Forex forecast on April 14 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.06644
Opening: 1.06145
Chg. % Of the last day: -0.49
Daily range: 1.06062 – 1.06243
52-week range: 1.0366 – 1.1616

Yesterday, the correction was observed on EUR/USD. The currency held the resistance level at 1.06750, which caused a downward trend. The euro lost more than 50 points in price. At the moment, the key trading range is 1.06100-1.06300. Today, most financial markets are closed due to Good Friday. At the same time, in the second half of the day, important statistics on the US economy will be published.

forex-forecast-eurusd-14-04-2017

The MACD histogram is in the negative area, but above the signal line, which gives a weak signal to sell EUR/USD.

Stochastic Oscillator is located in the neutral zone, %K line is above %D line, which indicates the EUR/USD quotes increase.

Economic reports from the USA:
– the basic consumer price index (15:30 GMT+3:00);
– the base index of retail sales (15:30 GMT+3:00);
– the volume of retail sales (15:30 GMT+3:00);
– the volume of inventory (17:00 GMT+3:00).
 
Trading recommendations

Support levels: 1.06100, 1.05750
Resistance levels: 1.06300, 1.06750

If the statistics from the US is positive, the correction of EUR/USD may continue. The movement is tending potentially to 1.05750.

An alternative may be the bullish sentiment on the EUR/USD currency pair. The target level of traffic is 1.06500-1.06750.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.25356
Opening: 1.25064
Chg. % Of the last day: -0.27
Daily range: 1.24997 – 1.25162
52-week range: 1.1986 – 1.5020

During yesterday’s trading sales prevailed on GBP/USD. The British currency has reached a round level of 1.25000. At the moment, the technical pattern is ambiguous. We are waiting for statistics on the US economy.

forex-forecast-gpbusd-14-04-2017

The MACD histogram is located in the negative area, but above the signal line, which gives a weak signal to sell GBP/USD.

Stochastic Oscillator is in the neutral zone, %K line crossed %D line. There are signals at the moment.

We recommend paying attention to the news line from the USA.

Trading recommendations

Support levels: 1.25000, 1.24500
Resistance levels: 1.25700

If economic reports from the US are strong, a correction may develop on the GBP/USD currency pair to the level of 1.24750-1.24500.

An alternative may be the growth of GBP/USD to the resistance level of 1.25700.

Forecast for USD/CAD

Technical indicators of the currency pair:

Prev Opening: 1.32480
Opening: 1.33259
Chg. % of the last day: +0.57
Daily range: 1.33165 – 1.33370
52-week range: 1.2458 – 1.4692

Yesterday, USD/CAD experienced aggressive purchases. The US dollar recovered a significant part of the losses got this week. The growth of the USD/CAD quotations exceeded 0.5%. At the moment, the key support and resistance levels are 1.32850 and 1.33400.

forex-forecast-usdcad-14-04-2017

The MACD histogram is in the positive area, but below the signal line, which gives a weak signal to buy USD/CAD.

Stochastic Oscillator has fixed in the neutral zone, %K line has crossed %D line. There are no signals at the moment.

The news background on Canada’s economy is calm today.
                  
Trading recommendations

Support levels: 1.32850, 1.32250
Resistance levels: 1.33400, 1.33850

If inflation data in the US are positive, the corrective movement on USD/CAD may continue. The nearest target for profit-taking is 1.33850.

An alternative may be the bearish sentiment on USD/CAD to the level of 1.32500-1.32250.
                                      

Forecast for the USD/JPY currency pair

Technical indicators of the currency pair:

Prev Opening time: 109.013
Opening: 109.108
Chg. % Of the last day: +0.06
The daily range: 108.842 – 109.227
52-week range: 99.08 – 123.69

During the Asian trading session, the bearish sentiment prevailed on USD/JPY. Demand for the yen is supported by positive data on the volume of industrial production in Japan. The nearest support is located at around 108.750. 109.400 level is the key resistance.

forex-forecast-usdjpy-14-04-2017

The MACD histogram has fixed in the negative zone and continued to decline, which indicates a further drop in the USD/JPY quotes.

Stochastic Oscillator is in oversold zone, %K line has crossed %D line. There are no signals at the moment.

It is necessary to pay attention to economic reports from the USA.

Trading recommendations

Support level: 108.750
Resistance levels: 109.400, 110.200

We still expect a downward trend on the USD/JPY currency pair. If the price consolidates below the support level of 108.750, we recommend you to look for entry points to the market to open short positions. The movement is tending potentially to 108.250.