The Analytical Overview of the Main Currency Pairs on 2019.09.06

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10341
  • Open: 1.10342
  • % chg. over the last day: -0.01
  • Day's range: 1.10301 - 1.10466
  • 52 wk range: 1.0931 - 1.1817

The US dollar has stabilized against a basket of world currencies. Financial market participants are waiting for the publication of the US labor market report for August. Recent economic releases from the US have been rather optimistic. We recommend that you pay attention to the difference between the actual and forecasted values of the indicators. At the moment, EUR/USD quotes are consolidating in around 1.10100-1.10500. You should open positions from these levels and keep an eye on the head of the Federal Reserve who will make a speech today.

The Economic News Feed for 06.09.2019:

  • - Preliminary GDP Report (EU) – 12:00 (GMT+3:00);
  • - Labour Market Report (US) – 00:00 (GMT+3:00);
EUR/USD

The price fixed above 50 MA and 100 MA, which signals the strength of buyers.

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

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: 1.10100, 1.09650, 1.09300
  • Resistance levels: 1.10500, 1.10850, 1.11150

If the price consolidates above 1.10500, expect further growth toward 1.11000.

Alternatively. the quotes can decrease toward 1.09800-1.09600.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.22518
  • Open: 1.23260
  • % chg. over the last day: +0.59
  • Day's range: 1.23204 - 1.23429
  • 52 wk range: 1.1995 - 1.3385

The pound continues to recover against the US dollar. Yesterday, the growth of GBP/USD quotes exceeded 80 points. The trading tool has updated the key extremes. Demand for GBP resumed due to a possible delay of Brexit. British Prime Minister Boris Johnson said that the situation with Brexit requires early elections. We recommend that you keep track of current information on this issue. At the moment, the GBP/USD currency pair is consolidating in the range of 1.23000-1.23550. Investors expect labor statistics from the US for August. Positions must be opened from key levels.

The Economic News Feed for 06.09.2019 is calm.

GBP/USD

Indicators do not signal 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 is in the neutral zone, the %K line is above the %D line, which also indicates bullish sentiment.

Trading recommendations
  • Support levels: 1.23000, 1.22550, 1.22100
  • Resistance levels: 1.23550, 1.24000

If the price consolidates above 1.23550, expect further growth toward 1.24000.

Alternatively, the quotes could drop toward 1.22600-1.22300.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32216
  • Open: 1.32264
  • % chg. over the last day: +0.05
  • Day's range: 1.32067 - 1.32351
  • 52 wk range: 1.2727 - 1.3664

The USD/CAD currency pair stabilized after a sharp decline the day before. Looney is currently in lateral motion. The key support and resistance levels are: 1.31900 and 1.32450, respectively. A trading instrument has the potential to further decline. Today, participants in financial markets will evaluate labor statistics from the United States and Canada. We also recommend paying attention to the dynamics of oil quotes. Positions must be opened from key levels.

At 15:30 (GMT+3:00) a report on the labor market in Canada will be published.

USD/CAD

The price fixed below 50 MA and 100 MA, which signals the strength of sellers.

The MACD histogram is in the negative zone and below the signal line, which gives a strong signal to sell USD/CAD.

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

Trading recommendations
  • Support levels: 1.31900, 1.31500
  • Resistance levels: 1.32250, 1.32450, 1.32800

If the price consolidates below 1.31900, expect a further frop toward 1.31500-1.31400.

Alternatively, the quotes could recover toward 1.32600-1.32900.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 106.303
  • Open: 106.925
  • % chg. over the last day: +0.64
  • Day's range: 106.888 - 107.102
  • 52 wk range: 104.97 - 114.56

The USD/JPY currency pair continues to show positive dynamics. The trading tool has updated local highs. Quotes USD/JPY found resistance at 107.200. Mark 106.700 is already a "mirror" support. Demand for the safe haven currencies weakened after reports of the resumption of trade negotiations between Washington and Beijing in October. Today we recommend paying attention to the news background on the US economy. Positions must be opened from key levels.

Mixed data on household spending in Japan were published during the Asian trading session.

USD/JPY

Indicators signal 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 is below the %D line, which indicates a bearish sentiment.

Trading recommendations
  • Support levels: 106.700, 106.300, 105.850
  • Resistance levels: 107.200, 107.500

If the price consolidates above 107.200, expect further growth toward 107.500-107.700.

Alternatively, the quotes could drop toward 106.400-106.200.

by JustForex, 2019.09.06

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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