The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.10271
Open: 1.10322
% chg. over the last day: +0.05
Day’s range: 1.10231 – 1.10373
52 wk range: 1.0884 – 1.1623
Yesterday EUR/USD was highly active, yet without a defined trend. EUR keeps testing the levels at 1.10150-1.10400. The financial market participants are waiting or additional drivers, i.e. the progress in US/China negotiations. Further recovery is highly possible. You should open positions from the key levels.
The Economic News Feed for 16.10.2019:
Inflation report (EU) – 12:00 (GMT+3:00);
Retail sales report (US) – 15:30 (GMT+3:00);
Federal Reserve Beige Book (US) – 21:00 (GMT+3:00);
Indicators do not give accurate signals: the price crossed 50 MA and 100 MA..
The MACD histogram is in the positive zone and continues to rise, which signals a bullish mood.
The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which also gives a signal to buy EUR/USD.
Trading recommendations
Support levels: 1.10150, 1.09900, 1.09650
Resistance levels: 1.10400, 1.10600
If the price consolidates above the resistance level of 1.10400, expect further growth of EUR/USD quotes to 1.10700-1.10900.
Alternatively, the quotes can correct toward1 1.09900-1.09700.
The GBP/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.26237
Open: 1.26016
% chg. over the last day: -0.06
Day’s range: 1.26008 – 1.26371
52 wk range: 1.1959 – 1.3385
The GBP stabilized after a significant rally last week. Optimism over the settlement of the Brexit process began to weaken. EU diplomats said the bloc wants additional concessions from Prime Minister Boris Johnson. Currently, the GBP/USD currency pair is consolidating. The local support and resistance levels are: 1.25700 and 1.26450, respectively. We are expecting important economic reports from the UK. We recommend opening positions from key levels.
At 11:30 (GMT+3:00) UK will publish a labour market report.
The price fixed above 50 MA and 100 MA, which signals the strength of buyers.
The MACD histogram is located in the positive zone and above the signal line, which gives a strong signal to buy GBP/USD.
The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which also indicates bullish sentiment.
Trading recommendations
Support levels: 1.25700, 1.25150, 1.24250
Resistance levels: 1.26450, 1.27000
If the price consolidates above 1.26450, expect further growth toward 1.27000-1.27400.
Alternatively, the quotes could decrease toward 1.25200-1.24800.
The USD/CAD currency pair
Technical indicators of the currency pair:
Prev Open: 1.32345
Open: 1.31988
% chg. over the last day: -0.21
Day’s range: 1.31948 – 1.32127
52 wk range: 1.2727 – 1.3664
USD/CAD currency pair continues to consolidate. There is no defined trend. CAD is currently testing local support and resistance levels at 1.31950 and 1.32200, respectively. Trading instrument can decline further. Financial market participants expect the release of important statistics. We also recommend that you pay attention to the dynamics of oil prices. You should open positions from the key levels.
Canada will publish an inflation report at 15:30 (GMT+3: 00).
The price fixed below 50 MA and 100 MA, which signals the strength of sellers.
The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell USD/CAD.
The Stochastic Oscillator is near the overbought zone, the %K line crossed the %D line. There are no signals at the moment.
Trading recommendations
Support levels: 1.31950, 1.31700
Resistance levels: 1.32200, 1.32400, 1.32700
If the price consolidates below 1.31950, expect a further drop toward 1.31600-1.31400.
The USD/JPY currency pair
Technical indicators of the currency pair:
Prev Open: 108.397
Open: 108.848
% chg. over the last day: +0.38
Day’s range: 108.600 – 108.862
52 wk range: 104.97 – 114.56
USD/JPY currency pair continues to show positive trends. The trading instrument reached three-month highs. At the moment, USD/JPY quotes are consolidating. The local support and resistance levels are 108.600 and 108.900, respectively. Investors took a wait and see attitude before the release of important economic reports from the United States. We also recommend paying attention to the dynamics of yield on US government bonds. Positions must be opened from key levels.
The Economic News Feed for 16.10.2019 is calm.
Indicators poin to the strength of buyers: the price has fixed above 50 MA and 100 MA.
The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy USD/JPY.
The Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. There are no signals at the moment.
Trading recommendations
Support levels: 108.600, 108.200, 107.850
Resistance levels: 108.900, 109.400, 109.600
If the price consolidates above 108.900, expect further growth toward 109.300-109.500.
Alternatively, expect the quotes to decrease toward 108.250-108.000.
