Forecast for the EUR/USD currency pair
Prev Open: 1.09748
% chg. for the last day: +0.97
Daily range: 1.10789 – 1.11225
52-week range: 1.0366 – 1.1616
Yesterday, the single currency strengthened significantly against the US dollar. The growth of the EUR/USD quotations exceeded 100 points. This is due to the publication of fairly optimistic statistics on the euro area economy, weak data on the real estate market and a decrease in the yield of government bonds in the US. The local resistance is 1.11200.
The MACD histogram has fixed in the positive area, but below the signal line, which gives a weak signal to buy EUR/USD.
Stochastic Oscillator has left the overbought zone, the %K line is below the %D line, which indicates the correction of the EUR/USD currency pair.
Today we expect important statistics. At 12:00 (GMT+3:00) the data on inflation in the euro area will be released.
Support levels: 1.10150, 1.09650
Resistance levels: 1.11200
If the statistics from the eurozone is positive, the growth of the EUR/USD currency pair may continue. The movement is tending potentially to 1.11750-1.12000.
An alternative may be the correction of EUR/USD to the level of 1.10500-1.10150.
Forecast for the GBP/USD currency pair
Prev Open: 1.28951
% chg. for the last day: +0.19
Daily range: 1.29064 – 1.29413
52-week range: 1.1986 – 1.5020
Yesterday, there was a high trading activity on GBP/USD. This is due to the publication of inflation data in Britain. On an annual basis, the consumer price index rose to 2.7%. At the same time, the pound has not received significant support, since the growth of inflation is mainly caused by the weakening of the currency. Today, the report on the UK labor market is in the focus of attention. The key trading range is 1.29000-1.29400.
Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. There are no signals at the moment.
At 11:30 (GMT+3:00), a number of statistics on the labor market in Britain will be published.
Support levels: 1.29000, 1.28600
Resistance levels: 1.29400, 1.29750
We expect a positive report on the UK labor market. If the price consolidates above the local resistance of 1.29400, we recommend looking for entry points to the market in order to open long positions. The immediate goal for profit-taking is 1.29750-1.30000.
Forecast for USD/CAD
Prev Open: 1.36331
% chg. for the last day: -0.19
The daily range: 1.35789 – 1.36291
52-week range: 1.2458 – 1.4692
Yesterday, the Canadian dollar continued to rise against the US currency. At the moment, the USD/CAD quotes are testing the round level of 1.36000. Over the past week, futures for WTI crude oil added more than 1%, which supports the demand for the Canadian dollar. The nearest resistance is at 1.36500.
The MACD histogram has fixed in the negative zone, but above the signal line, which gives a weak signal to buy USD/CAD.
Stochastic Oscillator is located in the neutral zone, the %K line is above the %D line, which indicates the growth of the USD/CAD quotes.
At (3:30 GMT+3:00), the data on sales in the manufacturing sector of Canada will be published.
Support levels: 1.36000
Resistance levels: 1.36500, 1.37300
The previous forecast turned out to be quite accurate. We believe that the bearish sentiment on USD/CAD may continue. The movement is tending to 1.35500.
Forecast for the USD/JPY currency pair
Prev Open: 113.784
Amend. % Of the last day: -0.58
Daily range: 112.250 – 113.147
52-week range: 99.08 – 123.69
In the course of yesterday’s trading, the “bearish” sentiment predominated on USD/JPY. Today, the yen’s growth continued. At the moment, the drop in the USD/JPY quotations exceeded 75 points. The currency reached a key support level of 112.250. The demand for safe assets is at a fairly high level.
The MACD histogram has fixed in the negative zone and below the signal line, which indicates the continuation of the downward trend on USD/JPY.
Stochastic Oscillator is located in the neutral zone, the %K line crossed the %D line. At the moment there are no signals.
The news background on the economy of Japan is calm today.
Support levels: 112.250
Resistance levels: 113.000, 113.750
Our past expectations have been confirmed. If the price consolidates below the support level of 112.250, we recommend selling USD/JPY. The target movement level is 111.750.