The Analytical Overview of the Main Currency Pairs on 2019.09.03

September 3, 2019

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.09898
  • Open: 1.09659
  • % chg. over the last day: -0.24
  • Day’s range: 1.09308 – 1.09720
  • 52 wk range: 1.0931 – 1.1817

The EUR continues to lose ground against the US dollar. EUR/USD quotes updated the two-year lows. EU production has been declining for 7 consecutive months, reinforcing expectations that the ECB could announce the introduction of additional financial incentives at a meeting on September 12. The trading instrument is currently consolidating. The local support and resistance levels are: 1.09300 and 1.09650, respectively. The EUR / USD currency pair has the potential for further decline. We are expecting important statistics from the USA. We recommend opening positions from key levels.

At 17:00 (GMT+3:00) the US will publish the business activity index by ISM.

EUR/USD

Indicators point to the strength of sellers: the price has fixed below 50 MA and 100 MA.

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


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

Trading recommendations
  • Support levels: 1.09300, 1.09000
  • Resistance levels: 1.09650, 1.10000, 1.10350

If the price consolidates below 1.09300, expect a further drop toward 1.09000.

Alternatively, the quotes could recover toward 1.09900-1.10200.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.21461
  • Open: 1.20608
  • % chg. over the last day: -0.78
  • Day’s range: 1.19935 – 1.20676
  • 52 wk range: 1.1995 – 1.3385

The GBP/USD currency pair is showing aggressive sales. During yesterday’s and today’s trading, the drop exceeded 130 points. The trading tool has updated the key lows. GBP remains under pressure due to the tense situation around the Brexit process. British Prime Minister Boris Johnson convened an emergency cabinet meeting amid growing talk of possible early elections. Opponents of Brexit plan to pass a law that will force Johnson to seek a three-month delay in Britain’s exit from the EU. At the moment, the GBP/USD currency pair is testing the round level of 1.20000. Mark 1.20550 is the nearest resistance. We do not exclude a further drop in sterling. Positions must be opened from key levels.

At 11:30 (GMT + 3: 00), the UK will publish a business activity index in the construction sector.

GBP/USD

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 GBP/USD.

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

Trading recommendations
  • Support levels: 1.20000, 1.19500
  • Resistance levels: 1.20550, 1.21100, 1.21500

If the price consolidates below the round level of 1.20000, a further drop toward 1.19600-1.19400.

Alternatively, the quotes could correct toward 1.20900-1.21100.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.33128
  • Open: 1.33242
  • % chg. over the last day: +0.13
  • Day’s range: 1.33223 – 1.33466
  • 52 wk range: 1.2727 – 1.3664

The USD/CAD currency pair continues to trade in the flat. The technical picture is ambiguous. At the moment, the following key support and resistance levels can be distinguished: 1.33150 and 1.33450. The trading instrument can grow further. Today, the investors will evaluate the economic releases from the United States. We also recommend paying attention to the dynamics of oil quotes. Positions must be opened from key levels.

The Economic News Feed for 03.09.2019 is calm.

USD/CAD

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

The MACD histogram is in the positive zone, indicating bullish sentiment.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which gives a signal to sell USD/CAD.

Trading recommendations
  • Support levels: 1.33150, 1.32800, 1.32550
  • Resistance levels: 1.33450, 1.33600, 1.34000

If the price consolidates above 1.33450, expect an increase toward 1.33700-1.33900.

Alternatively, the quotes could drop toward 1.32900-1.32750.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 106.048
  • Open: 106.211
  • % chg. over the last day: +0.06
  • Day’s range: 106.140 – 106.385
  • 52 wk range: 104.97 – 114.56

The technical picture on the USD/JPY currency pair is still ambiguous. The trading instrument is consolidating. There is no defined trend. Participants in financial markets expect additional drivers. At the moment, the local support and resistance levels are 106.000 and 106.400, respectively. Today we recommend paying attention to economic releases, as well as to the dynamics of yield on US government bonds. Positions must be opened from key levels.

The Economic News Feed for 03.09.2019 is calm.

USD/JPY

Indicators do not give accurate signals: the price crossed 50 MA and 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 below the %D line, which indicates a bearish sentiment.

Trading recommendations
  • Support levels: 106.000, 105.650, 105.30
  • Resistance levels: 106.400, 106.700, 107.000

If the price consolidates above 106.400, expect growth toward 106.700-107.000.

Alternatively, the quotes could drop toward 105.700-105.500.

by JustForex