The forecast for EUR/USD
Prev. Opening: 1.05566
Chg. % Last day: +0.24
Day range: 1.05612 – 1.06011
52-week range: 1.0366 – 1.1616
Yesterday, purchases prevailed on the EUR/USD currency pair. The quotations rose by 0.24%. Today, the euro rally has continued. At the moment, the currency is being traded close to the “mirror” support level of 1.05850.
The MACD histogram has consolidated in the positive zone and continues to rise, indicating the growth of the EUR/USD currency pair.
Stochastic Oscillator has reached overbought zone, the %K line is above the %D line, that delivers a weak signal to buy EUR/USD.
Economic Calendar on 02/24/2017:
– the expectations and consumer sentiments index from the University of Michigan (17:00 GMT + 2: 00);
– new home sales in the US (17:00 GMT + 2: 00).
Support levels: 1.05850, 1.05300
Resistance levels: 1.06250
The previous forecast was confirmed. We believe that the EUR/USD quotes growth may continue. The potential for movement – 1.06250-1.06500.
The forecast for GBP/USD
Prev. Opening: 1.24431
Chg. % Last day: +0.84
Day range: 1.25356 – 1.25700
52-week range: 1.1986 – 1.5020
Yesterday, aggressive buying was observed on the GBP/USD currency pair. The pound rose against the US dollar by more than 100 points. The currency found resistance at 1.25600. During the Asian session, the trading was calm.
The MACD histogram is in the positive zone, but below the signal line, which delivers a weak signal to buy GBP/USD.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates a correction in GBP/USD.
At 11:30 (GMT + 2: 00), the data on the number of BBA mortgage approvals will be published.
Support levels: 1.25100, 1.24700
Resistance levels: 1.25600
We expect further growth of the GBP/USD quotations. The target level of movement is to 1.25900-1.26000.
The forecast for USD/CAD
Prev. Opening: 1.31647
Chg. % Last day: -0.45
Day range: 1.30778 – 1.31187
52-week range: 1.2458 – 1.4692
At the moment the bullish moods prevail on the USD/CAD currency pair. During yesterday’s trading session, the Canadian dollar rose in price by more than 60 points. We expect statistics on the Canadian economy.
The MACD histogram is in the negative zone and below its signal line, indicating a continuation of the downward trend in USD/CAD.
Stochastic Oscillator has reached oversold zone, the %K line is below the %D line, which delivers a weak signal to sell USD/CAD.
At 15:30 (GMT + 2: 00) the data on basic consumer price index in Canada will be released.
Support levels: 1.30850, 1.30450
Resistance levels: 1.31200
If data on inflation in Canada is optimistic, fall in the USD/CAD quotes may continue to around 1.30450.
An alternative could be a correction in USD/CAD to the resistance level of 1.31200.
The forecast for USD/JPY
Prev. Opening: 113.285
Chg. % Last day: -0.63
Day Range: 112.503 – 112.953
52-week range: 99.08 – 123.69
Demand for the yen is supported against the background of the political risks growth in the EU and the profitability of US government bonds reduction. At the moment the USD/JPY currency pair is testing the local support level of 112.50.
The MACD histogram is in the negative zone and continued to decline, indicating the “bearish” moods in USD/JPY.
Stochastic Oscillator is near oversold zone, the %K line is below the %D line, which delivers a weak signal to sell USD/JPY.
We recommend to pay attention to the statistics on the US economy.
Support levels: 112.500
Resistance levels: 113.000, 113.500
Our assumptions were confirmed yesterday. We expect a further decline of the USD/JPY currency pair. The potential for movement is to 112.100-112.000.