Forecast for the EURUSD currency pair
Chg. % for the last day: -0.02
Day range: 1.09599 – 1.09863
52-week range: 1.0538 – 1.1616
Yesterday the single currency showed diversified dynamics. In the first half of the trading day, there was a correctional movement on the market, after a significant EUR/USD growth on Friday, October 28th. The US dollar remains under pressure because of renewal of investigation concerning Clinton.
Indicators point to the development of the upward trend on the EUR/USD currency pair. The MACD histogram has fixed in the positive zone and continues to rise.
The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which means purchases of EUR/USD.
Today at 16:00 (GMT + 2: 00) the data on the index of business activity in the US manufacturing sector from the ISM will be released.
Support levels: 1.09300, 1.09650
Resistance levels: 1.0000
We expect a continuation of the correction on the EUR/USD currency pair. We recommend to consider buying by a local resistance of 1.1025.
Forecast for the GBPUSD currency pair
Chg. % for the last day: +0.30
Day range: 1.22102 – 1.22808
52-week range: 1.2016 – 1.5513
Yesterday the GBP/USD currency pair managed to keep the support level of 1.21600. The British currency won back the losses obtained in the first half of the day, having risen in price + 0.30%. With the opening of the European trading session, the pound rally has continued.
The MACD histogram is in the positive zone and above its signal line, indicating further growth of the GBP/USD currency pair.
The Stochastic Oscillator is located near the overbought zone, the %K line is above the %D line, which gives a weak signal to buy GBP/USD.
We recommend to pay attention to the publication of the business activity index in the manufacturing sector in the UK 11:30 (GMT + 2: 00).
Support levels: 1.21600, 1.22000
Resistance levels: 1.22700
Yesterday’s recommendations were applicable in practice. If business activity data in the UK has an optimistic character, the growth of the GBP/USD currency pair may continue to the level of 1.23250.
An alternative would be the GBP/USD quotes reduction to the local support of 1.22250.
Forecast for the USDCAD currency pair
Chg. % for the last day: +0.03
Day range: 1.33760 – 1.34256
52-week range: 1.2458 – 1.4692
The last few trading sessions, trading on the USD/CAD currency pair is quiet calm. Currency is in a flat and being traded in a range of 1.33900-1.34250. Currently, the Canadian dollar is testing the lower boundary of the trading range.
The MACD histogram has started to decline and fixed below the signal line, which indicates the development of the downward trend on the USD/CAD currency pair.
The Stochastic Oscillator is near the oversold area. There are no signals yet.
The news feed on the economy of Canada is quite eventful today:
– Data on GDP (14:30 GMT + 3: 00);
– Speech of the Bank of Canada head Poloz (18:00 GMT + 3: 00).
Support levels: 1.33250, 1.33900
Resistance levels: 1.34250
In case of publication of pessimistic data on Canadian GDP, USD / CAD quotes may continue to rise to around 1.34750.
An alternative would be the development of a downward trend on USD/CAD by support level of 1.33250.
Forecast for the USDJPY currency pair
Chg. % for the last day: +0.23
Day range: 104.668 – 105.112
52-week range: 99.08 – 123.69
During Asian trading session, there was an increased trading activity on the USD/JPY currency pair against the background of the meeting of the Bank of Japan. The regulator has left its monetary policy unchanged. The central bank also set aside a period of achieving the inflation target of 2%. At the moment, the currency is testing the local resistance of 105.10.
The MACD histogram has started to rise and fixed above the signal line, indicating the growth of the USD/JPY currency pair.
The Stochastic Oscillator is near the overbought zone, the %K line is beginning to cross the %D line. Currently, there are no signals.
We recommend to pay attention to the news feed from the US.
Support levels: 104.650, 104.150
Resistance levels: 105.100
In case of keeping the resistance level of 105.100 appearing of additional evidence on the smaller timeframes, we recommend to consider saling on the USD/JPY to around 104.650.