Forex Forecast For EURUSD, GBPUSD, USDJPY, USDCAD - Monday, Feb. 13
Technical showings of the currency pair:
Pre-opening: 1.06553
Opening: 1.06285
Chg. % for the last day: -0.14
Day range: 1.06116 – 1.06582
52-week range: 1.0366 – 1.1616
During the last week, the euro was under pressure due to rising political risk in the EU. Today, buyers prevail on the EUR/USD currency pair. Currently, the trading instrument is testing the resistance level of 1.06550.
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The MACD histogram has started to rise and fixed above the signal line, which indicates the development of the correction in EUR/USD.
Stochastic Oscillator has reached overbought zone, the %K line is above the %D line, that delivers a weak signal to buy EUR/USD.
News background is calm today:
– EU economic forecasts (12:00 GMT + 2: 00);
– a monthly report of OPEC (13:00 GMT +2:00).
Trading recommendations:
Support levels: 1.06150
Resistance levels: 1.06550, 1.07150
The last forecast was quite accurate. We expect a correction in the EUR/USD currency pair. One should consider buying EUR/USD if the price consolidates above the level of 1.06650. The potential for movement – 1.06900-1.07100.
Forecast for the GBPUSD currency pair
Technical showings of the currency pair:
Pre-opening: 1.24965
Opening: 1.24576
Chg. % for the last day: -0.04
Day range: 1.24564 – 1.25393
52-week range: 1.1986 – 1.5020
Today there is a growing demand for the currency in Britain. The GBP/USD quotes rose by more than 75 points. The nearest resistance is the level of 1.25500.
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The MACD histogram has started to rise and moved into the positive zone, indicating an increase of the GBP/USD currency pair.
Stochastic Oscillator is near the overbought zone, the %K line crossed the %D line. Currently, there are no signals.
Important news from the UK is not expected today.
Trading recommendations:
Support levels: 1.24700
Resistance levels: 1.25500, 1.26400
We believe that the upward trend in GBP/USD may continue. The potential for movement – 1.25750-1.25900.
Forecast for the USDCAD currency pair
Technical showings of the currency pair:
Pre-opening: 1.31442
Opening: 1.30769
Chg. % for the last day: -0.49
Day range: 1.30728 – 1.31210
52-week range: 1.2458 – 1.4692
On Friday, February 10, the USD/CAD pair has kept the key resistance level of 1.31500, prompting aggressive selling. At the moment, the currency is testing the resistance level of 1.30900.
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The MACD histogram has consolidated in the negative zone and continued to decline, indicating the “bearish” moods on the USD/CAD currency pair.
Stochastic Oscillator has reached oversold zone, the %K line crossed the %D line. Currently, there are no signals.
The publication of important statistics on Canada’s economy is not planned today.
Trading recommendations:
Support levels: 1.30400
Resistance levels: 1.30900, 1.31500
We believe that the fall of the USD/CAD quotes may continue. The nearest target for taking profit is 1.30400-1.30100.
Forecast for the USDJPY currency pair
Technical showings of the currency pair:
Pre-opening: 113.231
Opening: 113.548
Chg. % for the last day: -0.03
Day range: 113.429 – 114.173
52-week range: 99.08 – 123.69
The yen is under pressure due to weak data on GDP. During the Asian trading session, the USD/JPY quotes exceeded 114.000. Key support and resistance levels are 113.150 and 113.850 respectively.
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Indicators do not send strong signals. The MACD histogram has consolidated in the positive zone, but below the signal line, which delivers a weak signal to buy USD/JPY.
Stochastic Oscillator is in the oversold zone, the %K line crossed the %D line. There no signals yet.
In Q4 Japanese GDP growth was 0.2%. Market expectations were at 0.3%.
Trading recommendations:
Support levels: 113.150, 112.450
Resistance levels: 113.850
Friday’s forecast proved to be quite accurate. At the moment, the technical pattern on the USD/JPY currency pair is ambiguous. We recommend opening long positions from key levels.
If the price consolidates above 113.850, be sure to consider buying USD/JPY. Potential for movement – 114.250.
If the price overcomes the local support of 113.350, it is necessary to consider selling USD/JPY. The nearest target for taking profit is 113.000-112.750.
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