Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.07114
Opening: 1.07163
Chg. % Of the last day: +0.06
Daily range: 1.07064 – 1.07240
52-week range: 1.0366 – 1.1616

Yesterday’s trading on EUR/USD was very active. At the same time, a unidirectional trend was not observed. Despite the weak statistics from the US, the US currency rose against the euro in the afternoon. At the moment, the key trading range is 1.07000-1.07350. We are waiting for data on business activity in the EU.

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The MACD histogram is in the negative area, but above the signal line, which gives a weak signal to sell EUR/USD.

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

The economic calendar for the 21.04.2017:
– the index of business activity in the manufacturing sector of Germany (10:30 GMT+3:00);
– the index of business activity in the manufacturing sector of the euro area (11:00 GMT+3:00);
– the composite index of business activity from Markit in the euro area (11:00 GMT+3:00);
– the index of business activity in the services sector of the euro area (11:00 GMT+3:00);
– the indices of business activity in the manufacturing and service sectors of the United States (16:45 GMT+3:00);
– sales in the secondary housing market in the US (17:00 GMT+3:00).

Trading recommendations

Support levels: 1.07000, 1.06600
Resistance levels: 1.07350, 1.07700

Our past expectations have been confirmed. If the statistics from the EU are positive, the EUR/USD quotations may rise to the level of 1.07700.
An alternative may be a correction to the support level of 1.06600.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.27723
Opening: 1.28085
Chg. % of the last day: +0.27
Daily range: 1.27923 – 1.28168
52-week range: 1.1986 – 1.5020

In the last trading sessions, GBP/USD is in a sideways movement. At the moment, the key support and resistance levels are 1.27700 and 1.28500, respectively. Today’s data on retail sales in Britain can be a good driver.

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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 above the %D line, which indicates a bullish sentiment on GBP/USD.

We expect important statistics on the UK economy:
– the basic index of retail sales (11:30 GMT+3:00);
– the volume of retail sales (11:30 GMT+3:00).

Trading recommendations

Support levels: 1.27700, 1.27000
Resistance levels: 1.28500, 1.29000

If economic reports from Britain are positive, the growth of the GBP/USD currency pair may continue. The immediate goal for profit-taking is a round level of 1.29000.

If the price consolidates below the support level of 1.27700, a correction may develop on the GBP/USD currency pair. The movement is tending potentially to 1.27000.

Forecast for USD/CAD

Technical indicators of the currency pair:

Prev Opening: 1.34815
Opening: 1.34691
Chg. % Of the last day: -0.11
Daily range: 1.34582 – 1.34804
52-week range: 1.2458 – 1.4692

Yesterday, the US dollar rally slowed. Trades on the USD/CAD currency pair were calm. There was flat with a range of 30 points on the market. The currency formed a local support level of 1.34600. Today, the attention is focused on inflation data in Canada.

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Indicators point to the development of the corrective movement. The MACD histogram has begun to decline and fixed 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/CAD.

At 15:30 (GMT + 3: 00), the basic consumer price index will be published in Canada.
                  
Trading recommendations

Support levels: 1.34600, 1.34100
Resistance level: 1.34900

If the statistics from Canada are positive, a correction may develop on the USD/CAD currency pair to the support level of 1.34100.

An alternative option may be further growth of USD/CAD. The target level of movement is 1.35500.

Forecast for the USD/JPY currency pair

Technical indicators of the currency pair:

Prev Opening: 108.856
Opening: 109.312
Chg. % of the last day: +0.42
Daily range: 109.178 – 109.423
52-week range: 99.08 – 123.69

During yesterday’s trading, the correction on the USD/JPY currency pair continued. The growth of quotations exceeded 50 points. The yen reached a resistance level of 109.400. The nearest support is located at around 108.750. The Bank of Japan plans to adhere to a stimulating monetary policy.

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The MACD histogram has fixed in the positive area, but below the signal line, which gives a weak signal to buy USD/JPY.

Stochastic Oscillator is in the neutral zone, the %K line is crossing the %D line. There are no signals at the moment.

We recommend paying attention to the news background on the US economy.

Trading recommendations

Support Level: 108.750
Levels of resistance: 109.400, 109.850

We believe that the correction of USD/JPY may continue. We recommend looking for entry points to the market in order to open long positions. The immediate goal for profit taking is 109.850. When tracking the position, it is better to use a trailing stop.