Forecast for the EURUSD currency pair
Chg. % for the last day: -1.28
Day range: 1.05881 – 1.06302
52-week range: 1.0538 – 1.1616
Yesterday, the ECB left the key interest rates at the same level. The regulator intends to extend the program of assets buying for 9 months. Until April 2017 the monthly volume of QE program will remain unchanged at the level of 80 billion euros, and then the central bank will cut the amount of 60 billion euros. At the moment the EUR/USD currency pair found support at 1.05900.
The MACD histogram has fixed in the negative zone, but above the signal line, which delivers a weak signal to sell EUR/USD.
Stochastic Oscillator is near the overbought zone, the %K line is below the %D line, which indicates the development of the downward trend on the EUR/USD currency pair.
Important news from the EU is not expected today. We recommend to pay attention to the news feed from the United States:
– the index of consumer expectations from the University of Michigan (17:00 GMT + 2: 00);
– consumers’ sentiments index from the University of Michigan (17:00 GMT + 2: 00).
Support levels: 1.05900
Resistance levels: 1.06850
If the price fixes below 1.05900, the “bearish” moods on the EUR/USD currency pair may continue to the level of 1.05500.
An alternative would be the EUR/USD correction to the level of 1.06850. It is better to look for the entry points into the market after the breaking and retesting the local resistance of 1.06300.
Forecast for the GBPUSD currency pair
Chg. % for the last day: -0.29
Day range: 1.25546 – 1.25991
52-week range: 1.2016 – 1.5513
Yesterday, trading on the GBP/USD currency pair was quite active. This is due to the release of major economic news. The trading session ended with the growth of the US dollar. At the moment, the currency is testing the support level of 1.25800.
The MACD histogram is in the negative zone, but above the signal line, which delivers a weak signal to sell GBP/USD.
Stochastic Oscillator has fixed in the neutral zone, the %K line crossed the %D line. There are no signals yet.
The news background for the UK economy:
– the balance of trade (11:30 GMT + 2: 00).
Support levels: 1.25800
Resistance levels: 1.26850, 1.27500
At the moment an ambiguous image has formed on the GBP/USD currency pair. We recommend to open long positions from the key support and resistance levels. If the price fixes above the level of 1.26300, the GBP/USD quotations may reach the resistance of 1.26850.
An alternative would be the GBP/USD reduction to the level of 1.25300.
Forecast for the USDCAD currency pair
Chg. % for the last day: -0.31
Day range: 1.31801 – 1.32118
52-week range: 1.2458 – 1.4692
Over the past two weeks, the Canadian dollar rose significantly in price against the US dollar (by more than 300 points). During yesterday’s trading session, the Canadian currency rally continued.
The MACD histogram is in the negative zone and continues to decline, indicating sellers’ power on USD/CAD.
Stochastic Oscillator is near the oversold zone, the %K line is below the %D line, which sends a weak signal to sell USD/CAD.
Important news from Canada is not expected today.
Support levels: 1.31750
Resistance levels: 1.32500
We expect the downward trend development on the USD/CAD currency pair. We recommend selling to around 1.31500.
Forecast for the USDJPY currency pair
Chg. % for the last day: +0.23
Day range: 113.996 – 114.570
52-week range: 99.08 – 123.69
Yesterday the USD/JPY currency pair kept the local support level of 113.300. Trading session was ended with the growth of the US dollar. At present, the yen is being traded near the offer area of 114.450-114.750.
The MACD histogram is in the positive zone and continues to rise, indicating the growth of the USD/JPY currency pair.
Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. There are no signals yet.
The news background for the Japanese economy is calm.
Support levels: 112.350, 113.600
Resistance levels: 114.750
If the price fixes above the resistance level of 114.750, USD/JPY may grow to around 115.250. It is better to look for confirmation and entry points into the market on smaller timeframes.