The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.13146
Open: 1.14058
% chg. over the last day: -0.80
Day’s range: 1.13530 – 1.14430
52 wk range: 1.1299 – 1.2557
Yesterday, the EUR/USD currency pair was defined by the aggressive purchases. The quotes have grown by almost 150 points. The USD weakened against the EUR after the publication of the weak economic stats. At the moment, the local support and resistance levels are 1.14100 and 1.14450 respectively. Positions should be opened from these levels. The trading instrument has a potential for further growth. The US Labour Market reports are in the spotlight.
The Economic News Feed for 02.11.2018:
The Purchasing Managers’ Index (GER) – 10:55 (GMT+2:00);
The various US Labour Market reports – 14:30 (GMT+2:00).
The price has fixed above 50 MA and 200 MA, which indicates the power of the buyers.
The MACD histogram is in the positive zone, but above the signal line, which gives a strong signal towards the purchase of EUR/USD.
The Stochastic Oscillator is in the overbought zone, the %K line has crossed the %D line. There are no signals at the moment.
Trading recommendations
Support levels: 1.14100, 1.13800, 1.13400
Resistance levels: 1.14450, 1.14700
If the price fixes above the resistance line 1.14450, we can expect further growth of the EUR/USD quotes. The movement tends towards the 1.15000.
Alternatively, the price will fix below 1.14100, which means you should look for the market entry points to open short positions. The movement will tend toward 1.13800-1.13500.
The GBP/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.27669
Open: 1.29981
% chg. over the last day: +1.86
Day’s range: 1.30222 – 1.30286
52 wk range: 1.2662 – 1.4378
The GBP/USD currency pair is also showing aggressive purchasing. During the yesterday’s and today’s trading, the quotes have grown by 250 points. The British pound strengthened against the USD after the news that Great Britain and the EU might reach an agreement on Brexit soon. At the moment, the key support and resistance levels are 1.29900 and 1.30450 respectively. The pound has the potential for further recovery.
The Economic News Feed for 02.11.2018:
Construction Purchasing Managers’ Index (GB) – 11:30 (GMT+2:00).
The indicators show the power of the buyers: the price fixes above 50 MA and 200 MA.
The MACD histogram is in the positive zone, but below the signal line, which provides a weak signal towards the purchase of the GBP/USD.
The Stochastic Oscillator is in the overbought zone, the %K line is above the %D line, which indicates a bullish sentiment.
Trading recommendations
Support levels: 1.29900, 1.29400, 1.29000
Resistance levels: 1.30450, 1.30800
If the price fixes above the resistance line 1.30450, we can expect further growth of the GBP/USD currency pair. The movement will tend toward 1.30800-1.31000.
Alternatively, the GBP/USD quotes can fall toward 1.29500-1.29300.
The USD/CAD currency pair
Technical indicators of the currency pair:
Prev Open: 1.31565
Open: 1.30847
% chg. over the last day: -0.49
Day’s range: 1.31090 – 1.31256
52 wk range: 1.2248 – 1.3387
The USD/CAD currency pair is showing an active sell-off. During the yesterday’s and today’s trading, the quotes have fallen by more than 100 points. At the moment, the local support and resistance lines are 1.30500 and 1.30750 respectively. Positions should be opened from these levels. The trading instrument has a potential for further decline.
At 14:30 (GMT+2:00) we expect the Labour Market stats from Canada.
The indicators show the power of the sellers: the price is below 50 МА and 200 МА.
The MACD histogram is in the negative zone and below the signal line, which indicates a bearish mood.
The Stochastic Oscillator is in the overbought zone, the %K line started to cross the %D line. There are no signals at the moment.
Trading recommendations
Support levels: 1.30500, 1.30200, 1.30000
Resistance levels: 1.30750, 1.31000, 1.31300
If the price fixes above the support level of 1.30500, we can expect further growth of the USD/CAD quotes. The movement will potentially tend toward 1.30200-1.30000.
Alternatively, the currency pair can grow toward 1.31000-1.31300.
The USD/JPY currency pair
Technical indicators of the currency pair:
Prev Open: 112.855
Open: 112.648
% chg. over the last day: -0.19
Day’s range: 112.947 – 113.102
52 wk range: 104.56 – 114.74
The USD/JPY currency pair keeps showing an ambiguous technical picture. The trading instrument is consolidating while the investors are waiting for the additional drivers. At the moment, the local support and resistance levels are 112.800 and 113.100 respectively. Positions should be opened from these levels.
Today we expect no important news from Japan.
The indicators do not provide precise signals, the price went over 50 MA.
The MACD histogram is around 0. There are no signals.
The Stochastic Oscillator is in the neutral zone, the %K line went over the %D line. There are no precise signals.
Trading recommendations
Support levels: 112.800, 112.500, 112.200
Resistance levels: 113.100, 113.350
If the price fixes below the already mirror support of 112.750, the USD/JPY quotes are expected to decline. The movement is tending to 112.500-112.200.
An alternative may be the USD/JPY currency pair growth to 113.350-113.500.
