The Analytical Overview of the Main Currency Pairs on 2019.11.08

November 8, 2019

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10676
  • Open: 1.10490
  • % chg. over the last day: -0.13
  • Day’s range: 1.10458 – 1.10544
  • 52 wk range: 1.0884 – 1.1623

Bearish sentiment still prevails at the EUR/USD currency pair. The trading tool again updated local lows. The demand for USD remains at a high level due to the prospects for resolving the trade conflict between Washington and Beijing. The parties agreed to phase out the previously introduced duties. The European Commission has worsened the forecast for GDP growth in the eurozone from 1.2% to 1.1% this year. At the moment, EUR/USD quotes are consolidating in the range of 1.10350-1.10600. We do not exclude a further decline in the single currency. We recommend opening positions from key levels.

The Economic News Feed for 08.11.2019:

  • – Consumer Expectation and Sentiment Indices by University of Michigan (EU) – 17:00 (GMT+2:00);
EUR/USD

Indicators signal the power 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: 1.10550, 1.10250, 1.10000
  • Resistance levels: 1.10750, 1.10900, 1.11200

If the price consolidates below the level of 1.10550, expect the quotes to fall toward 1.10200-1.10000.

Alternatively, the quotes could rise toward 1.11000-1.11200.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.28528
  • Open: 1.28130
  • % chg. over the last day: -0.25
  • Day’s range: 1.28045 – 1.28224
  • 52 wk range: 1.1959 – 1.3385

GBP/USD quotes continue to show a negative trend. The GBP hit 1.28 USD. The Bank of England, as expected, kept its key interest rate unchanged at 0.75%. At the same time, two members of the monetary policy committee voted to reduce it. At the moment, the GBP/USD currency pair is consolidating in the range of 1.28000-1.28350. The trading instrument has the potential to further decline. We recommend opening positions from key levels.

Today, the news background on the UK economy is calm.

GBP/USD

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

The MACD histogram is in the negative zone but above the signal line, which gives a weak signal to sell GBP/USD.

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: 1.28000, 1.27600
  • Resistance levels: 1.28350, 1.28600, 1.28900

If the price consolidates below the round level of 1.28000, expect a further descend toward 1.27700-1.27500.

Alternatively, the quotes could grow toward 1.28500-1.28700.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.31822
  • Open: 1.31734
  • % chg. over the last day: -0.04
  • Day’s range: 1.31716 – 1.31914
  • 52 wk range: 1.2727 – 1.3664

An ambiguous technical pattern has developed on the USD/CAD currency pair. CAD is trading in a flat. Investors expect additional drivers. At the moment, the key support and resistance levels are 1.31600 and 1.32000, respectively. USD/CAD has prospects for growth. Today, financial market participants will evaluate important economic data from Canada. We also recommend paying attention to the dynamics of oil quotes. Open positions from key levels.

The Economic News Feed for 08.11.2019 is calm.

  • – Real Estate Market Report (CAD) – 15:30 (GMT+2:00);
  • – Labour Market Report (CAD) – 15:30 (GMT+2:00);
USD/CAD

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

The MACD histogram is in the positive zone, which gives a signal to buy USD/CAD.

The Stochastic Oscillator is in the overbought zone, the %K line crossed the %D line, which indicates a bearish sentiment.

Trading recommendations
  • Support levels: 1.31600, 1.31400, 1.31150
  • Resistance levels: 1.32000, 1.32300, 1.32500

If the price consolidates above 1.32000, expect the quotes to grow toward 1.32300-1.32500.

Alternatively, the quotes could decrease toward 1.31400-1.31200.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.962
  • Open: 109.277
  • % chg. over the last day: +0.28
  • Day’s range: 109.148 – 109.408
  • 52 wk range: 104.97 – 114.56

Purchases prevail on USD/JPY currency pair. The trading instrument reached semi-annual highs. Demand for safe haven currencies remains at a rather low level against the backdrop of the prospects for resolving the trade conflict between the US and China. At the moment, USD/JPY quotes are consolidating. The local support and resistance levels are 109.150 and 109.500, respectively. We do not exclude further growth of the USD/JPY currency pair. Open positions from key levels.

During the Asian trading session Japan published a positive report on household spending

USD/JPY

Indicators signal a bullish mood: 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 above the %D line, which indicates bullish sentiment.

Trading recommendations
  • Support levels: 109.150, 108.850, 108.650
  • Resistance levels: 109.500, 109.800, 110.000

If the price consolidates above 109.500, expect further growth to 109.750-110.000.

Alternatively, the quotes could fall toward 108.900-108.700.

by JustForex