Forecast for the EURUSD currency pair
Chg. % for the last day: +0.45
Day range: 1.10050-1.10601
52-week range: 1.0538-1.1616
During the Asian and European trading sessions, the single currency continued to lose ground against the US dollar. The fall of EUR/USD quotations exceeded 50 pips. At the moment, the currency is being traded between the support and resistance levels: 1.10000 and 1.10400.
The MACD histogram indicates a continuation of the downward trend on the EUR/USD currency pair. The indicator has moved into the negative zone and fixed below the signal line.
The stochastic Oscillator has fixed in the oversold zone, the %K line crossed the %D line. There are no active signals yet.
A lot of economic data will be released today from the United States:
– Base index of retail sales (15:30 GMT + 3: 00);
– PPI (15:30 GMT + 3: 00);
– Retail sales volume (15:30 GMT + 3: 00);
– Consumer sentiment index from the University of Michigan (17:00 GMT + 3: 00);
– A speech of the US Federal Reserve Chairman Yellen (20:30 GMT + 3: 00).
Also, at 12:00 (GMT + 3: 00) the data on the trading balance of the EU will be released.
Support levels: 1.10000
Resistance levels: 1.10400
If statistics from the US is positive, the EUR/USD currency pair may reach the local support of 1.09500.
An alternative would be a correction to the level of 1.10500.
Forecast for the GBPUSD currency pair
Chg. % for the last day: +0.38
Day range: 1.21652-1.22603
52-week range: 1.2016-1.5513
Over the past few trading sessions, a significant change in the GBP/USD rate was not observed. The currency is in a sideway trend with the range of 1.21250-1.23350.
Indicators signals are ambiguous. The MACD histogram indicates the continuation of the bearish moods on the GBP/USD currency pair. The indicator has moved into the negative zone and fixed below the signal line.
The Stochastic Oscillator has come out of the oversold zone, the %K line is above the %D line, which means purchases of GBP/USD.
We recommend to pay attention to our news feed on the US economy.
Support levels: 1.21250
Resistance levels: 1.23350, 1.26000
In case of releasing optimistic statistics on the US economy, the decline of the GBP/USD currency pair may continue to the level of 1.21000.
An alternative could be the growth of the GBP/USD quotations to the local resistance of 1.23350.
Forecast for the USDCAD currency pair
Chg. % for the last day: -0.65
Day range: 1.31836-1.32199
52-week range: 1.2458-1.4692
Yesterday the Canadian dollar strengthened its positions against the US dollar. The USD/CAD currency pair kept the resistance of 1.33000 and fell more by than 100 pips.
The MACD histogram has fixed in the negative zone, but above the signal line, which sends a weak signal to sell USD/CAD.
The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the development of the bearish moods on the USD/CAD currency pair.
The attention of participants of the currency market will be focused on the news feed on the US economy.
Support levels: 1.31500
Resistance levels: 1.32150
Yesterday’s forecast was confirmed. We expect a continuation of the correction on the USD/CAD currency pair by the support level of 1.31500.
Forecast for the USDJPY currency pair
Chg. % for the last day: -0.49
Day range: 103.603-104.274
52-week range: 99.08-123.69
During the Asian trading session, the US dollar has won back yesterday’s losses against the yen.
The indicators show an ambiguous image. The MACD histogram is in the positive zone and above its signal line, indicating the further strengthening of the US dollar.
The Stochastic Oscillator has come out of the overbought zone, the %K line is below the %D line, that sends a signal to sell USD/JPY.
Important statistics on the Japanese economy will be not released today.
Support levels: 103.250
Resistance levels: 104.150
In the case of holding the resistance level of 104.15 and appearing of additional evidence on smaller timeframes, the USD/JPY currency pair may continue to decline and reach 103.250.