Forecast for the EUR/USD currency pair
Prev Opening: 1.09276
Chg. % Of the last day: -0.21
Daily range: 1.08955 – 1.09209
52-week range: 1.0366 – 1.1616
Yesterday, the correction was observed on EUR/USD. In the Asian trading session, the trading was calm. The ECB meeting will take place today. Most experts believe that the regulator will leave interest rates unchanged. It is necessary to pay attention to the comments of representatives of the Central Bank. At the moment, the key trading range is 1.08650-1.09500.
Indicators point to the strength of buyers. The MACD histogram began to rise and passed into the positive zone.
Stochastic Oscillator went out of the oversold zone, the %K line is above the %D line, which indicates bullish sentiment on EUR/USD.
At 14:45 (GMT+3:00), a decision will be taken on the interest rates of the ECB.
We also recommend you to pay attention to the following events:
– basic orders for durable goods in the US (15:30 GMT+3:00);
– the balance of foreign trade in goods in the US (15:30 GMT+3:00);
– the ECB press conference (15:30 GMT+3:00);
– the index of unfinished sales in the real estate market in the US (17:00 GMT+3:00).
Support levels: 1.08650
Resistance levels: 1.09500
We recommend waiting for the decision of the ECB. It is better to open positions from key levels.
If the price consolidates above the resistance level 1.09500, the growth of the EUR/USD currency pair may continue. The target level of movement is the round level of 1.10000.
An alternative may be the correctional movement. If the price consolidates below the level of 1.08650, we recommend considering sales. The movement is tending potentially to 1.08000.
Confirmations and entry points to the market should be looked for on the younger timeframes.
Forecast for the GBP/USD currency pair
Prev Opening: 1.28395
Chg. % of the last day: +0.05
Daily range: 1.28385 – 1.29167
52-week range: 1.1986 – 1.5020
At the moment, purchases are prevailing on GBP/USD. With the opening of Asian trading, the pound added more than 50 points. The currency has reached a round level of 1.29000. We expect economic reports from the United States.
Stochastic Oscillator is located near the overbought zone, the %K line crossed the %D line. There are no signals at the moment.
We recommend paying attention to the news line from the USA.
Support levels: 1.28500, 1.27700, 1.27000
Resistance levels: 1.29000
If the statistics from the US is weak, the growth of the GBP/USD currency pair may continue. The movement is tending potentially to 1.29500.
An alternative may be a downward trend on GBP/USD to around 1.28250.
Forecast for USD/CAD
Prev Opening: 1.35714
Chg. % of the last day: +0.32
The daily range: 1.35297 – 1.36481
52-week range: 1.2458 – 1.4692
At the moment, there is an increase in demand for the Canadian dollar. This is due to the fact that the US does not intend to leave the North American Free Trade Zone. The technical pattern indicates the development of the corrective movement. The nearest support is at 1.35500.
The signals of the indicators vary. The MACD histogram has begun to decline and moved to the negative zone, which gives a signal to sell USD/CAD.
Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the growth of the USD/CAD quotes.
The news background on Canada’s economy is calm today.
Support levels: 1.35500, 1.34600
Resistance levels: 1.36200
We expect the bearish sentiment on USD/CAD. We recommend looking for entry points to the market in order to open short positions. The target level of movement is 1.35000.
Forecast for USD/JPY
Prev Opening: 111.074
Amend. % Of the last day: -0.03
Daily range: 110.970 – 111.430
52-week range: 99.08 – 123.69
Yesterday’s trading on USD/JPY was very active. At the same time, a unidirectional trend was not observed. The yen was in a sideways movement with a fairly wide range of 70 points. At the moment, the key levels of support and resistance are 111,000 and 111,700 respectively.
The MACD histogram is in the positive area, but below the signal line, which gives a weak signal to buy USD/JPY.
Stochastic Oscillator has fixed in the neutral zone, the %K line crossed the %D line. There are currently no signals.
The Bank of Japan, as expected, kept the monetary policy at the same level. The central bank raised the forecast for GDP growth in the country in 2017-2018 fiscal year by 0.1% to 1.6%.
Support levels: 111.000, 110.500
Resistance levels: 111.700
If economic reports from the US are positive, the growth of the USD/JPY quotes may continue. The movement is tending potentially to 111.700-112.000.
An alternative may be the correction of USD/JPY to the local support of 110.500.