Forecast for the EURUSD currency pair
Chg. % for the last day: +0.17
Day range: 1.12212-1.12416
52-week range: 1.0538-1.1616
Over the past few trading sessions, the EUR/USD currency pair has formed the key support and resistance levels: 1.11950 and 1.12550. Trading during the Asian session was relatively calm. There were no significant changes of the EUR/USD rate.
The indicators show an ambiguous image. The MACD histogram is in the positive zone, but below the signal line, which delivers a weak signal to sell EUR/USD.
The Stochastic Oscillator has fixed in the neutral zone, the %K line is above the D% line, indicating to buy EUR/USD.
We recommend to pay attention to the news background:
– IFO business climate index in Germany (11:00 GMT + 3:00);
– New houses selling in the USA (17:00 GMT + 3:00);
– ECB President Draghi’s speech (18:05 GMT + 3:00).
Support levels: 1.11950
Resistance Levels: 1.12550
In case of publication of optimistic data on the German economy, the EUR/USD rise to the level of 1.13000 is possible.
An alternative would be the EUR/USD quotes reduction to the support level of 1.11950.
Forecast for the GBPUSD currency pair
Chg. % for the last day: -0.80
Day range: 1.29261-1.29864
52-week range: 1.2796-1.5659
During Friday’s trading session, the US dollar has strengthened its positions against the pound. The GBP/USD currency pair has lost in price more than 100 pips.
The MACD histogram is in the negative zone and below its signal line, indicating a decline of GBP/USD.
The Stochastic Oscillator gives a weak signal to sell GBP/USD. The indicator is near the oversold zone, the %K line is below the %D line.
The publication of important statistics for the UK economy is not planned today.
Support levels: 1.29350
Resistance Levels: 1.30450
Friday’s forecast worked itself well. We expect a continuation of the downward trend for the GBP/USD currency pair to the local support level of 1.28800.
Forecast for the USDCAD currency pair
Chg. % for the last day: +0.97
Day range: 1.31481-1.31942
52-week range: 1.2458-1.4692
On Friday, 23 September, the USA dollar has corrected significantly (over 125 pips) against the Canadian dollar, after a significant drop last week.
The MACD histogram indicates a possible correction of the USD/CAD currency pair. The indicator has begun to decline and is below the signal line.
The Stochastic Oscillator is in the neutral zone, the %K line is above %D line, which indicates a further increase of USD/CAD.
Important news on Canada’s economy is not expected today.
Support levels: 1.31400
Resistance Levels: 1.32200
If data on the US housing market is positive, we recommend to consider buying of USD/CAD by the resistance level of 1.32350.
An alternative would be the development of the corrective movement to the level of 1.31250.
Forecast for the USDJPY currency pair
Chg. % for the last day: +0.25
Day range: 100.516-101.077
52-week range: 99.08-123.69
From the middle of last week the USD/JPY currency pair has being traded in the range of 100.250-101.250. Today’s data on the housing market of the USA can act as the driver for the development of new tendencies for the USD/JPY currency pair.
Indicators point to the development of the bearish moods for USD/JPY.
The MACD histogram has started to decline and is below the signal line, indicating to sell USD/JPY.
The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating the decline of USD/JPY.
Important statistical data on the Japanese economy will be not released today.
Support levels: 100.250
Resistance Levels: 101.250, 101.900
We believe that the USD/JPY currency pair may continue the correctional movement to the resistance level of 101.250.