bearish” sentiment prevails. Over the past week, the Canadian dollar has strengthened against the US dollar by more than 85 points. At the moment, the price is testing local support of 1.24650. The 1.25300 level is already a “mirror” resistance.

The news background on Canada’s economy is calm today.

USD/CAD

Indicators point to the power of sellers. The price is below 50 MA and 200 MA.

The MACD histogram is located in the negative zone and continues to decline, which signals a fall in the USD/CAD quotes.

Stochastic Oscillator has fixed in the neutral zone, the %K line is below the %D line, which also gives a signal to sell USD/CAD.

Trading recommendations
  • Support levels: 1.24650
  • Resistance levels: 1.25300, 1.25900

We recommend considering selling USD/CAD. If the price fixes below 1.24650, you need to look for entry points to the market to open short positions. The movement is tending potentially to 1.242501.24000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.548
  • Open: 109.157
  • % chg. over the last day:0.18
  • Day’s range: 109.020 109.395
  • 52 wk range: 99.08 123.69

The last trading session USD/JPY is in a sideways trend. A unidirectional trend is not observed. There is an ambiguous technical pattern on the trading instrument. At the moment, the key levels of support and resistance are 109.000 and 109.400 respectively. The positions must be opened from these marks.

There are no important economic reports from Japan today.

USD/JPY

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

The MACD histogram is located 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 signals an increase in USD/JPY.

Trading recommendations
  • Support levels: 109.000, 108.600
  • Resistance levels: 109.400, 109.800

If the price fixes below the round level of 109.000, we recommend considering selling USD/JPY. The closest target for fixing profits is 108.600.

Alternative option. If USD/JPY overcomes the 109.400 mark, you need to look for entry points to open long positions. The target level of movement is 109.800110.000.

by JustMarkets, 2017.08.28

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.