Forecast for the EURUSD currency pair
Chg. % for the last day: -0.51
Day range: 1.03894 – 1.04406
52-week range: 1.0366 – 1.1616
Yesterday the EUR/USD quotes fell more than 0.50%. The US dollar was supported by optimistic data on the index of business activity in the manufacturing sector of the country. The currency has found support at 1.03750.
The MACD histogram has started to rise and fixed above the signal line, which indicates the development of corrective movement on EUR/USD.
Stochastic Oscillator is near the overbought zone, the %K line is above the %D line, that delivers a weak signal to buy EUR/USD.
Today we expect important statistics from the EU:
– an index of business activity in the services sector in Germany (10:55 GMT+2:00);
– an index of business activity in the euro zone services sector (11:00 GMT+2:00);
– Eurozone consumer price index (12:00 GMT+2:00).
At 21:00 (GMT +2:00), the minutes of the FOMC will be released.
Support levels: 1.04250, 1.03750
Resistance levels: 1.04900
Our expectations were confirmed yesterday. If data on inflation in the euro zone is positive, the EUR/USD quotes may reach the resistance level of 1.04900.
An alternative may be the EUR/USD currency pair reduction to the level of 1.03600.
Forecast for the GBPUSD currency pair
Chg. % for the last day: -0.29
Day range: 1.22204 – 1.22876
52-week range: 1.2016 – 1.5513
During the Asian trading session, the pound won back a large part of yesterday’s losses. At the moment, the GBP/USD currency pair is being traded near the local demand area of 1.22550-1.22700.
The MACD histogram has started to rise and is above the signal line, indicating the growth of the GBP/USD currency pair.
Stochastic Oscillator is near the overbought zone, the %K line crossed the %D line. There are no signals yet.
At 11:30 (GMT+2:00), an index of business activity in the UK construction sector will be released.
Support levels: 1,22550, 1.21100
Resistance levels: 1.23050
Yesterday’s forecast was confirmed. If statistics from the UK is weak, a downward trend may develop to the level of 1.22300.
An alternative may be a correction to the resistance level of 1.23300.
Forecast for the USDCAD currency pair
Chg. % for the last day: -0.06
Day range: 1.34005 – 1.34572
52-week range: 1.2458 – 1.4692
Yesterday, a significant change of the USD/CAD rate has not happened. The trading ended with a slight increase of the Canadian dollar. At the moment, the key levels are: support – 1.34000; resistance – 1.34500.
The MACD histogram does not give strong signals. The indicator is near the 0 mark.
Stochastic Oscillator has consolidated in the neutral zone, the %K line is below the %D line, indicating the decline of the USD/CAD quotes.
The news background of the economy of Canada is calm today.
Support levels: 1.34000
Resistance levels: 1.34500, 1.34900
We expect the development of the “bearish” moods on the USD/CAD currency pair. Recommend to consider selling to around 1.33650.
Forecast for the USDJPY currency pair
Chg. % for the last day: +0.19
Day range: 117.533 – 118.182
52-week range: 99.08 – 123.69
The USD/JPY currency pair kept the resistance level of 118.150. A technical pattern indicates the development of the downward trend. The nearest support level is 117.450.
The MACD histogram has started to decline and is below the signal line, indicating sales on USD/JPY.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the development of the downward trend on the USD/JPY currency pair.
We recommend to pay attention to the news feed from the United States.
Support levels: 117.450, 117.00
Resistance levels: 118.150
If the price consolidates below 117.650, be sure to consider selling of USD/JPY. Potential movement is to 117.250. It is better to look for entry points into the market on smaller timeframes.