Forecast for the EUR/USD currency pair
Prev Opening: 1.06779
Chg. % Last day: -0.34
Day range: 1.06366 – 1.06626
52-week range: 1.0366 – 1.1616
Yesterday, the EUR/USD held the key resistance level of 1.07150, which caused a corrective movement. Demand for the dollar is supported by the growth of yield on the US government bonds. The closest support is 1.06150.
The MACD histogram has started to decline and moved to the negative zone, which indicates a further drop in the EUR/USD quotes.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also gives a signal to sell EUR/USD.
Economic reports on 03/14/2017:
– ZEW index of economic sentiments in Germany (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 (14:30 GMT+2:00).
Support levels: 1.06150
Resistance levels: 1.06750, 1.07150
The previous forecast was quite accurate. We believe that correction on the EUR/USD currency pair may continue. The potential for movement – 1.06150-1.06000.
The forecast for GBP/USD
Prev. Opening: 1.21575
Chg. % Last day: +0.40
Day range: 1.21229 – 1.22207
52-week range: 1.1986 – 1.5020
Today, there is aggressive selling on the GBP/USD currency pair. At the moment, the pound weakened against the US dollar by more than 90 points. The currency overcame the key support level of 1.21500.
The MACD histogram has moved to the negative zone and is below the signal line, indicating a “bearish” moods on the GBP/USD.
Stochastic Oscillator is in oversold zone, the %K line crossed the %D line. There are no signals yet.
It is necessary to pay attention to statistics from the US.
Support levels: 1.21000
Resistance levels: 1.21500, 1.22000
Our yesterday’s assumptions were confirmed. At the moment, we expect further drop in the GBP/USD quotes. The target level of movement is 1.21000-1.20750.
The Forecast for USD/CAD
Chg. % for the last day: -0.10
Day range: 1.34383 – 1.34778
52-week range: 1.2458 – 1.4692
Yesterday, the USD/CAD currency pair kept the demand zone of 1.34250-1.34500. At the moment, the technical image is indicating the development of an upward trend. The nearest resistance is the round level of 1.35000.
The MACD histogram has started to rise and fixed above the signal line, indicating purchases of the USD/CAD.
Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, indicating a “bullish” moods on the USD/CAD currency pair.
The news background on the economy of Canada is calm today.
Support levels: 1.34250, 1.33600
Resistance levels: 1.35000
We expect growth of the USD/CAD quotes. The potential for movement – 1.35000-1.35250.
The forecast for USD/JPY
Prev. Opening: 114.723
Chg. % Last day: +0.10
Day Range: 114.743 – 115.187
52-week range: 99.08 – 123.69
During the Asian trading session, the USD/JPY currency pair kept a “mirror” support level of 114.750. At the moment, purchases prevail on the trading instrument. We expect statistics from the US.
Indicators point to growth of the USD/JPY currency pair. The MACD histogram has moved to the positive zone and is above the signal line.
Stochastic Oscillator has reached overbought zone, the %K line is above the %D line, which gives a weak signal to buy USD/JPY.
We recommend to pay attention to statistics from the US.
Support levels: 114.750, 114.100
Resistance levels: 115.500
If economic data from the US is positive, further growth of the USD/JPY to the level of 115.500-115.750 is possible.
An alternative may be a correction of the USD/JPY currency pair to 114.750-114.500.