Forecast for the EURUSD currency pair
Chg. % for the last day: +0.01
Day range: 1.11899-1.12126
52-week range: 1.0538-1.1616
Asian trading session was rather calm. Significant changes in the rate of the EUR/USD currency pair did not happen. At the moment, financial markets are waiting for the publication of the US labor market report on Friday, October 7th. We recommend to search for entry points from the key support and resistance levels.
Indicators signals are ambiguous. The MACD histogram has moved into the negative zone and fixed below the signal line, indicating the decline of EUR/USD.
The Stochastic Oscillator has come out of the oversold zone, the %K line is above the %D line, which indicates a possible increase of EUR/USD.
News background today is quite calm:
– Publication of ECB’s meeting report on the monetary policy (14:30 GMT + 3);
– The number of initial claims for benefits for unemployment in the USA (15:30 GMT + 3).
Support levels: 1.11500, 1.11950
Resistance Levels: 1.12450
At the moment, the currency is being traded near the support level of 1.11950. If the EUR/USD currency pair overcome and fix below this level, the reduction of quotations to around 1.11750 is possible.
An alternative could be the upward movement of the local resistance level of 1.12250.
Forecast for the GBPUSD currency pair
Chg. % for the last day: +0.16
Day range: 1.26945-1.27596
52-week range: 1.2796-1.5659
Since the beginning of the week, the GBP/USD currency pair decline has exceeded 250 pips. Yesterday, the pound held the local support of 1.27000. During the Asian session, the GBP/USD pair has tested this level once again.
Indicators send diverse signals. The MACD histogram is in the negative zone and below its signal line, indicating further selling of GBP/USD.
The Stochastic Oscillator has come out of the oversold zone, the %K line is above the %D line, which indicates the development of corrective movement on GBP/USD.
Important statistics on the UK economy is not released today.
Support levels: 1.26750
Resistance Levels: 1.28150
We expect a correction on GBP/USD to the local resistance level of 1.27850.
Forecast for the USDCAD currency pair
Chg. % for the last day: -0.13
Day range: 1.31746-1.32088
52-week range: 1.2458-1.4692
During yesterday’s trading, the USD/CAD currency pair was under relatively high trading activity. However, there was no unidirectional movement on the market. The currency tested local support and resistance levels: 1.31650 and 1.32200.
The MACD histogram has started to rise and fixed above the signal line, what indicates the development of a bullish trend on the USD/CAD currency pair.
The Stochastic Oscillator is near the overbought zone, the %K line is below the %D line, indicating the decrease of USD/CAD.
At 15:30 (GMT + 3) data on permits of construction in Canada will be released.
Support levels: 1.31650, 1.30750
Resistance levels: 1.32600
We believe that buying of USD/CAD may continue to the resistance level of 1.32600.
Forecast for the USDJPY currency pair
Chg. % for the last day: +0.59
Day range: 103.339-103.736
52-week range: 99.08-123.69
During yesterday’s trading session, the yen continued to lose ground against the US dollar. The USD/JPY currency pair rose in price by more than 75 pips.
The MACD histogram is in the positive zone, but below the signal line, which sends a weak signal to buy USD/JPY.
The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates a continuation of the upward movement on USD/JPY.
Important statistical data on the Japanese economy will be not released today.
Support levels: 102.650
Resistance Levels: 103.650
At the moment, the currency is being traded near the resistance level of 103.650. If the currency pair held this level, a corrective movement to the level of 103.000 is possible.
An alternative could be a continuation of the upward trend to the level of 104.000.