Forecast for the EUR/USD currency pair
Prev Opening: 1.06443
Chg. % Last day: -0.51
Day range: 1.05692 – 1.05943
52-week range: 1.0366 – 1.1616
On Friday, April 7, the US Department of Labor published a combined report. The number of employed in the non-agricultural sector of the country slowed to 98,000. At the same time, the unemployment level decreased and amounted to 4.5%. The growth of the average hourly wage coincided with market expectations at the level of 0.2%. A “bearish” moods prevailed in the market. Drop in the EUR/USD quotes exceeded 0.5%. The currency found support at 1.05750.
The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell EUR/USD.
Stochastic Oscillator has left the overbought zone, the %K line is below the %D line, indicating a further drop in the EUR/USD quotes.
There are no important economic reports from the EU and the US today. The attention is focused on the press conference of Fed Chair Yellen (23:10 GMT+3:00).
Support levels: 1.05750
Resistance levels: 1.06400
If the price consolidates below the support level of 1.05750, we recommend considering sales of EUR/USD. The potential for movement – 1.05250-1.05000.
Forecast for the GBP/USD currency pair
Prev Opening: 1.24676
Chg. % Last day: -0.78
Day range: 1.23649 – 1.24041
52-week range: 1.1986 – 1.5020
On Friday, sales prevailed on GBP/USD. This is due to the release of weak economic reports from Britain. The pound weakened against the US dollar by more than 100 points. The currency found support at 1.23650. At the moment, GBP/USD is testing a “mirror” resistance of 1.24000.
The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell GBP/USD.
Stochastic Oscillator reached the overbought zone, the %K line crossed the %D line. There are no signals yet.
The news background on the UK economy is calm today.
Support levels: 1.23650
Resistance levels: 1.24000, 1.24500
We expect a downward trend on the GBP/USD currency pair. One should to seek entry points for opening short positions. The potential for movement – 1.23650-1.23400.
Forecast for the USD/CAD currency pair
Prev Opening: 1.34131
Chg. % Last day: -0.06
Day range: 1.33948 – 1.34259
52-week range: 1.2458 – 1.4692
Past trading on the USD/CAD currency pair was very active. This is due to the release of reports on the labor market of Canada and the US. The Statistics Canada published strong statistics. The Canadian dollar is supported by positive dynamics of oil quotes.
The MACD histogram does not provide accurate signals. The indicator is near the 0 mark.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating a “bearish” moods on USD/CAD.
At 15:15 (GMT+3:00) the data on the volume of housing starts in Canada will be released.
Support levels: 1.34000, 1.33550
Resistance levels: 1.34500
We expect an increase in demand for the Canadian dollar. If the price consolidates below the round level of 1.34000, we recommend considering sales of USD/CAD. The target level of movement is to 1.33700-1.33550.
The forecast for USD/JPY
Prev. Opening: 110.785
Chg. % Last day: +0.23
Day Range: 110.997 – 111.581
52-week range: 99.08 – 123.69
“Bullish” moods are prevailed on USD/JPY. During the Friday trading, the currency kept the key demand zone of 110.200-110.350, which caused aggressive purchases. At the moment, the key trading range is 111.300-111.700. We are waiting for the press conference of the Fed Chairman.
The MACD histogram has fixed in the positive zone, but below the signal line, which gives a weak signal to buy USD/JPY.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the USD/JPY sale.
The central bank of Japan intends to adhere to the current course of monetary policy, until the target inflation rate in the country (2% per annum) is reached.
Support levels: 111.300, 110.750, 110.200
Resistance levels: 111.700
We believe that an upward trend on the USD/JPY currency pair may continue. The nearest goal for profit-taking is 111.700.