Forecast for the EURUSD currency pair
Chg. % for the last day: -0.50
Day range: 1.10299 – 1.10667
52-week range: 1.0538 – 1.1616
Today, the presidential election will be held in the United States. The attention of investors and the financial markets participants is focused on the event. We recommend to reduce the risks from open positions. Before the publication of the election results, strong movements should be expected. The dynamics and volatility of the EUR/USD currency pair may be affected by the preliminary data. Current polls indicate Hillary Clinton’s victory, which will contribute to the strengthening of the US dollar.
Indicators do not send strong signals yet. The MACD histogram is in the negative zone, but above the signal line, which sends a weak signal to sell EUR/USD.
The Stochastic Oscillator is in the overbought zone, the %K line is beginning to cross the %D line. There are no signals yet.
The news background of the EU economy is calm.
Support levels: 1.09900
Resistance levels: 1.10650, 1.11250
Today, we recommend opening short-term speculative positions from the local support and resistance levels on all the currency “majors”. During the trading day, we recommend to pay attention to the news feed from the US.
At the moment, the euro is being traded near the resistance level of 1.10650. In the case of keeping this level and emerging of additional evidence on the smaller timeframes, the EUR/USD quotes could reach 1.10250.
Forecast for the GBPUSD currency pair
Chg. % for the last day: -0.71
Day range: 1.23856 – 1.24391
52-week range: 1.2016 – 1.5513
Yesterday there was a downward trend on the GBP/USD currency pair. Drop in prices has exceeded 100 pips. The US dollar was supported against the backdrop of the increased chance of Hillary Clinton’s winning.
The MACD histogram has fixed in the negative zone, but is above the signal line, which sends a weak signal to sell GBP/USD.
The Stochastic Oscillator has reached overbought zone, the %K line is beginning to cross the %D line. Currently, there is no signal.
At 11:30 (GMT + 2: 00) the data on the volume of production in the manufacturing industry of Great Britain will be released.
Support levels: 1.23450
Resistance levels: 1.24350, 1.24900
In the case of holding the local resistance of 1.24350, bearish moods on the GBP/USD currency pair may develop to the level of 1.23450.
Forecast for the USDCAD currency pair
Chg. % for the last day: +0.01
Day range: 1.33527 – 1.33906
52-week range: 1.2458 – 1.4692
The Canadian dollar showed diversified dynamics yesterday. There was an increased trading activity on the USD/CAD currency pair. However, a significant change of course did not happen. A further driver of the USD/CAD currency pair will perform the election results in the United States.
The MACD histogram is in the negative zone and below its signal line, indicating the decline of USD/CAD.
The Stochastic Oscillator is in the oversold zone, the %K line is beginning to cross the %D line. Currently, there is no signal.
All news on the Canadian economy:
– The volume of new houses construction (15:15 GMT + 2: 00);
– Building permits (15:30 GMT + 2: 00).
Support levels: 1.33300
Resistance levels: 1.33700, 1.34150
In case of breakdown and retesting the local resistance of 1.33700, we recommend to consider the purchase on the USD/CAD currency pair to the level of 1.33100.
Forecast for the USDJPY currency pair
Chg. % for the last day: +0.29
Day range: 104.286 – 104.593
52-week range: 99.08 – 123.69
During yesterday’s trading session, the yen has weakened significantly (over 125 pips) against the US dollar. At the moment the USD/JPY currency pair is being traded in the range of 104.250-104.750.
The MACD histogram sends a weak signal to buy USD/JPY. Indicator is in the positive zone, but below the signal line.
The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the development of an upward trend on the USD/JPY currency pair.
We recommend to pay attention to the news feed from the USA.
Support levels: 104.250
Resistance levels: 104.750
In the case of overcoming the resistance level of 104.750, the USD/JPY quotes may reach the level of 105.250.
An alternative could be the development of the downward trend on the USD/JPY currency pair. If the price fixes below the support level of 104.250, the yen may strengthen at the mark of 103.750.