The Analytical Overview of the Main Currency Pairs on 2019.08.29

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10903
  • Open: 1.10775
  • % chg. over the last day: -0.05
  • Day's range: 1.10775 - 1.10875
  • 52 wk range: 1.1034 - 1.1817

An ambiguous technical picture has developed on the EUR/USD currency pair. The EUR is currently consolidating. The local support and resistance levels are: 1.10700 and 1.10900, respectively. The trade conflict between Washington and Beijing remains the focus of attention. Investors are concerned about the inversion of the yield curve of US government bonds. Today we expect a number of important economic releases from Germany and the USA. We recommend opening positions from key levels.

The Economic News Feed for 29.08.2019:

  • - Report on the labor market in (GER) - 10:55 (GMT + 3: 00);
  • - GDP report (US) - 15:30 (GMT+3:00);
  • - The report on the Incomplete Sales on the Real Estate Market (US) - 17:00 (GMT+3:00).
EUR/USD

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

The MACD histogram has approached the 0 mark.

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: 1.10700, 1.10500, 1.10300
  • Resistance levels: 1.10900, 1.11100, 1.11350

If the price consolidates above 1.10900, expect the quotes to rise toward 1.11200-1.11350.

Alternatively the quotes could rise toward 1.10500-1.10300.

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. Quotation growth exceeded 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, respectively. Sterling has the potential for further recovery. 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 29.08.2019 is calm.

GBP/USD

Indicators indicate 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, further growth of GBP/USD quotes is expected. The immediate goal for profit taking is the round level of 1.23000.

Alternatively the quotes could decrease to 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. Looney continues to consolidate. At the moment, the following local support and resistance levels can be distinguished: 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 prices of "black gold". Positions must be opened from key levels.

At 15:30 (GMT+3:00) a report on retail sales in Canada will be published.

USD/CAD

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

The MACD histogram is in the positive zone, which signals 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 could drop toward 1.32600-1.32400.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 105.715
  • Open: 106.103
  • % chg. over the last day: +0.34
  • Day's range: 105.828 – 106.123
  • 52 wk range: 104.97 – 114.56

The USD / JPY currency pair is in lateral movement. Unidirectional trends are not observed. Demand for safe assets remains at a fairly high level due to uncertainty in trade disputes between the US and China. Additional pressure on the greenback is provided by the negative dynamics of the yield on US government bonds. At the moment, the local support and resistance levels are: 105.800 and 106.200, respectively. Today, investors will evaluate important economic reports from the United States. Positions must be opened from key levels.

The Economic News Feed for 29.08.2019 is calm.

USD/JPY

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

The MACD histogram is close to 0.

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: 105.800, 105.500, 105.150
  • Resistance levels: 106.200, 106.650

If the price consolidates above 106.200, expect further growth of USD/ toward 106.600-106.800.

Alternatively, the quotes could drop to 105.500-105.300

by JustForex, 2019.08.29

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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