Forecast for the EURUSD currency pair
Chg. % for the last day: -0.34
Day range: 1.07540 – 1.08443
52-week range: 1.0538 – 1.1616
Demand for US dollar remains at the high level because of growth of profitability of the US treasury bonds. Investors expect that in the nearest future Trump’s administration will promote the growth of inflation and expenses in the country. At present futures for federal funds quote the probability of the FRS rate increase in December of the current year at the level of 81.1%. During the Asian trading session, the EUR/USD currency pair decreased by more than 75 pips.
The MACD histogram continues to decline and is below the signal line, sending a signal to sell EUR/USD.
Stochastic Oscillator is near oversold zone, the %K line is below the %D line, which sends a weak signal to sell EUR/USD.
– The volume of industrial production in the EU (12:00 GMT + 2: 00);
– ECB President Draghi’s speech (17:00 GMT + 2: 00);
– A member of the FOMC Kaplan’s speech (20:20 GMT + 2: 00)
Support levels: 1.07000
Resistance levels: 1.07800, 1.09050
Friday forecast was confirmed. We expect a further decrease in quotations of the EUR/USD currency pair to the level of 1.07100.
Forecast for the GBPUSD currency pair
Chg. % for the last day: +0.37
Day range: 1.24639 – 1.25920
52-week range: 1.2016 – 1.5513
On Friday, there was an increased trading activity on the GBP/USD currency pair. However, a unidirectional movement is not observed. The trading session ended with a slight increase of the British currency (+ 0.37%). During today’s Asian trading session, the US dollar has corrected significantly (over 100 pips).
Indicators point to the development of the bearish moods on the GBP/USD currency pair. The MACD histogram has moved into the negative zone and continues to decline.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating sales on GBP/USD.
The news background on the UK economy is calm today.
Support levels: 1.24350
Resistance levels: 1.2535, 1.26500
The previous forecast was confirmed. Technical picture on the GBP/USD currency pair indicates the development of the downward trend. The price may reach the level of 1.24250.
Forecast for the USDCAD currency pair
Chg. % for the last day: +0.54
Day range: 1.34992 – 1.35830
52-week range: 1.2458 – 1.4692
Over the past week the USD/CAD currency pair rose in price by more than 250 pips. The Canadian dollar remains under pressure. At the moment, the currency has overcome and fixed over the resistance of 1.35500.
The MACD histogram has fixed in the positive zone and is above its signal line, indicating further growth of the USD/CAD currency pair.
Stochastic Oscillator is in the overbought zone, the %K line crossed the %D line. There are no signals yet.
Important economic data from Canada will be not released today.
Support levels: 1.35500, 1.34750
Resistance levels: 1.36000
Friday’s forecast was confirmed. We believe that the upward trend on the USD/CAD currency pair may continue. We recommend to consider buying to around 1.36250.
Forecast for the USDJPY currency pair
Chg. % for the last day: -0.14
Day range: 106.727 – 107.967
52-week range: 99.08 – 123.69
The Japanese currency remains under pressure. During the Asian trading session, the yen continued to lose ground against the US dollar, despite optimistic statistical data from Japan.
The MACD histogram indicates a further increase of the USD/JPY currency pair. The indicator is in the positive zone and above its signal line.
Stochastic Oscillator has reached overbought zone, the %K line crossed the %D line. Currently, there are no signals.
Further news background for the Japanese economy is calm today.
Support levels: 106.900, 105.900
Resistance levels: 108.000
In the case of overcoming and fixing above the resistance level of 108.000, the USD/JPY quotations may grow to around 108.400. It is better to look for the confirmation and entry points at smaller timeframes.