Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.08676
Opening: 1.08615
Chg. % Of the last day: -0.06
Daily range: 1.08554 – 1.08735
52-week range: 1.0366 – 1.1616

The latest trading session EUR/USD was in a sideways motion. At the moment, we can identify the key support and resistance levels: 1.08600 and 1.08950, respectively. The trading during the Asian session was calm. The market is waiting for data on inflation in the US.

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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 the bearish sentiment on EUR/USD.

Today, the following economic reports will be in the focus of attention:
– the volume of industrial production in the euro area (12:00 GMT+3:00);
– the basic consumer price index in the USA (15:30 GMT+3:00);
– the base index of retail sales in the USA (15:30 GMT+3:00);
– the volume of retail sales in the US (15:30 GMT+3:00).

Trading recommendations

Support levels: 1.08600
Resistance levels: 1.08950, 1.09300

If the statistics from the US are positive, we recommend selling EUR/USD. The movement is tending to the round level of 1.08000.

An alternative may be the growth of the EUR/USD quotations to the level of 1.08950-1.09200.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.29395
Opening: 1.28851
Chg. % of the last day: -0.40
Daily range: 1.28522 – 1.29002
52-week range: 1.1986 – 1.5020

Yesterday, the Bank of England, as expected, kept the interest rate at the previous level of 0.25%. At the same time, the Central Bank lowered the forecast of the country’s economic growth for the current year by 0.1% to 1.9%. Sales prevailed on the market. The currency found support at 1.28600. We expect economic reports from the United States.

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The MACD histogram has fixed in the negative zone and continues to decline, which signals a further drop in GBP/USD.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also gives a signal to sell GBP/USD.

There are no important news from the UK today.
                      
Trading recommendations

Support level: 1.28600
Resistance levels: 1.29000, 1.29500

If inflation in the US accelerates, the GBP/USD currency pair may continue to decline. The target level of movement is the round level of 1.28000.

An alternative may be the correction of GBP/USD to the level of 1.29000-1.29200.

Forecast for USD/CAD

Technical indicators of the currency pair:

Prev Opening: 1.36553
Opening: 1.36974
Chg. % of the last day: -0.47
Daily range: 1.36522 – 1.36974
52-week range: 1.2458 – 1.4692

Yesterday’s trading on USD/CAD was very active. At the same time, a unidirectional trend was not observed. The Canadian dollar continues to be traded in the range 1.36500-1.37300. Support is provided by a correction in the market of “black gold”.

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The MACD histogram has begun to decline and consolidated below the signal line, which indicates a bearish sentiment on USD/CAD.

Stochastic Oscillator is in the neutral 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: 1.36500
Resistance levels: 1.37300, 1.37900

If the statistics from the US are positive, we recommend you to look for entry points to the market to open long positions. The target movement level is 1.37500-1.37900. When tracking the position, it is better to use a trailing stop.

An alternative option may be a downward trend in USD/CAD to 1.36500-1.36250.

Forecast for the USD/JPY currency pair

Technical indicators of the currency pair:

Prev Opening: 114.260
Opening: 113.857
Chg. % of the last day: -0.37
Daily range: 113.543 – 113.949
52-week range: 99.08 – 123.69

During yesterday’s trading, there was a correction on USD/JPY. The currency held the local resistance at 114.250. The yen added more than 40 points. In the Asian session, there was no significant change in the rate of USD/JPY. At the moment, the currency is testing a “mirror” resistance level of 113.750.

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The MACD histogram is located in the negative zone and below the signal line, which signals further correction of USD/JPY.

Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. At the moment there are no signals.

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

Trading recommendations

Support levels: 113.000
Resistance levels: 113.750, 114.250

If the statistics from the US turns out to be weak, the correction of USD/JPY may continue. The movement is tending potentially to the round level of 113.000.

An alternative may be the growth of the USD/JPY quotations to the level of 114.250-114.50.