Chg. % for the last day: -0.20
Day range: 1.05902 – 1.06300
52-week range: 1.0366 – 1.1616
During yesterday’s trading, the US dollar rose slightly against the euro. The EUR/USD quotes decreased by 0.20%. Today, the focus is on the Fed chairman speech on monetary policy and the US economy. At the moment, the currency is testing the support level of 1.06150.
MACD histogram has started to rise and fixed above the signal line, indicating purchases of EUR/USD.
Stochastic Oscillator is near the overbought zone, the %K line crossed the %D line. There are no signals yet.
Today we expect a lot of important news:
– ZEW index of economic sentiments in Germany (12:00 GMT + 2: 00);
– GDP data for Eurozone (12:00 GMT + 2: 00);
– the volume of industrial production in Eurozone (12:00 GMT + 2: 00);
– economic sentiments from the ZEW in Eurozone (12:00 GMT + 2: 00);
– producer price index in the US (15:30 GMT + 2: 00);
– Fed Chairman Yellen’s speech (17:00 GMT + 2: 00).
Support levels: 1.06150
Resistance levels: 1.06550, 1.07150
If EU economic statistics is optimistic on the EUR/USD currency pair, the correction may develop to the level of 1.06750.
An alternative could be a continuation of the downward trend to the level of 1.05750.
It is necessary to pay attention to the performance of the Chairman of the US Federal Reserve System. The positive dynamics of the government bonds nd the US stock market yield indicates optimism in the financial markets.
Forecast for the GBPUSD currency pair
Chg. % for the last day: +0.36
Day range: 1.25159 – 1.25478
52-week range: 1.1986 – 1.5020
Yesterday, purchases prevailed on the GBP/USD currency pair. The GBP/USD quotations rose by 0.36%. Currently, the pound is being traded near the resistance level of 1.25500. The market is waiting for the statistics on the UK economy.
Indicators signals are different. The MACD histogram has consolidated in the positive zone and continues to rise, indicating the growth of the GBP/USD currency pair.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating the “bearish” moods on GBP/USD.
News feed from Britain:
– the consumer price index (11:30 GMT + 2: 00);
– Index of Producer Price (11:30 GMT + 2: 00).
Support levels: 1.24700
Resistance levels: 1.25500, 1.26400
If statistics on the British economy is positive, the growth of the GBP/USD quotations may continue. The potential for movement – to the level of 1.26000.
An alternative would be a downward trend in the GBP/USD currency pair to around 1.24700-1.24500.
Forecast for the USDCAD currency pair
Chg. % for the last day: -0.36
Day range: 1.30367 – 1.30770
52-week range: 1.2458 – 1.4692
Today there is a growing demand for the currency of Canada. During the Asian trading session, sales prevailed. The Canadian dollar belongs to the commodity currencies. The support has a positive dynamics of oil prices. Currently, the USD/CAD currency pair is testing the support of 1.30400.
MACD histogram is in the negative zone and continued to decline, indicating a drop of the USD/CAD quotes.
Stochastic Oscillator is in the oversold zone, the %K line crossed the %D line. There are no signals yet.
The news background on the economy of Canada is calm.
Support levels: 1.30400, 1.30000
Resistance levels: 1.30900
The last forecast was quite accurate. If statistics from the US is weak, the growth of the Canadian dollar may continue. The potential for movement is 1.30000-1.29750.
An alternative could be a correction in USD/CAD to the resistance level of 1.30900.
Forecast for the USDJPY currency pair
Chg. % for the last day: -0.16
Day range: 113.256 – 113.582
52-week range: 99.08 – 123.69
Yesterday’s trading was very active on the USD/JPY currency pair. However, a significant change of the rate did not happen. The yen continues to be in a fairly broad trading range – 113.150-113.850. We expect news from the US.
The indicators show an ambiguous image. MACD histogram has started to decline and moved into the negative zone, indicating a drop of the USD/JPY quotes.
Stochastic Oscillator has consolidated in the neutral zone, the %K line is above the %D line, which means purchases of USD/JPY.
It is necessary to pay attention to the news feed on the US economy.
Support levels: 113.150, 112.450
Resistance levels: 113.850
If the US central bank announces an optimistic position, an upward trend may develop to 114.000-114.250.
An alternative would be the USD/JPY currency pair reduction. The potential for movement is to 112.750.