Chg. % for the last day: +0.16
Day range: 1.07263 – 1.07657
52-week range: 1.0366 – 1.1616
The last trading sessions the EUR/USD currency pair has being traded in a flat. At the moment, there are two key levels: support – 1.07150; resistance – 1.07550. The US dollar remains under pressure. This is due to increasing of political risk in the United States.
The MACD histogram has started to decline and fixed below the signal line, indicating a drop of the EUR/USD quotes.
Stochastic Oscillator has reached the oversold zone, the %K line crossed the %D line. Currently, there are no signals.
Today we expect important statistics on the US economy:
– balance of foreign trade (15:30 GMT + 2: 00);
– the number of initial applications for unemployment benefits (15:30 GMT + 2: 00);
– the index of business activity in the services sector (16:45 GMT + 2: 00);
– new home sales (17:00 GMT + 2: 00).
Support levels: 1.07150, 1.06500
Resistance levels: 1.07550
If statistics from the US is positive, a corrective movement in EUR/USD may develop to the level of 1.06900.
An alternative could be a further increase of the EUR/USD quotes to around 1.07900.
Forecast for the GBPUSD currency pair
Chg. % for the last day: +0.90
Day range: 1.26219 – 1.26633
52-week range: 1.2016 – 1.5513
Yesterday the British currency rally continued. The pound rose against the US dollar by more than 100 points. The GBP/USD currency pair formed a local resistance 1.26600. We expect the UK GDP data.
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, indicating the decline of GBP/USD.
The news background for the UK economy:
– the number of BBA mortgage approvals (11:30 GMT + 2: 00);
– the data on GDP (11:30 GMT + 2: 00).
Support levels: 1.25450, 1.24150
Resistance levels: 1.26600
The previous forecast was quite accurate. If statistics from the UK is positive, the growth of the GBP/USD currency pair may continue. The potential movement is up to1.27000-1.27250.
An alternative could be the correction in GBP/USD to the local support of 1.25450.
Forecast for the USDCAD currency pair
Chg. % for the last day: -0.67
Day range: 1.30526 – 1.30933
52-week range: 1.2458 – 1.4692
Yesterday the US dollar continued to lose ground against the Canadian dollar. The USD/CAD quotations fall exceeded 80 points. The USD/CAD currency pairhas found support at 1.30550.
The MACD histogram has started to rise and fixed above the signal line, indicating the correction in the USD/CAD currency pair.
Stochastic Oscillator is in the overbought zone, the %K line crossed the %D line. There are no signals yet.
It is necessary to pay attention to the news feed from the USA.
Support levels: 1.30550
Resistance levels: 1.31100, 1.31750
We believe that the USD/CAD downward trend on the currency pair may continue. One should consider selling to around 1.30350.
Forecast for the USDJPY currency pair
Chg. % for the last day: -0.46
Day range: 113.046 – 113.804
52-week range: 99.08 – 123.69
Yesterday, the USD/JPY currency pair was very volatile. However, a unidirectional movement was not observed. Trading completed with the strengthening of the yen against the US dollar by 0.46%.
The MACD histogram has started to rise and moved into the positive zone, indicating an increase of USD/JPY.
Stochastic Oscillator has reached overbought zone, the %K line crossed the %D line. Currently, there are no signals.
Important news from Japan is not expected today.
Support levels: 113.100
Resistance levels: 113.900, 114.500
If US economic data is weak, the downward trend in USD/JPY may continue to around 113.000.
An alternative would be an increase of the USD/JPY currency pair to the local resistance of 114.250.