Forecast for the EURUSD currency pair
Chg. % for the last day: +0.27
Day range: 1.05709 – 1.06492
52-week range: 1.0366 – 1.1616
At the moment, the US currency is under pressure. Yesterday, the US dollar weakened significantly against other major currencies. This is due to J. Trump’s press conference. The US President did not clarify the details of promised by him economic reforms.
The MACD histogram has consolidated in the positive zone and above its signal line, indicating a growth of the EUR/USD quotes.
Stochastic Oscillator is in the overbought zone, the %K line crossed the %D line. Currently, there are no signals.
Economic Calendar on 01/12/2017:
– the volume of industrial production in the euro zone (12:00 GMT + 2: 00);
– publication of the the ECB’s meeting on monetary policy report (14:30 GMT + 2: 00);
– the FOMC member Harker’s speech (15:30 GMT + 2: 00);
– the number of initial claims for unemployment benefits in the US (15:30 GMT + 2: 00);
– the FOMC member Lockhart’s speech (19:30 GMT + 2: 00);
– the FOMC member Bullard’s speech (20:15 GMT + 2: 00);
– the FOMC member Kaplan’s speech (20:45 GMT + 2: 00).
Support levels: 1.06100, 1.05150
Resistance levels: 1.06500
We expect a continuation of the upward trend on the EUR/USD currency pair. The movement potential is 1.06900-1.07000.
Forecast for the GBPUSD currency pair
Chg. % for the last day: +0.29
Day range: 1.21671 – 1.23166
52-week range: 1.2016 – 1.5513
Yesterday, there was a high trading activity on the GBP/USD currency pair. In the afternoon aggressive buying was observed. Today, the pound rally has continued. The nearest resistance level is 1.23350.
The MACD histogram is in the positive zone and continues to rise, which means purchases of GBP/USD.
Stochastic Oscillator has consolidated in the overbought zone, the %K line crossed the %D line. There are no signals yet.
It is necessary to pay attention to the news feed from the USA.
Support levels: 1.22300
Resistance levels: 1.23350, 1.24000
We believe that the increase of GBP/USD may continue. One should consider buying to the mark of 1.23350-1.23400.
Forecast for the USDCAD currency pair
Chg. % for the last day: -0.41
Day range: 1.30383 – 1.31873
52-week range: 1.2458 – 1.4692
Yesterday the USD/CAD currency pair got out of a prolonged flat (1.32000-1.32750). Today, the power of sellers is observed. The USD/CAD quotations falling has exceeded 100 points.
The MACD histogram is in the negative zone and below its signal line, indicating a further decline of the USD/CAD quotes.
Stochastic Oscillator is in the oversold zone, the %K line crossed the %D line. There are no signals yet.
At 15:30 (GMT + 2: 00), the price index for new housing in Canada will be published.
Support levels: 1.30500
Resistance levels: 1.31300, 1.32000
Yesterday’s forecast was confirmed. We expect continued downward trend on the USD/CAD currency pair. The potential movement is to 1.30200.
Forecast for the USDJPY currency pair
Chg. % for the last day: -0.31
Day range: 113.745 – 115.533
52-week range: 99.08 – 123.69
Today there is an increased demand for the yen. The USD/JPY quotes fell by more than 150 points. The currency found support at the level of 113.900. The pressure on the US dollar is caused by D. Trump’s speech.
The MACD histogram has consolidated in the negative zone and below its signal line, indicating a continuation of the “bearish” moods on USD/JPY.
Stochastic Oscillator has reached the oversold zone, the %K line crossed the %D line. Currently, there are no signals.
Today we recommend to pay attention to the speech of the FOMC officials.
Support levels: 113.900
Resistance levels: 115.250, 116.300
The previous forecast was confirmed. If the price consolidates below the 113.900 local support, the USD/JPY quotes may continue to decline to around 113.500.