Forecast for the EURUSD currency pair
Chg. % for the last day: -0.15
Day range: 1.06992 – 1.07606
52-week range: 1.0538 – 1.1616
Yesterday, the euro showed diversified dynamics. The currency tested local support and resistance levels: 1.07100 and 1.08000. The dollar is supported by optimistic data on US retail sales.
Indicators do not send strong signals. The MACD histogram has fixed near the 0 mark.
Stochastic Oscillator is in the neutral zone, the %K line is beginning to cross the %D line. Currently, there are no signals.
The news background on the US economy:
– PPI (15:30 GMT + 2: 00);
– The volume of industrial production (16:14 GMT + 2: 00).
Support levels: 1.07100
Resistance levels: 1.08000
In the case of the publication of optimistic statistics on the US economy, the downward trend on the EUR/USD currency pair may continue to the level of 1.06500.
An alternative could be the development of a corrective movement to the local resistance 1.08000.
Forecast for the GBPUSD currency pair
Chg. % for the last day: -0.25
Day range: 1.24350 – 1.25028
52-week range: 1.2016 – 1.5513
Yesterday, there was an increased trading activity on the GBP/USD currency pair against the background of the important statistics on the UK economy release. A unidirectional movement on the market was not observed. At the moment, the currency is being traded in a range of 1.24350-1.25350.
Indicators signals are ambiguous. The MACD histogram has started to rise and moved into the positive zone, indicating purchases on GBP/USD.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the development of the downward trend on the GBP/USD currency pair.
Today important data on the labor market in the UK will be released:
– The average level of wages, taking into account premiums (11:30 GMT + 3: 00);
– Change in the number of applications for unemployment benefits (11:30 GMT + 3: 00);
– Unemployment level (11:30 GMT + 3: 00).
Support levels: 1.24350, 1.23600
Resistance levels: 1.2535
If the data on the labor market in Britain has an optimistic nature, quotes of the GBP/USD currency pair may reach 1.25500.
An alternative would be the GBP/USD reduction to the local support level of 1.23600.
Forecast for the USDCAD currency pair
Chg. % for the last day: -0.79
Day range: 1.34216 – 1.34965
52-week range: 1.2458 – 1.4692
During yesterday’s trading session, there was a correctional movement on the USD/CAD currency pair. The Canadian dollar rose in price by more than 100 pips. At the moment, the currency is testing the “mirror” resistance level of 1.34600.
The MACD histogram is in the negative zone, but above the signal line, which sends a weak signal to sell USD/CAD.
Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the development of an upward trend on USD/CAD.
At 15:30 (GMT + 3: 00) data on sales in the manufacturing sector of Canada will be released.
Support levels: 1.34050
Resistance levels: 1.34600, 1.35300
We expect a continuation of the corrective movement on the USD/CAD currency pair. In case of keeping the resistance level of 1.34600 and appearing of additional evidence on the smaller timeframes, the USD/CAD quotes can achieve the local support of 1.34050.
Forecast for the USDJPY currency pair
Chg. % for the last day: +0.69
Day range: 108.788 – 109.618
52-week range: 99.08 – 123.69
The yen continues to lose ground against the US dollar. Since the beginning of this week, the USD/JPY currency pair rose in price by more than 250 pips.
The MACD histogram has fixed in the positive zone and above its signal line, indicating further growth of the USD/JPY currency pair.
Stochastic Oscillator has reached overbought zone, the %K line crossed the %D line. There are no signals yet.
We recommend to pay attention to the news feed from the USA.
Support levels: 109.000, 108.000
Resistance levels: 110.000
If statistics from the US is weak, the corrective movement on the USD/JPY currency pair may develop to a local support of 108.500.
An alternative could be the growth of the USD/JPY quotations to around 110.250.