The EUR/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.08404
Open: 1.08334
% chg. over the last day: -0.07
Day’s range: 1.08230 – 1.08371
52 wk range: 1.0879 – 1.1572

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The EUR/USD currency pair continues to consolidate after a prolonged decline. There is no defined trend. Investors expect additional drivers. The local support and resistance levels are 1.08250 and 1.08650, respectively. Technical correction is not ruled out in the nearest future. Today participants of financial markets will evaluate a number of important indicators of business activity in Germany and Eurozone. We recommend opening positions from key levels.

The Economic News Feed for 18.02.2020:

ZEW indices of economic sentiment (EU, GER) – 12:00 (GMT+2:00);

Indicators do not give accurate signals: the price is testing 50 MA.

The MACD histogram is in the negative zone, which indicates a bearish sentiment.

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

Trading recommendations

Support levels: 1.08250, 1.08000
Resistance levels: 1.08650, 1.09000, 1.09400

If the price fixes below 1.08250, expect further decline toward 1.0800-1.07700.

Alternatively, the quotes could grow toward 1.09000-1.09200.

The GBP/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.30322
Open: 1.30033
% chg. over the last day: -0.35
Day’s range: 1.29857 – 1.30070
52 wk range: 1.1959 – 1.3516

GBP/USD quotes have gone down. The trading instrument has updated the local lows. Sterling is now being consolidated. The key range is 1.29800-1.30150. Today participants of financial markets will evaluate the report on the UK labor market. We recommend you to pay attention to the difference between actual and forecast values of indicators. Positions should be opened from key levels.

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

The price has fixed below 100 MA, which signals the strength of the 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 in the neutral zone, the %K line is below the %D line, which also indicates a bearish mood.

Trading recommendations

Support levels: 1.29800, 1.29450, 1.29200
Resistance levels: 1.30150, 1.30650, 1.31000

If the price fixes below 1.29800, GBP/USD quotes are expected to fall further. Potential for movement to 1.29500-1.29200.

Alternatively the quotes could grow toward 1.30500-1.30700.

The USD/CAD currency pair

Technical indicators of the currency pair:

Prev Open: 1.32500
Open: 1.32330
% chg. over the last day: -0.06
Day’s range: 1.32296 – 1.32554
52 wk range: 1.2949 – 1.3566

The technical pattern on the USD/CAD currency pair is still ambiguous. The CAD is being traded in a long flat. Currently, the following local support and resistance levels can be distinguished: 1.32400 and 1.32650. The trading instrument has a downside potential. We recommend you to pay attention to the dynamics of oil quotes. Positions should be opened from key levels.

Today the news background on the Canadian economy is quite calm.

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

MACD has crossed to the positive zone, which indicates the development of bullish moods.

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

Trading recommendations

Support levels: 1.32400, 1.32250, 1.32000
Resistance levels: 1.32650, 1.32850, 1.33000

If the price fixes below 1.32400, expect the quotes to fall toward 1.32000.

Alternatively, the quotes could grow toward 1.32800-1.33000.

The USD/JPY currency pair

Technical indicators of the currency pair:

Prev Open: 109.846
Open: 109.876
% chg. over the last day: +0.02
Day’s range: 109.657 – 109.877
52 wk range: 104.45 – 113.53

USD/JPY currency pair is still moving sideways. The technical picture is ambiguous. At the moment local support and resistance levels are at 109.650 and 109.850, respectively. Investors are waiting for additional drivers. We recommend you to keep track of current information regarding the coronavirus spread in China. Positions should be opened from key levels.

Publication of important economic releases from Japan is not planned.

Indicators do not give an accurate signal: 50 MA crossed 100 MA.

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

The Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which gives a signal to buy USD/JPY.

Trading recommendations

Support levels: 109.650, 109.550, 109.300
Resistance levels: 109.850, 110.000, 110.100

If the price fixes below 109.650, expect the quotes to rise toward 109.400-109.200.

Alternatively, the quotes will grow toward 110.100-110.300.

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