Forecast for the EUR/USD currency pair
Prev Opening: 1.08068
% of the last day: -0.19
Daily range: 1.07802 – 1.08051
52-week range: 1.0366 – 1.1616
At the moment, the EUR/USD currency pair is in a sideway trend. The key trading range is 1.07800-1.08150. The market is waiting for the speech of the chairman of the US Federal Reserve.
The MACD histogram does not provide accurate signals. The indicator is located near the 0 mark.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates “bearish” moods on EUR/USD.
The Economic calendar for March 23, 2017:
– monthly report of the ECB (11:00 GMT+2:00);
– the number of initial claims for unemployment benefits in the United States (14:30 GMT+2:00);
– Fed Chairman Yellen’s speech (14:45 GMT+2:00);
– Sales of new housing in the US (16:00 GMT+2:00);
– FOMC member Kashkari’s speech (18:30 GMT+2:00).
Support levels: 1.07800, 1.07350
Resistance levels: 1.08150
It is necessary to wait for the press conference of the FED chairman. We continue to believe that entry points to the market should be sought from key levels.
If the price consolidates below the level of 1.07800, a correction on EUR/USD may develop to the support level of 1.07350.
An alternative may be further growth of the EUR/USD quotations. The target level of movement is to 1.08500.
Forecast for the GBP/USD currency pair
% of the last day: -0.06
Daily range: 1.24670 – 1.25153
52-week range: 1.1986 – 1.5020
At the moment, the GBP/USD currency pair is testing resistance level of 1.25000. We are waiting for statistics on the economy of Britain. In the near future, the pound may be under pressure, since the government can apply the 50 article within 10 days.
Stochastic Oscillator has fixed in the neutral zone, line %K line is below the %D line, which signals sales of GBP/USD.
Economic reports from Britain:
– base retail sales index (11:30 GMT+2:00);
– the volume of retail sales (11:30 GMT+2:00).
Also, we recommend paying attention to the news line from the USA.
Support levels: 1.24350, 1.23700
Resistance levels: 1.25000
If the data on UK retail sales are positive, the pound may overcome the round level of 1.25000. The potential of the movement is to 1.25500.
An alternative may be the correction on the GBP/USD currency pair to support level of 1.23700.
Forecast for USD/CAD
Prev Opening: 1.33535
% of the last day: -0.14
The daily range: 1.33147 – 1.33523
52-week range: 1.2458 – 1.4692
Since the beginning of the current week, USD/CAD has been traded in a flat. Unidirectional movements are not observed. The currency formed key levels: support – 1.33100; resistance – 1.33700. A driver of the development of the trend movement may be the head of the Federal Reserve System speech.
The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell 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.
The news background on Canada’s economy is calm today.
Support levels: 1.33100
Resistance levels: 1.33700, 1.34350
At the moment, the technical pattern on the USD/CAD currency pair is ambiguous.
If the USD/CAD quotes fix above the resistance level of 1.33700, an upward trend may develop. The nearest target for profit-taking is 1.34350.
Alternative option. If the price overcomes the support level of 1.33100, the USD/CAD currency pair may reach the level of 1.32500.
Forecast for the USD/JPY currency pair
% of the last day: -0.31
The daily range: 111.015 – 111.570
52-week range: 99.08 – 123.69
Yesterday, sales prevailed on USD/JPY. At the same time, the currency found support at 110.750, which caused a correction in the afternoon. At the moment, the key trading range is 110.750-111.500. We are waiting for the data from the USA.
The MACD histogram is in the negative zone and continues to decline, indicating a fall in the quotations of the USD/JPY currency pair.
Stochastic Oscillator has reached the oversold zone, the %K line began to cross the %D line. There are no signals at the moment.
It is necessary to pay attention to the news line on the US economy.
Support levels: 110.750
Resistance levels: 111.500, 112.500
Our past expectations have been confirmed. If the price fixes below the support level of 110.750, we recommend you to look for entry points to the market to open short positions. The potential of the movement – 110.250.