Forecast for the EUR/USD currency pair
Prev Opening: 1.06765
Chg. % of the last day: -0.22
Daily range: 1.06591 – 1.06811
52-week range: 1.0366 – 1.1616
Last week, bearish sentiment prevailed on EUR/USD. The euro lost more than 150 points in price. At the moment, the technical pattern is ambiguous. The key trading range is 1.06500-1.07000. We expect statistics from the EU and the US.
The MACD histogram has fixed in the negative area, but above the signal line, which gives a weak signal to sell EUR/USD.
Stochastic Oscillator has left the overbought zone, %K line is below %D line, which indicates the EUR/USD price drop.
Today we recommend to pay attention to the following events:
– the index of business activity in the manufacturing sector of Germany (10:55 GMT+3:00);
– the index of business activity in the manufacturing sector of the euro area (11:00 GMT+3:00);
– Eurozone unemployment rate (12:00 GMT+3:00);
– the index of business activity in the manufacturing sector from ISM in the US (17:00 GMT+3:00).
Support levels: 1.06500
Resistance levels: 1.07000, 1.07600
If the statistics from the EU is positive, a correction movement on EUR/USD may develop to the 1.07000-1.07250 mark.
Alternatively, the EUR/USD quotations may further fall to around 1.06250-1.06000.
Forecast for the GBP/USD currency pair
Prev Opening: 1.24671
Chg. % of the last day: +0.65
Daily range: 1.25285 – 1.25558
52-week range: 1.1986 – 1.5020
Friday’s trading on the GBP/USD was very active. The currency retained the 1.24500 support level, which triggered aggressive purchases in the afternoon. The pound finished the trading session in the positive zone (+0.65%). At the moment, the GBP/USD currency pair is already testing the “mirror” support level of 1.25250.
The MACD histogram is in the positive area, but below the signal line, which gives a weak signal to buy GBP/USD.
Stochastic Oscillator is located in the neutral zone, %K line is below %D line, which indicates a bearish sentiment on GBP/USD.
At 11:30 (GMT+3:00) the data on the index of business activity in the manufacturing sector of Great Britain will be released.
Support levels: 1.25250, 1.24500
Resistance levels: 1.25850
If the statistics from Britain is weak, a correction on GBP/USD may develop to the level of 1.24750-1.24500.
An alternative may be the further growth of the GBP/USD currency pair to the resistance level of 1.25850.
Forecast for USD/CAD
Prev Opening: 1.33397
Chg. % of the last day: -0.22
The daily range: 1.32962 – 1.33295
52-week range: 1.2458 – 1.4692
Last trading session, the USD/CAD currency pair is trading in a flat with a fairly wide trading range. The key support and resistance levels are 1.32900 and 1.33600 respectively. The market is waiting for additional drivers.
The MACD histogram has begun to rise and fixed above the signal line, which indicates the growth of the USD/CAD currency pair.
Stochastic Oscillator has reached the overbought zone, %K line is above %D line, which gives a weak signal to buy USD/CAD.
It is necessary to pay attention to the news background on the US economy.
Support levels: 1.33200, 1.32900
Resistance levels: 1.33600
If the statistics from the US turns out to be positive, the bullish sentiment will prevail on the USD/CAD currency pair. The movement is tending potentially to 1.33600.
An alternative may be a downward trend on USD/CAD to the support level of 1.33900.
Forecast for the USD/JPY currency pair
Chg. % of the last day: -0.47
The daily range: 111.122 – 111.585
52-week range: 99.08 – 123.69
On Friday, March 31, the price held the resistance level of 112.150, which caused sales of USD/JPY. The yen increased against the US dollar by more than 80 points. At the moment, the currency is testing the “mirror” resistance level of 111.500. We expect economic reports from the United States.
The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell USD/JPY.
Stochastic Oscillator is located near the overbought zone, the %K line is crossing %D line. There are currently no signals.
We recommend paying attention to the news line from the USA.
Support levels: 110.750
Resistance levels: 111.500, 112.150
If the US statistics turns out to be weak, the “bearish” mood on USD/JPY may continue. The target of movement is to 110.750.
An alternative may be the USD/JPY quotations growth to the resistance level of 112.150.