Forecast for the EUR/USD currency pair
Prev Opening: 1.08332
Chg. % last day: +0.18
Daily range: 1.08507 – 1.08724
52-week range: 1.0366 – 1.1616
Yesterday’s trading on EUR/USD was very active. In the first half of the day, there were aggressive purchases. At the same time, the euro failed to consolidate above the round level of 1.09000, which caused a correction. At the moment, EUR/USD is already testing the “mirror” resistance level of 1.08650.
The MACD histogram has begun to decline and consolidated below the signal line, which indicates the “bearish” moods on the EUR/USD currency pair.
Stochastic Oscillator is located in the neutral zone, the %K line crossed the %D line. There are no signals yet.
Today we recommend to pay attention to the following events:
– speech by ECB member Kere (14:45 GMT+3:00);
– the balance of goods foreign trade in the US (15:30 GMT+3:00);
– consumer confidence index in the USA (17:00 GMT+3:00);
– speech by Fed Chairman Yellen (19:50 GMT+3:00).
Support levels: 1.08150
Resistance levels: 1.08650, 1.09000
The previous forecast was confirmed. At the moment, the technical pattern on EUR/USD indicates the development of the corrective movement. If the price consolidates below the level of 1.08500, we recommend considering sales to 1.08150-1.08000.
Forecast for the GBP/USD currency pair
Chg. % last day: +0.34
Daily range: 1.25378 – 1.25721
52-week range: 1.1986 – 1.5020
At the moment, the situation on the GBP/USD currency pair is ambiguous. On Wednesday, March 29, Teresa May can apply Article 50, which will officially begin the process of Britain’s withdrawal from the EU. In the short term, the pound may be under pressure. The key trading range is 1.25250-1.26000.
The MACD histogram has fixed below the signal line and continues to decline, which indicates sales on the GBP/USDcurrency pair.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also indicates the bearish moods on GBP/USD.
There are no important economic reports from the UK today.
Support levels: 1.25250, 1.24350
Resistance levels: 1.26000
Our past expectations were confirmed. At the moment, we recommend looking for entry points to the market from key levels. If the price consolidates above 1.26000, the growth of the GBP/USD currency pair may continue. The potential of the movement is to 1.26500.
If the GBP/USD quotes overcome the level of support, one should consider sales. The target level of movement is to 1.24700-1.24350.
Forecast for the USD/CAD currency pair
Prev Opening: 1.33547
Chg. % Last day: +0.36
Day range: 1.33725 – 1.34146
52-week range: 1.2458 – 1.4692
Yesterday, the USD/CAD currency pair kept a support level of 1.33200, which caused a “bullish” moods. Trading ended with the growth of quotes by 0.36%. Today, the currency continued the upward trend. At the moment, the Canadian dollar is testing a round level of 1.34000.
Indicators point to the power of buyers. The MACD histogram has fixed in the positive zone and continues to rise, indicating the growth of the USD/CAD quotes.
Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which also gives a signal to buy USD/CAD.
At 17:10 (GMT+3:00) the BoC Governor Poloz speech will be held.
Support levels: 1.33700, 1.33200
Resistance levels: 1.34000
We believe that the growth of the USD/CAD currency pair may continue. The potential for movement – 1.34400-1.34500. When holding a position, it is necessary to use a trailing stop.
The forecast for USD/JPY
Prev. Opening: 110.935
Chg. % Last day: +0.09
Day Range: 110.518 – 110.829
52-week range: 99.08 – 123.69
Yesterday, there was a high volatility on the USD/JPY currency pair. However, unidirectional movement did not happen. During the trading session, the yen tested key support and resistance levels: 110.150 and 110.750. At the moment, USD/JPY is testing the upper limit of the trading range.
The MACD histogram has started to rise and moved into the positive zone, indicating a correction of the USD/JPY currency pair.
Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, which also gives a signal to buy USD/JPY.
The news background on the economy of Japan is calm today.
Support levels: 110.150
Resistance levels: 110.750, 111.500
We expect the growth of the USD/JPY quotes. The nearest goal for profit-taking is 111.250-111.500.