The EUR/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.11258
Open: 1.11541
% chg. over the last day: +0.10
Day’s range: 1.11342 – 1.11541
52 wk range: 1.0879 – 1.1572

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An ambiguous technical pattern has developed on the EUR/USD currency pair. Quotes are currently being consolidated. The local support and resistance levels are 1.11250 and 1.11550, respectively. Yesterday, Germany and EU published a series of weak economic releases on business activity. A correction of the trading instrument after a significant growth from the beginning of the current month is not ruled out in the near future. Today, investors will evaluate important statistics from the United States. We recommend opening positions from key levels.

The Economic News Feed for 17.12.2019:

Real Estate Market Report (US) – 15:30 (GMT+2:00);

JOLTS (US) – 17:00 (GMT+2:00);

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

The MACD histogram is close to the 0.

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

Trading recommendations

Support levels: 1.11250, 1.11100, 1.10900
Resistance levels: 1.11550, 1.11850, 1.12000

If the price consolidates above 1.11550, expect the quotes to grow toward 1.11800-1.12000.

Alternatively, the quotes could drop toward 1.10900-1.10700.

The GBP/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.33390
Open: 1.33205
% chg. over the last day: -0.11
Day’s range: 1.32352 – 1.33350
52 wk range: 1.1959 – 1.3516

The GBP/USD currency pair went down. The trading tool has updated local lows. British MPs are planning to add a new paragraph to the Brexit bill to exclude at the legislative level the possibility of extending the transitional period after the country leaves the bloc. Currently, GBP/USD quotes are consolidating in the range of 1.32250-1.33100. A trading instrument has the potential for further correction. Market participants expect important economic reports from the UK. Open positions from key levels.

At 11:30 (GMT+2:00) the UK will published statistics on the labor market.

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

The MACD histogram is in the negative zone and continues to decline, which sends a strong signal to sell GBP/USD.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also indicates a bearish sentiment.

Trading recommendations

Support levels: 1.32250, 1.31650
Resistance levels: 1.33100, 1.34200, 1.35000

If the price consolidates below 1.32250, expect further correction toward 1.31700-1.31500

Alternatively, the quotes could grow toward 1.31700-1.31800.

The USD/CAD currency pair

Technical indicators of the currency pair:

Prev Open: 1.31719
Open: 1.31562
% chg. over the last day: -0.16
Day’s range: 1.31542 – 1.31737
52 wk range: 1.3014 – 1.3664

The technical picture on the USD/CAD currency pair is still ambiguous. Looney continues to bargain in flat. There is no defined trend. At the moment, the local support and resistance levels are: 1.31400 and 1.31750, respectively. A trading instrument has a downside potential. We recommend paying attention to the dynamics of oil quotes. Open positions from key levels.

At 15:30 (GMT+2:00), a report on sales in the manufacturing sector of Canada will be published.

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

The MACD histogram is close to the 0 mark. There are no signals at the moment.

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: 1.31400, 1.31150
Resistance levels: 1.31750, 1.32000, 1.32250

If the price consolidates below 1.31400, expect a drop in quotes toward 1.31000.

Alternatively, the quotes could grow toward 1.32000-1.32200.

The USD/JPY currency pair

Technical indicators of the currency pair:

Prev Open: 109.292
Open: 109.536
% chg. over the last day: +0.18
Day’s range: 109.491 – 109.628
52 wk range: 104.45 – 113.53

USD/JPY quotes continue to consolidate after a significant rally last week. At the moment, the local support and resistance levels are 109.450 and 109.700, respectively. Demand for the safe haven currencies remains at a rather low level against the backdrop of the prospects for resolving the trade conflict between Washington and Beijing. A trading instrument has the potential for further growth. We recommend that you pay attention to the dynamics of yield on US government bonds. Open positions from key levels.

The Economic News Feed for 17.12.2019 is calm.

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

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: 109.450, 109.250, 109.050.
Resistance levels: 109.700, 110.000

If the price consolidates above 109.700, expect further growth of the USD/JPY quotes.

Alternatively, the quotes could descend toward 109.300-109.100.

 

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