Chg. % for the last day: +0.31
Day range: 1.06518 – 1.06937
52-week range: 1.0366 – 1.1616
Yesterday, trading on the EUR/USD currency pair was quite active. This is due to the release of important news. ECB left its monetary policy unchanged. However, there was no unidirectional movement. Trading ended with a slight strengthening of the euro. Today will be the inauguration of the J. Trump.
Indicators signals are ambiguous. The MACD histogram is in the positive zone and above its signal line, indicating further growth of the EUR/USD currency pair.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating sales of EUR/USD.
Today the attention of the financial markets will be focused on the performance of the US President J. Trump. The press conference will be held at 19:00 (GMT + 2: 00).
Support levels: 1.06500, 1.05850
Resistance levels: 1.07150
Today, we recommend to reduce the risks of opening positions on the major currency pairs. In the short term, we expect the development of an upward trend in EUR/USD. The potential movement is to 1.07100.
Forecast for the GBPUSD currency pair
Chg. % for the last day: +0.68
Day range: 1.23254 – 1.23712
52-week range: 1.2016 – 1.5513
Yesterday, the GBP/USD currency pair was under the influence of buyers. The pound rose by more than 75 points. Prime Minister T. May plans to complete a favorable agreement with the EU. An important statistics for the UK economy is expected.
The MACD histogram has moved into the positive zone and continues to rise, which means purchases of GBP/USD.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating the drop of the GBP/USD quotes.
All news from the UK:
– base index of retail sales (11:30 GMT + 2: 00);
– retail sales volume (11:30 GMT + 2: 00).
Support levels: 1.23000, 1.22000
Resistance levels: 1.24150
If the economic data from the UK is positive, an upward trend in GBP/USD may continue to the level of 1.24100.
An alternative may be a correction to the local support of 1.22850.
Forecast for the USDCAD currency pair
Chg. % for the last day: +0.37
Day range: 1.32836 – 1.33298
52-week range: 1.2458 – 1.4692
During yesterday’s trading session, the Canadian dollar continued to lose ground against the US dollar. The growth of the USD/CAD quotations exceeded 50 points. The currency found resistance at 1.33500.
Indicators do not send strong signals. The MACD histogram is in the positive zone, but below the signal line, sending a weak signal to buy USD/CAD.
Stochastic Oscillator is near the overbought zone, the %K line is above the %D line, which also delivers a weak signal to buy USD/CAD.
We expect important statistical data on the Canadian economy:
– the core consumer price index (15:30 GMT + 2: 00);
– the base index of retail sales (15:30 GMT + 2: 00);
– retail sales volume (15:30 GMT + 2: 00).
Support levels: 1.32800, 1.32100
Resistance levels: 1.33500.
If statistics from Canada is weak, the USD/CAD quotes may continue to rise to around 1.33900.
An alternative would be a correction to 1.32750.
Forecast for the USDJPY currency pair
Chg. % for the last day: +0.17
Day range: 114.523 – 115.120
52-week range: 99.08 – 123.69
In Asian trading session, a significant change in the yen did not happen. The participants of the currency market are waiting for D. Trump’s speech. Currently, USD/JPY is testing the key offers area of 115.000-115.500.
The MACD histogram has started to decline and fixed below the signal line, which indicates the development of the “bearish” moods on the USD/JPY currency pair.
Stochastic Oscillator is near the overbought zone, the %K line is above the %D line, which gives a weak signal to buy USD/JPY.
It is necessary to pay attention to US news background.
Support levels: 113.900, 112.750
Resistance levels: 115.250
We expect the development of the downward trend in the USD/JPY currency pair. If the price consolidates below 114.700, be sure to consider selling of USD/JPY. The potential movement is to 114.250-114.000.