Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.06718
Opening: 1.06638
Chg. % Last day: -0.10
Day range: 1.06617 – 1.06842
52-week range: 1.0366 – 1.1616

During yesterday’s trading, the unidirectional trend was not observed. The EUR/USD currency pair was in a flat with a range of 35 points. The key trading range is 1.06500-1.07000. The attention of financial market participants is focused on tomorrow’s report on the labor market in the US.

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The MACD histogram has started to rise and moved into the positive zone, indicating “bullish” moods on the EUR/USD currency pair.

Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. There are no signals yet.

News background:
– the ECB president Draghi`s speech (10:00 GMT+3:00);
– publication of the ECB meeting minutes on monetary policy (14:30 GMT+3:00);
– the number of initial claims for unemployment benefits in the US (15:30 GMT+3:00);
– speech by FOMC member Williams (16:30 GMT+3:00).

Trading recommendations:

Support levels: 1.06500
Resistance levels: 1.07000, 1.07600

We expect the EUR/USD correction. If the price consolidates above the round level of 1.07000, one should consider buying. The potential for movement – 1.07400-1.07600.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.24398
Opening: 1.24827
Chg. % Last day: +0.34
Day range: 1.24730 – 1.25009
52-week range: 1.1986 – 1.5020

Yesterday, purchases prevailed on the GBP/USD currency pair. The currency of Britain rose by more than 50 points. Support was provided by positive data on business activity in the services sector. At the moment, the pound is testing a local resistance of 1.24950.

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The MACD histogram is in the positive zone, 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 is above the %D line, indicating further growth of the GBP/USD quotes.

There are no important economic reports from Britain today.

Trading recommendations:
Support levels: 1.24500
Resistance levels: 1.24950, 1.25400

We believe that the upward trend on GBP/USD may continue. One should seek entry points for opening long positions. The target level of movement is to 1.25400.

Forecast for the USD/CAD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.34015
Opening: 1.34315
Chg. % Last day: +0.25
Day range: 1.34290 – 1.34493
52-week range: 1.2458 – 1.4692

During yesterday’s trading, the USD/CAD currency pair reached a key resistance level of 1.34500. The nearest support level is round level of 1.34000. At the moment, the technical pattern is ambiguous. The market is waiting for additional drivers.

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The MACD histogram has fixed in the positive zone and above the signal line, indicating the growth of the USD/CAD currency pair.

Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. There are no signals yet.

News feed:
– 15:30 (GMT+3:00) building permits in Canada.

Trading recommendations:
Support levels: 1.34000, 1.33550
Resistance levels: 1.34500

We recommend opening positions from key levels.

If the price consolidates above the resistance level of 1.34500, one should seek entry points for opening long positions. Potential for movement is to the round level of 1.35000.

If the USD/CAD quotes consolidate below 1.34350, a downward trend may develop to the support level of 1.34000.

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 110.740
Opening: 110.699
Chg. % Last day: -0.05
Day Range: 110.286 – 110.733
52-week range: 99.08 – 123.69

Yesterday, there was a high volatility on the USD/JPY currency pair. At the same time, the unidirectional trend was not observed. The currency kept the resistance level of 111.300, which caused aggressive sales. The “mirror” resistance is 110.750. The support is located at the level of 110.200.

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Indicators point to “bearish” moods. The MACD histogram has moved into the negative zone and is below the signal line.

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

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

Trading recommendations:

Support levels: 110.200
Resistance levels: 110.750, 111.300

We expect a downward trend on the USD/JPY currency pair. One should consider selling to the level of 110.200-110.000.