Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.08615
Opening: 1.09310
Chg. % of the last day: +0.64
Daily range: 1.09225 – 1.09428
52-week range: 1.0366 – 1.1616

On Friday, purchases prevailed on EUR/USD. The single currency increased against the US dollar by more than 70 points. This is due to the release of rather weak statistics on inflation and retail sales in the US. At the moment, the key trading range is 1.08950-1.09400.

Indicators point to the strength of buyers. The MACD histogram has fixed in the positive area and continues to rise.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which also signals to buy EUR/USD.

There are no important economic reports from the US and the EU today. However, we recommend you to pay attention to the following events:
– speech by the ECB member Praet (14:45 GMT+3:00);
– the index of manufacturing activity of NY Empire State (15:30 GMT+3:00).
    
Trading recommendations

Support levels: 1.08950
Resistance levels: 1.09400, 1.09900

We expect further growth of EUR/USD. We recommend considering purchases if the price consolidates above the resistance level of 1.09400. The movement is tending to 1.09800-1.09900.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.28851
Opening: 1.28823
Chg. % of the last day: +0.04
Daily range: 1.28818 – 1.29354
52-week range: 1.1986 – 1.5020

Today there is an increase in demand for the currency of Britain. At the moment, the GBP/USD quotations have increased by more than 50 points. The currency overcame and consolidated above the round level of 1.29000, which already acts as a “mirror” support. The nearest resistance is at the level of 1.29500.

The MACD histogram has begun to rise and is above the signal line, which indicates the bullish sentiment of GBP/USD.

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

At 22:00 (GMT+3:00) the speech of the British Prime Minister May will take place.
                      
Trading recommendations

Support levels: 1.29000, 1.28600
Resistance levels: 1.29500

We expect further growth of the GBP/USD currency pair. The target level of movement is 1.29500-1.29750. When tracking the position, it is better to use a trailing stop.

Forecast for USD/CAD

Technical indicators of the currency pair:

Prev Opening: 1.36974
Opening: 1.36971
Chg. % of the last day: +0.09
Daily range: 1.36263 – 1.37225
52-week range: 1.2458 – 1.4692

On USD/CAD, there are aggressive sales. The currency came out of quite a long flat (1.36500-1.37300). Demand for the Canadian dollar is supported by weak statistics from the US and the recovery of oil quotes. The nearest support is the round level 1.36000.

The MACD histogram has moved to the negative zone and is below the signal line, which indicates a further drop of the USD/CAD quotes.

Stochastic Oscillator has reached the overselling zone, the %K line crossed the %D line. There are no signals at the moment.

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

Support levels: 1.36000
Resistance levels: 1.36500, 1.37300

We expect the further correction on the USD/CAD currency pair. We recommend looking for entry points to the market for opening short positions. The movement is tending potentially to 1.36000-1.35750.

Forecast for the USD/JPY currency pair

Technical indicators of the currency pair:

Prev Opening: 113.857
Opening hours: 113.150
Amend. % Of the last day: -0.46
Daily range: 113.142 – 113.670
52-week range: 99.08 – 123.69

On Friday, the bullish sentiment prevailed on USD/JPY. Today, the US dollar has recovered most of the losses. In the near future, the demand for safe assets may grow amid weak economic reports from the US and China. At the moment, the technical pattern on USD/JPY is ambiguous. The key trading range is 113.000-113.750.

The MACD histogram has begun to rise and fixed above the signal line, which signals a growth of the USD/JPY currency pair.

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

There is no important news on the economy of Japan today.

Trading recommendations

Support levels: 113.000
Rresistance levels: 113.750, 114.250

We recommend opening positions from key levels.

If the price consolidates above the resistance level of 113.750, you need to look for entry points to the market to open long positions. The target movement level is 114.250.

Alternative option. If the USD/JPY rate overcomes the local support level of 113.300, we recommend considering sales. The movement is tending potentially to 113.300-112.750.