The Analytical Overview of the Main Currency Pairs on 2019.08.23

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10844
  • Open: 1.10799
  • % chg. over the last day: -0.03
  • Day's range: 1.10608 – 1.10859
  • 52 wk range: 1.1034 – 1.1817

The EUR/USD currency pair is still moving sideways. The technical picture remains ambiguous. Participants in financial markets took a wait-and-see attitude before today's speech by Fed Chairman Jerome Powell at the Jackson Hole Symposium. The official may provide new information regarding the Central Bank's monetary policy. Investors will also evaluate statistics on the real estate market in the United States. At the moment, the local support and resistance levels are: 1.10600 and 1.10850, respectively. Positions must be opened from these levels.

The Economic News Feed for 23.08.2019:

  • - speech by the head of the Federal Reserve, Mr. Powell (US) - 17:00 (GMT + 3: 00);
  • - sales of new housing in the United States (US) – 17:00 (GMT+3:00);
EUR/USD

Indicators do not give accurate signals: 50 MA crossed 100 MA.

The MACD histogram is in the negative zone and below the signal line, which gives a strong signal to sell EUR/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: 1.10600, 1.10300, 1.10000
  • Resistance levels: 1.10850, 1.11100, 1.11300

If the price consolidates above 1.10850, expect a correction toward 1.11200-1.11400.

Alternatively, the quotes could decrease toward 1.10300-1.10000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.21233
  • Open: 1.22533
  • % chg. over the last day: +1.02
  • Day's range: 1.22190 – 1.22618
  • 52 wk range: 1.2015 – 1.3385

Yesterday, aggressive purchases were observed on the GBP/USD currency pair. The quotes grew above 1%. The pound has updated key highs. The trading instrument is currently consolidating. The local support and resistance levels are 1.22150 and 1.22650. GBP can recover further. Today, investors will evaluate the speech of Fed Chairman Jerome Powell at the Jackson Hole Symposium. Positions must be opened from key levels.

The Economic News Feed for 23.08.2019 is calm.

GBP/USD

Indicators point 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 GBP/USD.

The Stochastic Oscillator started to go out of the oversold zone, the %K line is above the %D line, which also gives a signal to buy GBP/USD.

Trading recommendations
  • Support levels: 1.22150, 1.21750, 1.21450
  • Resistance levels: 1.22650, 1.23000

If the price consolidates above 1.22650, expect further growth toward 1.23000.

Alternatively, the quotes could decrease toward 1.21800-1.21600.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32849
  • Open: 1.33025
  • % chg. over the last day: +0.04
  • Day's range: 1.32926 - 1.33265
  • 52 wk range: 1.2727 - 1.3664

The technical picture on the USD/CAD currency pair is still ambiguous. CAD continues to consolidate. The local support and resistance levels can be distinguished at 1.32900 and 1.33250, respectively. Financial market participants expect important economic releases from Canada. We also recommend that you pay attention to the dynamics of the oil prices. Positions must be opened from key levels.

At 15:30 (GMT+3:00 Canada will publish a report on retail sales.

USD/CAD

Indicators do not give accurate signals, 50 MA crossed 100 MA.

The MACD histogram is in the positive zone, which points to a bullish mood.

The Stochastic Oscillator is in the overbought zone, the %K line crossed the %D line. There are no signals at this time.

Trading recommendations
  • Support levels: 1.32900, 1.32550, 1.32150
  • Resistance levels: 1.33250, 1.33450, 1.33700

If the price consolidates above 1.33250, expect further growth 1.33500-1.33700.

Alternatively, the quotes can drop toward 1.32600-1.32400.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 106.623
  • Open: 106.428
  • % chg. over the last day: -0.14
  • Day's range: 106.388 – 106.655
  • 52 wk range: 104.97 – 114.56

The USD/JPY currency pair is still in sideways movement. Unidirectional trends are not observed. The trading instrument continues to test the key support and resistance levels: 106.200 and 106.650, respectively. Today, investors will be focused on the Jackson Hall Symposium. We also recommend keeping track of up-to-date information regarding the US-China trade conflict. Positions must be opened from key levels.

Today, the news background on the Japanese economy is quite calm.

USD/JPY

Indicators do not give accurate signals: 50 MA crossed 100 MA.

The MACD histogram is near the 0 mark.

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: 106.200, 105.750, 105.500
  • Resistance levels: 106.650, 107.000

If the price consolidates above 106.650, expect further growth toward 107.000-107.200.

Alternatively, the quotes can drop toward 105.850-105.700.

by JustForex, 2019.08.23

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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