The Analytical Overview of the Main Currency Pairs on 2019.09.04

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.09659
  • Open: 1.09720
  • % chg. over the last day: +0.05
  • Day's range: 1.09685 - 1.09794
  • 52 wk range: 1.0931 - 1.1817

The dollar index retreated from local highs after a long rally. Investors began to partially fix positions on the greenback. Additional pressure on the US currency is provided by weak data on business activity in the US manufacturing sector from ISM. At the moment, EUR / USD quotes are consolidating in the range of 1.09500-1.09800. The single currency has the potential for further recovery. Positions must be opened from key levels.

The Economic News Feed for 04.09.2019:

  • - composite business activity index (PMI) from Markit in the eurozone - 11:00 (GMT+3:00);
  • - US trade balance - 15:30 (GMT+3:00);
  • - “The Beige Book” of the US Federal Reserve - 21:00 (GMT+3:00).
EUR/USD

Indicators of accurate signals do not give: the price has fixed between 50 MA and 100 MA.

The MACD histogram has moved into the positive zone, which indicates a correction of the EUR / USD currency pair.

The Stochastic Oscillator is in the neutral zone, the% K line began to cross the% D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.09500, 1.09250, 1.09000
  • Resistance levels: 1.09800, 1.10000, 1.10350

If the price consolidates above 1.09800, expect further correction of EUR/USD quotes. The potential movement is to 1.10200-1.10400.

Alternatively, the quotes could decrease toward 1.09300-1.09000.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.20608
  • Open: 1.20724
  • % chg. over the last day: +0.19
  • Day's range: 1.20722 - 1.21243
  • 52 wk range: 1.1995 - 1.3385

The GBP/USD currency pair began to recover. The trading instrument has updated local highs. Investors' concerns about the “hard” Brexit have somewhat eased. The House of Commons of Great Britain supported the introduction of amendments to the agenda of the parliament, which will allow voting to ban the country's exit from the EU without a deal. We recommend that you keep track of current information on this issue. At the moment, the local support and resistance levels are 1.20700 and 1.21200, respectively. GBP/USD quotes can grow further. Positions must be opened from key levels.

The Economic News Feed for 04.09.2019:

  • - composite index of business activity (PMI) - 11:30 (GMT+3:00);
  • - the business activity index in the service industry - 11:30 (GMT+3:00).
GBP/USD

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

The MACD histogram is in the positive zone and above the signal line, which indicates a further recovery of the GBP / USD currency pair.

The Stochastic Oscillator is near the overbought zone, the %K line began to cross the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.20700, 1.20150
  • Resistance levels: 1.21200, 1.21700, 1.22250

If the price consolidates above the local resistance of 1.21200, expect further growth toward 1.21600-1.21800.

Alternatively, the quotes could drop toward 1.20400-1.20200.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.33242
  • Open: 1.33345
  • % chg. over the last day: +0.10
  • Day's range: 1.33168 - 1.33444
  • 52 wk range: 1.2727 - 1.3664

The technical picture on the USD / CAD currency pair is still ambiguous. Looney is in lateral movement. The trading tool tests the key support and resistance levels: 1.33150 and 1.33450, respectively. Participants in financial markets took a wait and see attitude before the meeting of the Bank of Canada. It is expected that the regulator will maintain the basic parameters of monetary policy at the same level. We also recommend paying attention to the dynamics of oil quotes. Positions must be opened from key levels.

At 17:00 (GMT+3:00) the Central Bank of Canada will announce its decision about the key interest rate.

USD/CAD

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

The MACD histogram has moved into the negative zone, indicating a bearish sentiment.

The Stochastic Oscillator is in the oversold zone, the %K line crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.33150, 1.32800, 1.32550
  • Resistance levels: 1.33450, 1.33800, 1.34000

If the price consolidates below 1.33150, USD/CAD quotes are expected to fall. The potential movement is to 1.32800-1.32600.

Alternatively, the quotes could grow to 1.33700-1.34000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 106.211
  • Open: 105.962
  • % chg. over the last day: -0.34
  • Day's range: 105.830 - 106.245
  • 52 wk range: 104.97 - 114.56

The USD / JPY currency pair continues to trade flat. There is no defined trend. Investors expect additional drivers. At the moment, the following key support and resistance levels can be identified: 105.800 and 106.300. Financial market participants expect up-to-date information regarding the US/China trade conflict. 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 04.09.2019 is calm.

USD/JPY

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

The MACD histogram is near 0. There are no signals at the moment.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates bullish sentiment.

Trading recommendations
  • Support levels: 105.800, 105.600, 105.300
  • Resistance levels: 106.300, 106.700, 107.000

If the price consolidates above 106.300, expect the quotes to grow toward 106.700-107.000.

Alternatively, the quotes could drop toward 105.600-105.400.

by JustForex, 2019.09.04

We recommend you 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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