Forex forecast on April 28 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.09032
Opening: 1.08730
Chg. % Of the last day: -0.28
Daily range: 1.08557 – 1.08893
52-week range: 1.0366 – 1.1616

The ECB, as expected, kept the monetary policy at the same level: interest rate 0.00%; the deposit rate is -0.40%. The regulator pointed to positive changes in the EU economy. At the same time, the Central Bank chairman stressed that monetary policy should remain adaptive. The key trading range is still 1.08650-1.09500.

forex-forecast-eurusd-28-04-2017

The MACD histogram has begun to rise and fixed above the signal line, which indicates the growth of the EUR/USD quotes.

Stochastic Oscillator is located near the overbought zone, the %K line is above the %D line, which gives a weak signal to buy EUR/USD.

Today we expect a lot of important news:
– the consumer price index in the euro area (12:00 GMT+3:00);
– US GDP data (15:30 GMT+3:00);
– indices of clients expectations and moods from the University of Michigan (17:00 GMT+3:00).

Trading recommendations

Support levels: 1.08650
Resistance levels: 1.09500

If inflation in the euro area accelerates, the bullish sentiment may prevail on the EUR/USD currency pair. The nearest target for profit taking is 1.09500.

An alternative may be a downward trend on EUR/USD to around 1.08000-1.07750.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev opening: 1.28477
Opening: 1.29024
Chg. % Of the last day: +0.44
Daily range: 1.28880 – 1.29158
52-week range: 1.1986 – 1.5020

Yesterday the pound continued to strengthen against the US currency. The growth of the GBP/USD quotations exceeded 50 points. At the moment, the currency is being traded near the round level of 1.29000. We are waiting for statistics on the UK economy.
 
forex-forecast-gpbusd-28-04-2017
                              
The MACD histogram is in the positive area, but below the signal line, which gives a weak signal to buy GBP/USD.

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

At 11:30 (GMT+3:00) there will be data on GDP in Britain. We also recommend you to pay attention to a news background from the USA.

Trading recommendations

Support levels: 1.28500, 1.27700
Resistance levels: 1.29000

If the data on Britain’s GDP are positive, the growth of the GBP/USD currency pair may continue. The movement is tending potentially to 1.29500-1.29750.

An alternative may be the correction of GBP/USD to the support level of 1.28500.

Forecast for the USD/CAD currency pair

Technical indicators of the currency pair:

Prev opening: 1.36196
Opening: 1.36311
Chg. % of the last day: +0.13
Daily range: 1.36230 – 1.36662
52-week range: 1.2458 – 1.4692

Yesterday’s trading on USD/CAD was very active. However, a unidirectional trend was not observed. The currency retained the key support level of 1.35500, which triggered aggressive purchases in the second half of the day. The Canadian dollar found resistance at 1.36650. We are waiting for data on Canada’s GDP.

forex-forecast-usdcad-28-04-2017

The MACD histogram is fixed in the positive area and above the signal line, which indicates the strength of the buyers.

Stochastic Oscillator has reached the overbought zone, the %K line is above the %D line, which gives a weak signal to buy USD/CAD.

At 15:30 (GMT+3:00) the data on Canada’s GDP will be released.
                  
Trading recommendations

Support levels: 1.36200, 1.35500
Resistance levels: 1.36650

If the statistics from Canada is positive, the USD/CAD pair may see a downward trend towards the 1.35500 support level.

An alternative may be the further growth of the USD/CAD currency pair. The closest target for profit taking is the round level of 1.37000.

Forecast for the USD/JPY currency pair

Technical indicators of the currency pair:

Prev Opening: 111.050
Opening: 111.259
Amend. % Of the last day: +0.19
Daily range: 111.063 – 111.358
52-week range: 99.08 – 123.69

Yesterday USD/JPY was in a sideway movement with a range of 45 points. The trading ended with a slight weakening of the yen against the US dollar. During the Asian trading session, a mixed statistics on the economy of Japan was published. The key trading range is still 111.000-111.700.

forex-forecast-usdjpy-28-04-2017

The MACD histogram does not provide accurate signals. The indicator is located near the 0 mark.

Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, which indicates a bullish sentiment on USD/JPY.

It is necessary to pay attention to the news background from the USA.

Trading recommendations

Support levels: 111.000, 110.500
Resistance levels: 111.700

If the price consolidates above the local resistance of 111.400, we recommend you to look for entry points to the market in order to open long positions. The target level of movement is 111.700-112.000.