Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.07163
Opening: 1.09160
Chg. % of the last day: +0.10
Daily range: 1.08207 – 1.09173
52-week range: 1.0366 – 1.1616

According to preliminary data, in the first round of the presidential elections in France, Emmanuel Macron (24% of the vote) and Marine Le Pen (22% of the vote) are leading. Both candidates go forward to a second round of voting, which will be held on May 7. There is a significant increase in demand for the euro. The EUR/USD currency pair opened with a gap up (more than 150 points). The key trading range is 1.08350-1.09150.

(Click on image to enlarge)

The MACD histogram has fixed in the positive area and above the signal line, which indicates the strength of the buyers at EUR/USD.

Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. There are signals at the moment.

The news line on 04.24.2017:
– the IFO business climate index (11:00 GMT+3:00);
– a speech by FOMC member Kashkari (18:30 GMT+3:00).

Trading recommendations

Support levels: 1.08350, 1.07700
Resistance levels: 1.09150

If the EUR/USD quotes consolidate above the 1.08800 mark, we recommend you to look for entry points to open long positions. The nearest target for fixing profits is 1.09150-1.09250.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.28085
Opening: 1.28361
Chg. % of the last day: -0.01
The daily range: 1.27735 – 1.28379
52-week range: 1.1986 – 1.5020

The British currency continues to be in a rather continuous flat. Unidirectional movement is not observed. The key support and resistance levels are 1.27700 and 1.28500, respectively. At the moment, GBP/USD is testing the lower limit of the trading range.

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The MACD histogram does not provide accurate signals. The indicator is located near the 0 mark.

Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, which indicates the growth of GBP/USD.

The news background on the economy of Britain is calm today. At 13:00 (GMT+3:00) there will be data on the index of industrial orders.

Trading recommendations

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

We expect bullish sentiment on the GBP/USD currency pair. If the price consolidates above the level of 1.28200, we recommend considering the purchases. The target level of movement is 1.28500-1.29000. When tracking a position, you’d better use a trailing stop.

Forecast for USD/CAD

Technical indicators of the currency pair:

Prev Opening: 1.34691
Opening: 1.34599
Chg. % of the last day: +0.22
The daily range: 1.34551 – 1.35007
52-week range: 1.2458 – 1.4692

Last week, the Canadian dollar weakened a lot against the US currency. The growth of the USD/CAD quotations exceeded 200 points. At the moment, the technical pattern indicates the development of correction. The USD/CAD currency pair formed a rather strong reversal formation of technical analysis – the divergence of the price and the MACD histogram. The Canadian dollar is testing key support of 1.34600.

The MACD histogram has begun to decline and moved to the negative zone, which signals a fall in USD/CAD.

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

At 15:30 (GMT+3:00) the data on the volume of wholesale sales in Canada will be published.
                  
Trading recommendations

Support levels: 1.34600, 1.34000
Levels of resistance: 1.35200

If the price overcomes the key support level of 1.34600, we recommend looking for entry points to the market in order to open short positions. The movement is tending potentially to 1.34250-1.34000.

Forecast for the USD/JPY currency pair

Technical indicators of the currency pair:

Prev Opening: 109.312
Opening: 110.517
Chg. % of the last day: -0.22
Daily range: 109.855 – 110.533
52-week range: 99.08 – 123.69

Today, the USD/JPY currency pair opened with a gap up (more than 100 points). In the Asian trading session, a key trading range of 109.850-110.500 was formed. We recommend looking for entry points to the market from key levels.

The signals of the indicators vary. The MACD histogram has fixed in the positive area and above the signal line, which gives a signal to buy USD/JPY.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the bearish sentiment on USD/JPY.

There are no important economic reports from Japan today.

Trading recommendations

Support levels: 109.850, 109.400
Levels of resistance: 110.500

The previous forecast was confirmed. If the price consolidates above the local resistance of 110.200, the growth of USD/JPY may continue. The movement is tending potentially to 110.500-110.750.