Forecast for the EURUSD currency pair
Chg. % for the last day: +0.27
Day range: 1.12219-1.12533
52-week range: 1.0538-1.1616
Yesterday the EUR/USD currency pair showed diversified dynamics. During the European trading session, the market was under the bullish moods, the price reached the resistance level of 1.12650. In the afternoon, the US dollar slightly strengthened its position.
Indicators signal a downward movement of the EUR/USD currency pair. The MACD histogram started to decline and fixed below the signal line.
The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating to sell EUR/USD.
Today at 12:00 (GMT + 3: 00) the data on consumer price of the EU will be released.
The news background on the US economy today is eventful enough. At 15:30 (GMT + 3: 00) there will be data on:
– the base index of retail sales;
– the index of manufacturing activity from the Federal Reserve Bank of Philadelphia;
– the index of producer prices;
– the volumes of retail sales.
Support levels: 1.12150, 1.11550
Resistance levels: 1.12650
If data from the EU will have an optimistic nature, the growth of the EUR/USD currency pair quotations to the resistance level of 1.12650 is possible.
In the case of the publication of positive statistics on the US economy, the price can drop to the support of 1.11550.
Forecast for the GBPUSD currency pair
Chg. % for the last day: +0.30
Day range: 1.32103-1.32781
52-week range: 1.2796-1.5659
Yesterday, the currency pair of GBP/USD observed an increased volatility. The pound was under pressure because of the weak labor market data. However, during the US trading session, the British currency managed to recover losses.
The MACD histogram started to decline and is below the signal line, indicating to sell GBP/USD.
The Stochastic Oscillator is in the oversold zone, the %K line began to cross the %D line. There are no signals yet.
It is necessary to pay attention to the news background. Today the most important economic data of the United Kingdom will be released:
– The volume of retail sales at 11:30 (GMT + 3:00);
– The Bank of England decision on interest rates at 14:00 (GMT + 3:00).
Support levels: 1.31350
Resistance levels: 1.32450, 1.33200
If the data from the UK is pessimistic and the statistics on the US economy is optimistic, it is recommended to consider the sales up to the support level of 1.31350.
An alternative may be the growth of the GBP/USD currency pair to the level of 1.33200.
Forecast for the USDCAD currency pair
Chg. % for the last day: +0.23
Day range: 1.31913-1.32354
52-week range: 1.2458-1.4692
The Canadian dollar continues to lose ground against the US dollar. Over the past week, the USD/CAD currency pair rose by more than 350 pips.
The indicators signals are ambiguous. The MACD histogram is in the positive zone and above its signal line, indicating a continuation of the upward trend for the USD/CAD currency pair.
The Stochastic Oscillator is near the overbought zone, the %К line crossed the %D line. There are no strong signals yet.
Important news for Canada’s economy is not planned today.
Support levels: 1.31150, 1.30350
Resistance levels: 1.32250
Yesterday’s forecast worked itself well. In case of the publication of strong statistics data from the United States, the USD/CAD quotes growth may continue to the nearest resistance level of 1.32900.
An alternative can be a corrective movement to the level of 1.31150.
Forecast for the USDJPY currency pair
Chg. % for the last day: -0.14
Day range: 101.943-102.615
52-week range: 99.08-123.69
Over the past few trading sessions, the USD/JPY currency pair formed the key support and resistance levels, 101.500 and 103.000. During yesterday’s trading session, the pair was keeping this resistance.
The indicators show an ambiguous image. The MACD histogram is in the negative zone, but above the signal line. The indicator provides a weak signal to buy USD/JPY.
The Stochastic Oscillator is located near the overbought zone. The %K line crossed the %D line. There are no signals yet.
Important news on the Japanese economy is not planned.
Support levels: 102.300, 101.500
Resistance levels: 103.000
We recommend to wait for statistical data on the US economy. If data is optimistic and above market expectations, the price increase to 103.000 is possible.
An alternative can be the USD/JPY reduction to the support level of 101.500.