Forecast for the EURUSD currency pair
Chg. % for the last day: +0.10
Day range: 1.05054 – 1.06279
52-week range: 1.0538 – 1.1616
During Asian trading session, there was an increased trading activity on the EUR/USD currency pair. This is due to political uncertainty in Italy. Prime Minister Matteo Renzi has resigned due to the unsuccessful referendum on constitutional reform on Sunday, on 4 December. At the moment, the currency is being traded in a range of 1.05800-1.06400.
Indicators signals are ambiguous. The MACD histogram is in the negative zone and below its signal line, indicating the decline of EUR/USD.
Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, which means purchases of EUR/USD.
– 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);
– ECB President Draghi’s speech (16:00 GMT + 2: 00);
– An index of business activity in the non-manufacturing sector of the US from the ISM (17:00 GMT + 2: 00);
Support levels: 1.05800
Resistance Levels: 1.06400, 1.06850
If statistics from the EU is positive, an upward trend on the EUR/USD currency pair may develop to the level of 1.06500.
An alternative may be a correction to the local support level of 1.05500.
Forecast for the GBPUSD currency pair
Chg. % for the last day: +1.08
Day range: 1.26266 – 1.27376
52-week range: 1.2016 – 1.5513
On Friday, the GBP/USD currency pair was under influence of “bullish” moods. This is due to the release of positive data on business activity in the UK. The growth of the GBP/USD quotations exceeded 1%. At the moment, the currency has formed the local support and resistance levels: 1.26850 and 1.27500.
The MACD histogram is in the positive zone, but below the signal line, which delivers a weak signal to buy GBP/USD.
Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, indicating the growth of GBP/USD.
The news background for the UK economy:
– The index of business activity in the services sector (11:30 GMT + 2: 00);
– The speech of the Bank of England’s head Carney (19:00 GMT + 2: 00).
Support levels: 1.26850, 1.25900
Resistance levels: 1.27500
Our Friday expectations were confirmed. We believe that the GBP/USD growth may continue. We recommend buying to around 1.27750.
Forecast for the USDCAD currency pair
Chg. % for the last day: -0.16
Day range: 1.32800 – 1.33565
52-week range: 1.2458 – 1.4692
Over the past week, the Canadian dollar corrected significantly against the US dollar.The USD/CAD quotations falling exceeded 200 points. At the moment, the currency has found support at 1.33000.
The MACD histogram has started to rise and fixed above the signal line, indicating the growth of USD/CAD.
Stochastic Oscillator has come out of the oversold zone, the %K line is above the %D line, which also points to purchases of USD/CAD.
There is no important economic news from Canada today. One should pay attention to the statistics from the US.
Support levels: 1.33000
Resistance levels: 1.33650, 1.34000
Currently, the USD/CAD currency pair is being traded in the demand zone of 1.33000-1.33200. If the price keeps the zone, the currency may reach the level of 1.33600.
Forecast for the USDJPY currency pair
Chg. % for the last day: -0.45
Day range: 112.848 – 114.098
52-week range: 99.08 – 123.69
During Friday’s trading session, the yen kept the local resistance level of 114.000. At the moment, the technical pattern of USD/JPY indicates the correction development.
The MACD histogram is in the negative zone, but above the signal line, which delivers a weak signal to sell USD/JPY.
Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which also indicates the development of an upward trend on USD/JPY.
The news background for the Japanese economy is calm now.
Support levels: 113.600, 112.350
Resistance levels: 114.750
If the price keeps the resistance level of 114.000, “bearish” moods may develop on the USD/JPY currency pair. We recommend selling to around 113.500.