The Analytical Overview of the Main Currency Pairs on 2020.11.03

The EUR/USD currency pair

• Prev Open: 1.16471
• Open: 1.16407
• % chg. over the last day: -0.02
• Day’s range: 1.16282 – 1.16886
• 52 wk range: 1.0637 – 1.2012

Investors have started fixing positions on the greenback. The US presidential election is in the spotlight. Uncertainty remains in the financial markets. Investors expect the first exit poll data. Trading activity and volatility may increase significantly. At the moment, EUR/USD quotes have moved away from local lows. The trading instrument is consolidating in the range of 1.1655-1.1700. We recommend opening positions from these marks.

• Financial market participants are focused on the US presidential election.

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

The MACD histogram has started rising, which indicates the bullish sentiment.

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

• Support levels: 1.1655, 1.1625, 1.1600
• Resistance levels: 1.1700, 1.1725, 1.1760

If the price fixes above the round level of 1.1700, EUR/USD quotes are expected to grow. The movement is tending to 1.1740-1.1780.

An alternative could be a decline in the EUR/USD currency pair to 1.1625-1.1600.

The GBP/USD currency pair

• Prev Open: 1.29219
• Open: 1.29134
• % chg. over the last day: -0.03
• Day’s range: 1.29074 – 1.29966
• 52 wk range: 1.1409 – 1.3516

GBP/USD quotes have been growing. The British pound has updated local highs. At the moment, the GBP/USD currency pair is testing the 1.2990 mark. The level of 1.2935 is already a “mirror” support. The US presidential election is in the spotlight. Investors also expect the Bank of England meeting later this week. Positions should be opened from key levels.

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

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

The MACD histogram has started rising, which indicates the bullish sentiment.

Stochastic Oscillator is in the overbought zone, the %K line is above the %D line, which gives a weak signal to buy GBP/USD.

• Support levels: 1.2935, 1.2885, 1.2855
• Resistance levels: 1.2990, 1.3025, 1.3075

If the price fixes above 1.2990, further growth in GBP/USD quotes is expected. The movement is tending to 1.3030-1.3060.

An alternative could be a drop in GBP/USD quotes to 1.2890-1.2860.

The USD/CAD currency pair

• Prev Open: 1.33128
• Open: 1.32165
• % chg. over the last day: -1.11
• Day’s range: 1.31376 – 1.32339
• 52 wk range: 1.2949 – 1.4669

There are aggressive sales on the USD/CAD currency pair. Since the beginning of this week, the drop in quotes has exceeded 160 points. The trading instrument has set new local lows. Currently, the loonie is testing the 1.3140 mark. The round level of 1.3200 is the nearest resistance. A further drop in quotes is possible. Positions should be opened from key levels.

The news feed on Canada’s economy is calm.

Indicators signal the power of sellers: the price has fixed below 50 MA and 100 MA.

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

Stochastic Oscillator is in the oversold zone, the %K line has started crossing the %D line. There are no signals at the moment.

• Support levels: 1.3140, 1.3110, 1.3080
• Resistance levels: 1.3200, 1.3235, 1.3280

If the price fixes below 1.3140, a further drop in USD/CAD quotes is expected. The movement is tending to the round level of 1.3100.

An alternative could be the growth of the USD/CAD currency pair to 1.3235-1.3280.

There is an ambiguous technical pattern on the USD/JPY currency pair. The trading instrument is consolidating. The US presidential election is in the spotlight. At the moment, the local support and resistance levels are 104.50 and 104.75, respectively. We recommend paying attention to the dynamics of US government bonds yield. Positions should be opened from key levels.

The news feed for Japan’s economy is calm.

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

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

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

• Support levels: 104.50, 104.20, 104.05
• Resistance levels: 104.75, 104.95, 105.05

If the price fixes above 104.75, USD/JPY quotes are expected to grow. The movement is tending to 105.10-105.30.

An alternative could be a decline in the USD/JPY currency pair to 104.20-104.00.