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Forex forecast on February 21 for EUR/USD, GBP/USD, USD/CAD, USD/JPY

 

The forecast for EUR/USD

Technical indicators of the currency pair:

Prev. Opening: 1.06081

Opening: 1.06137

Chg. % Last day: -0.10

Day range: 1.05705 - 1.06150

52-week range: 1.0366 - 1.1616

 

 

Yesterday, the EUR/USD currency pair had weak trading activity. This is due to the holiday in the US. During the Asian trading session, the euro weakened against the US currency. The dollar is supported by a positive dynamics of the US government bonds yields. The nearest resistance is the level of 1.05600.

 

forex-forecast-eurusd-21-02-2017.png

 

The MACD histogram has consolidated in the negative zone and continues to decline, signaling the fall of the EUR/USD quotations.

 

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

 

Economic Calendar on 02/21/2017:

- the index of business activity in the manufacturing sector in Germany (10:30 GMT + 2: 00);

- the index of business activity in the manufacturing sector of the euro area (11:00 GMT + 2: 00);

- the composite index of business activity in the euro area by Markit (11:00 GMT + 2: 00);

- the FOMC member Kashkari's speech (15:50 GMT + 2: 00);

- the index of business activity in the manufacturing sector of the US (16:45 GMT + 2: 00);

-the FOMC member Harker's speech (19:00 GMT + 2: 00);

- the FOMC Member Williams' speech (22:30 GMT + 2: 00).

 

Trading recommendations:

 

Support levels: 1.05600

Resistance levels: 1.06150, 1.06750

 

Yesterday's forecast was confirmed. We expect a continuation of the downward trend on the EUR/USD currency pair to around 1.05400-1.05300.

 

 

The forecast for GBP/USD

Technical indicators of the currency pair:

Prev. Opening: 1.24071

Opening: 1.24578

Chg. % Last day: +0.26

Day range: 1.24178 - 1.24808

52-week range: 1.1986 - 1.5020

 

 

At the moment the power of sellers is observed on the GBP/USD currency pair. Price has kept the key resistance level of 1.24700, prompting aggressive selling. During the Asian trading session, the pound lost in price more than 40 points. We expect a press conference of the head of the Bank of England.

 

forex-forecast-gpbusd-21-02-2017.png

 

The MACD histogram has started to decline and moved into the negative zone, which gives a signal to sell GBP/USD.

 

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

 

The news background for the UK economy:

- the Bank of England Carney;s speech (12:00 GMT + 2: 00);

- hearings of inflation report (12:00 GMT + 2: 00).

*

Trading recommendations

 

Support levels: 1.24000

Resistance levels: 1.24700, 1.25100

 

We recommend waiting for the press conference of the chairman of the Bank of England and the inflation data. If the price consolidates below the key support level of 1.24000, a drop in the GBP/USD quotes may continue. The potential for movement - 1.23600-1.23500.

 

The forecast for USD/CAD

Technical indicators of the currency pair:

Prev. Opening: 1.30945

Opening: 1.31049

Chg. % Last day: +0.13

Day range: 1.30987 - 1.31560

52-week range: 1.2458 - 1.4692

 

The Canadian dollar continues to lose ground relative to the US currency. During the Asian session, the USD/CAD pair rose by more than 50 points. The price overcame the resistance level of 1.31350.

 

forex-forecast-usdcad-21-02-2017.png

 

The MACD histogram is in the positive zone and above its signal line, indicating the "bullish" moods on the USD/CAD currency pair.

 

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

 

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

 

Trading recommendations:

 

Support levels: 1.31350, 1.30900

Resistance levels: 1.31700

 

We believe that the increase of USD/CAD may continue. The target for taking profit - 1.31900.

 

 

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 112,874

Opening: 113,089

Chg. % Last day: +0.16

Day Range: 113,085 - 113,710

52-week range: 99.08 - 123.69

 

At the moment, purchases are prevailing on the USD/JPY currency pair. Trading in the Asian session was very active. The yen weakened against the US dollar by more than 50 points. The key trading range is 113.300-113.850.

 

forex-forecast-usdjpy-21-02-2017.png

 

Indicators signals are ambiguous. The MACD histogram is in the positive zone and above its signal line, indicating purchases of USD/JPY.

 

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating the "bearish" moods on the USD/JPY currency pair.

 

The news background for the Japanese economy is calm now.

 

Trading recommendations:

 

Support levels: 113.300, 112.500

Resistance levels: 113.850

 

If statistics from the US is positive, the growth of the USD/JPY currency pair may continue. The potential for movement - 114.150.

 

An alternative could be a downward trend in USD/JPY to the local support of 112.850.

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Forex forecast on February 22 for EUR/USD, GBP/USD, USD/CAD, USD/JPY

 

Forex forecast on February 22 for EUR/USD, GBP/USD, USD/CAD, USD/JPY

 

The forecast for EUR/USD

Technical indicators of the currency pair:

Prev. Opening: 1.06137

Opening: 1.05367

Chg. % Last day: -0.73

Day range: 1.05019 - 1.0559

52-week range: 1.0366 - 1.1616

 

 

Yesterday, the euro weakened significantly against the US dollar. The fall of the EUR/USD quotes exceeded 75 points. This is due to the growth of political risks in the EU and the possible Fed rate increase at the March meeting. The nearest support level is 1.04900. Investors' attention is directed to the publication of the FOMC reports.

 

forex-forecast-eurusd-22-02-2017.png

 

The MACD histogram is in the negative zone and continued to decline, indicating the drop in the EUR/USD quotes.

 

Stochastic Oscillator has reached oversold zone, the %K line is below the %D line, which delivers a weak signal to sell EUR/USD.

 

News background on 02/22/2017:

- IFO business climate index in Germany (11:00 GMT + 2: 00);

- Eurozone consumer price index (12:00 GMT + 2: 00);

- sales in the secondary housing market in the US (17:00 GMT + 2: 00);

- the FOMC member Powell's speech (20:00 GMT + 2: 00);

- pblication of the FOMC reports (21:00 GMT + 2: 00).

 

Trading recommendations:

 

Support levels: 1.04900

Resistance levels: 1.05300, 1.05850

 

The previous forecast was confirmed. We continue to expect the "bearish" moods on the EUR/USD currency pair. One should to seek entry points for opening short positions. The potential for movement - 1.04750-1.04500.

 

 

The forecast for GBP/USD

Technical indicators of the currency pair:

Prev. Opening: 1.24578

Opening: 1.24680

Chg. % Last day: +0.10

Day range: 1.24650 - 1.25079

52-week range: 1.1986 - 1.5020

 

 

Yesterday's trading in the GBP/USD currency pair was very active. The price kept the circular level of 1.24000, prompting aggressive buying in the afternoon. The pound finished the trading day with a slight increase against the US dollar. We expect GDP data for the UK.

 

forex-forecast-gpbusd-22-02-2017.png

 

Indicators signals are ambiguous. The MACD histogram has consolidated in the positive zone, which indicates the growth of the GBP/USD quotations.

 

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating sales of GBP/USD.

 

Economic reports from the UK:

- business investment (11:30 GMT + 2: 00);

- data on the country's GDP (12:00 GMT + 2: 00).

*

Trading recommendations

 

Support levels: 1.24700, 1.24000

Resistance levels: 1.25100

 

If statistics from the UK is positive, the growth of the GBP/USD currency pair may continue. The nearest target for taking profit is 1.25500.

 

An alternative could be a downward trend in GBP/USD to around 1.24300-1.24000.

 

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The forecast for USD/CAD

Technical indicators of currency pairs:

Prev. Opening: 1.31049

Opening: 1.31387

Chg. % Last day: +0.27

Day range: 1.31095 - 1.31611

52-week range: 1.2458 - 1.4692

 

At the moment the USD/CAD currency pair is dominated by "bullish" moods. The US dollar is supported by the possibility of Fed monetary policy tightening at the meeting in March. The nearest resistance is the level of 1.31700.

 

forex-forecast-usdcad-22-02-2017.png

 

The MACD histogram has started to rise and fixed above the signal line, indicating further growth of the USD/CAD currency pair.

 

Stochastic Oscillator is near overbought zone, the %K line is above the %D line, which gives a weak buy signal.

 

News feed on the Canadian economy:

- base index of retail sales (15:30 GMT + 2: 00);

- retail sales volume (15:30 GMT + 2: 00).

 

Trading recommendations:

 

Support levels: 1.31350, 1.30900

Resistance levels: 1.31700

 

We expect growth of the USD/CAD quotes. The potential for movement - 1.31900-1.32000.

 

 

The forecast for USD/JPY

Technical indicators of the currency pair:

 

Prev. Opening: 113.089

Opening: 113.661

Chg. % Last day: +0.52

Day Range: 113.194 - 113.728

52-week range: 99.08 - 123.69

 

At the moment, the technical pattern on the USD/JPY currency pair is ambiguous. The key support and resistance levels are 113.300 and 113.850 respectively. The participants of the financial markets are waiting for statistics from the US and the publication of FOMC reports.

 

forex-forecast-usdjpy-22-02-2017.png

 

The MACD histogram has started to decline and moved into the negative zone, indicating the "bearish" moods on the USD/JPY currency pair.

 

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

 

It is necessary to pay attention to the news feed on the US economy.

 

Trading recommendations:

 

Support levels: 113.300, 112.700

Resistance levels: 113.850

 

If statistics from the US is optimistic, the USD/JPY quotes may grow to around 113.850-114.000.

 

An alternative could be a downward trend in the USD/JPY currency pair to the support level of 112.700.

Edited by JustForex Analysis
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Forex forecast on February 23 for EUR/USD, GBP/USD, USD/CAD, USD/JPY

 

The forecast for EUR/USD

Technical indicators of the currency pair:

Prev. Opening: 1.05367

Opening: 1.05566

Chg. % Last day: +0.18

Day range: 1.05377 - 1.05725

52-week range: 1.0366 - 1.1616

 

 

Yesterday's FOMC report revealed that the Fed is ready to tighten monetary policy in the near future. At the same time, the EUR/USD currency pair kept the level of 1.05000, which caused the correctional movement. The trading ended with a slight increase in the euro against the US dollar.

 

forex-forecast-eurusd-23-02-2017.png

 

The MACD histogram has moved into the positive zone and continued to rise, indicating a further correction of EUR/USD.

 

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

 

Newsfeed on 02/23/2017:

- the number of initial claims for unemployment benefits in the US (15:30 GMT+2:00);

- the FOMC member Lockhart's speech (15:35 GMT+2:00);

- the FOMC member Kaplan's speech (20:00 GMT+2:00).

 

The growth of GDP in German in the 4th quarter confirmed market expectations. The indicator was 0.4%.

 

Trading recommendations:

 

Support levels: 1.05300, 1.04900

Resistance levels: 1.05850

 

We expect a correction in the EUR/USD currency pair. The potential for movement - 1.05850-1.06000.

 

The forecast for GBP/USD

 

Technical indicators of the currency pair:

Prev. Opening: 1.24680

Opening: 1.24431

Chg. % Last day: -0.18

Day range: 1.24275 - 1.24754

52-week range: 1.1986 - 1.5020

 

 

During the Asian trading session, the pound held the local support level of 1.24350. Currently, purchases are prevailing on the market. The GBP/USD currency pair is being traded near the key resistance level of 1.24700.

 

forex-forecast-gpbusd-23-02-2017.png

 

The MACD histogram has started to rise and fixed above the signal line, indicating purchases of GBP/USD.

 

Stochastic Oscillator has consolidated in the neutral zone, the %K line is above the %D line, which also indicates "bullish" moods in the GBP/USD currency pair.

 

The news background for the UK economy is calm.

 

Trading recommendations:

 

Support levels: 1.24350

Resistance Levels: 1.24700, 1.25100

 

If the GBP/USD quotations consolidate above the resistance level of 1.24700, be sure to consider the purchases up to the mark of 1.25100-1.25250.

 

An alternative could be a downward trend in GBP/USD to the local support of 1.24350.

 

The outlook on the currency pair USD/CAD

Technical indicators of the currency pair:

Prev. Opening: 1.31387

Opening: 1.31647

Chg. % Last day: +0.18

Day range: 1.31318 - 1.31702

52-week range: 1.2458 - 1.4692

 

There is an ambiguous image on USD/CAD. During yesterday's trading, the currency kept the key resistance level of 1.32000, which caused a correction. The Canadian dollar has won back most of the losses. At the moment USD/CAD is being traded within the range 1.31350-1.31700.

 

forex-forecast-usdcad-23-02-2017.png

 

Indicators signals are ambiguous. The MACD histogram has started to decline and moved into the negative zone, indicating a drop in the USD/CAD quotes.

 

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, indicating the growth of the USD/CAD currency pair.

 

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

 

Trading recommendations:

 

Support levels: 1.31350

Resistance levels: 1.31700, 1.32000

 

Our expectations were confirmed yesterday. If statistics from the US is weak, the correction in USD/CAD may continue to the level of 1.30900.

 

An alternative could be "bullish" moods on the USD/CAD currency pair. The nearest target for taking profit - 1.31900-1.32000.

 

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 113.661

Opening: 113.285

Chg. % Last day: -0.34

Day Range: 113.069 - 113.454

52-week range: 99.08 - 123.69

 

During the Asian trading, a significant change in the USD/JPY rate did not happen. The currency continues to be traded in a range of 113.000-113.500. The market is waiting for additional drivers.

 

forex-forecast-usdjpy-23-02-2017.png

 

Indicators do not send accurate signals. The MACD histogram is located near the 0 mark.

 

Stochastic Oscillator has consolidated in the neutral zone, the %K line crossed the %D line. Currently, there are no signals.

 

The publication of important reports on the Japanese economy is not planned.

 

Trading recommendations:

 

Support levels: 113.000, 112.700

Resistance levels: 113.500

 

We expect the downward trend on the USD/JPY currency pair. If the price consolidates below the support level of 113.000, be sure to look for entry points for opening short positions. The target level of movement is 112.700-112.500.

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Forex forecast on February 24 for EUR/USD, GBP/USD, USD/CAD, USD/JPY

 

 

The forecast for EUR/USD

Technical indicators of the currency pair:

Prev. Opening: 1.05566

Opening: 1.05815

Chg. % Last day: +0.24

Day range: 1.05612 - 1.06011

52-week range: 1.0366 - 1.1616

 

 

Yesterday, purchases prevailed on the EUR/USD currency pair. The quotations rose by 0.24%. Today, the euro rally has continued. At the moment, the currency is being traded close to the "mirror" support level of 1.05850.

 

The MACD histogram has consolidated in the positive zone and continues to rise, indicating the growth of the EUR/USD currency pair.

 

Stochastic Oscillator has reached overbought zone, the %K line is above the %D line, that delivers a weak signal to buy EUR/USD.

 

Economic Calendar on 02/24/2017:

- the expectations and consumer sentiments index from the University of Michigan (17:00 GMT + 2: 00);

- new home sales in the US (17:00 GMT + 2: 00).

 

Trading recommendations:

 

Support levels: 1.05850, 1.05300

Resistance levels: 1.06250

 

The previous forecast was confirmed. We believe that the EUR/USD quotes growth may continue. The potential for movement - 1.06250-1.06500.

 

The forecast for GBP/USD

Technical indicators of the currency pair:

Prev. Opening: 1.24431

Opening: 1.25538

Chg. % Last day: +0.84

Day range: 1.25356 - 1.25700

52-week range: 1.1986 - 1.5020

 

 

Yesterday, aggressive buying was observed on the GBP/USD currency pair. The pound rose against the US dollar by more than 100 points. The currency found resistance at 1.25600. During the Asian session, the trading was calm.

 

The MACD histogram is in the positive zone, but below the signal line, which delivers a weak signal to buy GBP/USD.

 

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates a correction in GBP/USD.

 

At 11:30 (GMT + 2: 00), the data on the number of BBA mortgage approvals will be published.

*

Trading recommendations

 

Support levels: 1.25100, 1.24700

Resistance levels: 1.25600

 

We expect further growth of the GBP/USD quotations. The target level of movement is to 1.25900-1.26000.

 

The forecast for USD/CAD

Technical indicators of the currency pair:

Prev. Opening: 1.31647

Opening: 1.31040

Chg. % Last day: -0.45

Day range: 1.30778 - 1.31187

52-week range: 1.2458 - 1.4692

 

At the moment the bullish moods prevail on the USD/CAD currency pair. During yesterday's trading session, the Canadian dollar rose in price by more than 60 points. We expect statistics on the Canadian economy.

 

The MACD histogram is in the negative zone and below its signal line, indicating a continuation of the downward trend in USD/CAD.

 

Stochastic Oscillator has reached oversold zone, the %K line is below the %D line, which delivers a weak signal to sell USD/CAD.

 

At 15:30 (GMT + 2: 00) the data on basic consumer price index in Canada will be released.

 

Trading recommendations:

 

Support levels: 1.30850, 1.30450

Resistance levels: 1.31200

 

If data on inflation in Canada is optimistic, fall in the USD/CAD quotes may continue to around 1.30450.

 

An alternative could be a correction in USD/CAD to the resistance level of 1.31200.

 

 

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 113.285

Opening: 112.609

Chg. % Last day: -0.63

Day Range: 112.503 - 112.953

52-week range: 99.08 - 123.69

 

Demand for the yen is supported against the background of the political risks growth in the EU and the profitability of US government bonds reduction. At the moment the USD/JPY currency pair is testing the local support level of 112.50.

 

The MACD histogram is in the negative zone and continued to decline, indicating the "bearish" moods in USD/JPY.

 

Stochastic Oscillator is near oversold zone, the %K line is below the %D line, which delivers a weak signal to sell USD/JPY.

 

We recommend to pay attention to the statistics on the US economy.

 

Trading recommendations:

 

Support levels: 112.500

Resistance levels: 113.000, 113.500

 

Our assumptions were confirmed yesterday. We expect a further decline of the USD/JPY currency pair. The potential for movement is to 112.100-112.000.

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Forex forecast on 27 February for EUR/USD, GBP/USD, USD/CAD, USD/JPY

 

The forecast for EUR/USD

Technical indicators of the currency pair:

Prev. Opening: 1.05815

Opening: 1.05636

Chg. % Last day: -0.17

Day range: 1.05513 - 1.05875

52-week range: 1.0366 - 1.1616

 

 

This week, investors will be focused on the performance of D. Trump, which will take place on Tuesday, February 28th. Financial market participants expect the US president will announce the details of his "phenomenal" tax reform. At the moment the EUR/USD currency pair is testing the resistance level of 1.05850.

 

Indicators do not send strong signals. The MACD histogram is located near the 0 mark.

 

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

 

The news background of the EU economy is calm. It is necessary to pay attention to the statistics from the US:

- basic orders for durable goods (15:30 GMT + 2: 00);

- the volume of orders for durable goods (15:30 GMT + 2: 00);

- the index of pending sales in the real estate market (17:00 GMT + 2: 00).

 

Also, 18:00 (GMT + 2: 00) the FOMC member Kaplan's speech will be held.

 

Trading recommendations:

 

Support levels: 1.05300

Resistance levels: 1.05850, 1.06250

 

If statistics from the US is positive, be sure to consider selling EUR/USD to around 1.05300-1.05000.

 

An alternative would be an increase of the EUR/USD quotes to the resistance level of 1.06250.

 

The forecast for GBP/USD

Technical indicators of the currency pair:

Prev. Opening: 1.25538

Opening: 1.24729

Chg. % Last day: -0.69

Day range: 1.23835 - 1.24357

52-week range: 1.1986 - 1.5020

 

 

On Friday, February 24, the GBP/USD pair kept the resistance level of 1.25600, prompting aggressive selling. The pound weakened against the US dollar by more than 100 points. Today the British currency continued to lose ground. The GBP/USD quotes reached the round level of 1.24000.

 

The MACD histogram has consolidated in the negative zone and below its signal line, indicating the "bearish" moods on the GBP/USD currency pair.

 

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

 

Important news for the UK economy is not expected today.

 

trading recommendations

 

Support levels: 1.24000

Resistance levels: 1.24350, 1.24750

 

If economic data from the US is weak on the GBP/USD currency pair, a correction may develop to the level of 1.24500-1.24750.

 

An alternative would be a continuation of the downward trend on GBP/USD. The potential for movement is to 1.23500.

 

 

 

The forecast for USD/CAD

Technical indicators of the currency pair:

Prev. Opening: 1.31040

Opening: 1.30953

Chg. % Last day: -0.11

Day range: 1.30935 - 1.31230

52-week range: 1.2458 - 1.4692

 

During Friday's trading, a significant change of the USD/CAD rate did not happen. The Canadian dollar was in a sideways movement. The currency has formed a key trading range 1.30850-1.31200.

 

Indicators point to the development of an upward trend. The MACD histogram has started to rise and fixed above the signal line.

 

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which gives a signal to buy USD/CAD.

 

The publication of important statistics on Canada's economy is not planned.

 

Trading recommendations:

 

Support levels: 1.30850

Resistance levels: 1.31200, 1.31600

 

We expect "bullish" moods on the USD/CAD currency pair USD / CAD. One should consider buying to the mark of 1.31600-1.31750.

 

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 112,609

Opening: 112,133

Chg. % Last day: -0.36

Day Range: 111,912 - 112,343

52-week range: 99.08 - 123.69

 

During Friday's trading sales prevailed on the USD/JPY currency pair. The yen strengthened against the US dollar by more than 50 points. The currency hit 112.000. Trading in the Asian session was quiet. We expect statistics from the US.

 

The MACD histogram is in the negative zone, but above the signal line, which delivers a weak signal to sell USD/JPY.

 

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

 

It is necessary to pay attention to the news feed on the US economy.

 

Trading recommendations:

 

Support levels: 112.000

Resistance levels: 112.500, 113.000

 

The previous forecast was confirmed. We expect a correction in the USD/JPY currency pair. If the price consolidates above the local resistance 112.500, be sure to consider buying USD/JPY. The target level of movement - 112.900-113.000.

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Forex forecast on February 28 for EUR/USD, GBP/USD, USD/CAD, USD/JPY

 

The forecast for EUR/USD

Technical indicators of the currency pair:

Prev. Opening: 1.05636

Opening: 1.05874

Chg. % Last day: +0.33

Day range: 1.05685 - 1.06040

52-week range: 1.0366 - 1.1616

 

 

Yesterday's trading ended with a slight increase in the euro against the US dollar. Today a rich newsflow on the US economy is expected. The attention of the financial markets will be focused on the performance of the US President. Currently, the pair is testing the support of 1.05850.

 

forex-forecast-eurusd-28-02-2017.png

 

The MACD histogram has started to decline and fixed below the signal line, indicating sales of EUR/USD.

 

Stochastic Oscillator has come out of the overbought zone, the %K line is below the %D line, indicating the "bearish" moods on the EUR/USD currency pair.

 

All news on the US economy:

- the publication of data on the country's GDP (15:30 GMT + 2: 00);

- GDP deflator (15:30 GMT + 2: 00);

- balance of foreign trade (15:30 GMT + 2: 00);

- the index of business activity in Chicago (16:45 GMT + 2: 00);

- CB consumer confidence index (17:00 GMT + 2: 00);

- the performance of D. Trump (23:00 GMT + 2: 00).

 

Trading recommendations:

 

Support levels: 1.05850, 1.05300

Resistance levels: 1.06250

 

We expect the downward trend on the EUR/USD currency pair. The potential for movement - 1.05400-1.05300.

 

The forecast for GBP/USD

Technical indicator of the currency pair:

Prev. Opening: 1.24729

Opening: 1.24415

Chg. % Last day: +0.35

Day range: 1.24117 - 1.24501

52-week range: 1.1986 - 1.5020

 

 

Yesterday, trading on the GBP/USD currency pair was very active. The pound tested several times the key support and resistance levels: 1.24000 and 1.24750, respectively. The pressure on the British currency is caused by a possible referendum in Scotland.

 

forex-forecast-gpbusd-28-02-2017.png

 

The MACD histogram has consolidated in the negative zone and below its signal line, indicating the "bearish" moods on the GBP/USD currency pair.

 

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

 

Important news for the UK economy is not expected today.

*

Trading recommendations

 

Support levels: 1.24000

Resistance levels: 1.24350, 1.24750

 

If statistics from the US is positive, a drop in the GBP/USD prices may continue. The target level of movement - 1.24000-1.24750.

 

An alternative could be the correction on GBP/USD to the resistance level of 1.24750.

 

 

The forecast for USD/CAD

Technical indicators of the currency pair:

Prev. Opening: 1.30953

Opening: 1.31796

Chg. % Last day: +0.46

Day range: 1.31674 - 1.31960

52-week range: 1.2458 - 1.4692

 

During yesterday's trading, the aggressive buying was observed on the USD/CAD currency pair. The Canadian dollar weakened against the US dollar by more than 80 points. We expect statistics from the US.

 

forex-forecast-usdcad-28-02-2017.png

 

Indicators signals are different. The MACD histogram has started to decline and is below the signal line, indicating the correction in the USD/CAD currency pair.

 

Stochastic Oscillator is near the oversold zone, the %K line is above the %D line, indicating the "bullish" moods on USD/CAD.

 

At 15:30 (GMT + 2: 00) the raw material prices index (RMPI) will be published.

 

Trading recommendations:

 

Support levels: 1.31600, 1.31200

Resistance levels: 1.32000

 

The previous forecast was confirmed. We expect further growth of the USD/CAD quotes. One should consider buying to the mark of 1.32250-1.32500.

 

 

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 112.133

Opening: 112.689

Chg. % Last day: +0.45

Day Range: 112.241 - 112.816

52-week range: 99.08 - 123.69

 

Yesterday the USD/JPY currency pair kept the round level of 112.000 that caused an upward trend in the second half of the day. The correction was observed during the Asian session. At present, the yen is testing the local resistance level of 112.500.

 

forex-forecast-usdjpy-28-02-2017.png

 

The MACD histogram is below its signal line and continues to decline, giving a signal to sell USD/JPY.

 

Stochastic Oscillator has started to come out of the oversold zone, the %K line is above the %D line, indicating the growth of the USD/JPY quotes.

 

In Asian trading session the mixed statistics on Japan's economy was released. In January, the volume of industrial production in the country decreased by 0.8%. At the same time, there is a retail sales increase of 1%.

 

Trading recommendations:

 

Support levels: 112.000

Resistance levels: 112.500, 113.000

 

If economic data from the US is weak, a downward trend in USD/JPY may develop to around 111.750.

 

An alternative would be an increase of the USD/JPY quotes to the local resistance of 112.850.

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Forex Forecast on March 01 for EUR/USD, GBP/USD, USD/CAD, USD/JPY

 

The forecast for EUR/USD

Technical indicators of the currency pair:

Prev. Opening: 1.05873

Opening: 1.05757

Chg. % Last day: -0.10

Day range: 1.05253 - 1.05890

52-week range: 1.0366 - 1.1616

 

 

Yesterday there were a lot of important economic reports from the US. Most of the statistical data exceeded market expectations. The US dollar was also supported by comments from representatives of the Federal Reserve System. At the moment sales prevail on the EUR/USD currency pair. The euro is testing the support level of 1.05300.

 

The MACD histogram has consolidated in the negative zone and below its signal line, indicating a further decline of the EUR/USD quotes.

 

Stochastic Oscillator is in the oversold zone, the %K line crossed the %D line. Currently, there are no signals.

 

News background:

- the index of business activity in the manufacturing sector in Germany (10:55 GMT+2:00);

- changes in the number of unemployed in Germany (11:00 GMT+2:00);

- the level of unemployment in Germany (11:00 GMT+2:00);

- the index of business activity in the manufacturing sector of the euro area (11:00 GMT+2:00);

- German consumer price index (15:00 GMT+2:00);

- Data on US individuals spendings (15:30 GMT+2:00);

- the index of business activity in the manufacturing sector in the US from ISM (17:00 GMT+2:00);

- the FOMC member Kaplan's speech (20:00 GMT+2:00);

**

Trading recommendations:

 

Support levels: 1.05300, 1.05000

Resistance levels: 1.05850

 

The previous forecast was confirmed. We believe that the downward trend in the EUR/USD currency pair may continue. One should consider selling to the mark of 1.05000-1.04750.

 

The forecast for GBP/USD

Technical indicators of the currency pair:

Prev. Opening: 1.24415

Opening: 1.23795

Chg. % Last day: -0.51

Day range: 1.23496 - 1.24048

52-week range: 1.1986 - 1.5020

 

 

Yesterday, the pound continued to lose ground against the US currency. The GBP/USD quotes fell by more than 60 points. The currency found support at 1.23600. We expect statistics from the US.

*******************************

Indicators signals are different. The MACD histogram is in the negative zone and below its signal line, indicating sales of GBP/USD.

 

Stochastic Oscillator has come out of the oversold zone, the %K line is above the %D line, indicating the correction in the GBP/USD currency pair.

 

At 11:30 (GMT+2:00) the index of business activity in the manufacturing sector in Britain will be released.

*

Trading recommendations:

 

Support levels: 1.23600

Resistance levels: 1.24000, 1.24350

 

If statistics on the UK economy is positive, the GBP/USD quotes may grow to around 1.24000-1.24250.

 

An alternative could be a further decline of GBP/USD. The potential movement - 1.23000.

 

The forecast for USD/CAD

Technical indicators of the currency pair:

Prev. Opening: 1.31796

Opening: 1.32998

Chg. % Last day: +0.90

Day range: 1.32835 - 1.33385

52-week range: 1.2458 - 1.4692

 

Since the beginning of this week, the Canadian dollar significantly weakened against the US dollar. During this period, the USD/CAD currency pair quotes increased by more than 240 points. The nearest resistance is the mark of 1.33500. We expect the Bank of Canada decision.

 

The MACD histogram has fixed in the positive zone, but below the signal line, which delivers a weak signal to buy USD/CAD.

 

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

 

Today important statistics on the Canadian economy will be released:

- current account balance (15:30 GMT+2:00);

- Interest rate decision (17:00 GMT+2:00).

****************

Trading recommendations:

 

Support levels: 1.32850, 1.32000

Resistance levels: 1.33500

 

Our previous expectations were confirmed. We recommend waiting for the decision of the Central Bank of Canada. If the price consolidates above the resistance level of 1.33500, the USD/CAD may further grow. The potential for movement - 1.34000-1.34250.

 

An alternative may be a correction to the level of 1.32500.

 

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 112.689

Opening: 112.782

Chg. % Last day: +0.07

Day Range: 112.732 - 113.663

52-week range: 99.08 - 123.69

 

Yesterday the USD/JPY currency pair the round level of 112.000, prompting aggressive buying in the afternoon. Today, the yen has continued to lose ground against the US dollar. The currency formed the resistance level of 113.600.

 

The MACD histogram is in the positive zone and above its signal line, indicating the "bullish" moods on USD/JPY.

 

Stochastic Oscillator is located near the overbought zone, the %K line is below the %D line, indicating sales of USD/JPY.

 

It is necessary to pay attention to the news feed on the US economy.

 

Trading recommendations:

 

Support levels: 113.000, 112.500

Resistance levels: 113.600

 

We expect further growth of the USD/JPY quotations. The target level of movement is the level of 114.000.

 

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Forex Forecast on March 02 for EUR/USD, GBP/USD, USD/CAD, USD/JPY

The forecast for EUR/USD

Technical indicators of the currency pair:

Prev. Opening: 1.05757

Opening: 1.05466

Chg. % Last day: -0.27

Day range: 1.05216 - 1.05528

52-week range: 1.0366 - 1.1616

 

 

Yesterday the US dollar continued to strengthen against the major currencies. Support is provided by positive data on business activity in the manufacturing sector of the country. Currently, EUR/USD is testing the support of 1.05300. The market has become more optimistic about the possibility of increasing interest rates at the next Fed meeting.

 

Indicators signals are ambiguous. The MACD histogram is in the negative zone and below its signal line, indicating the "bearish" moods on EUR/USD.

 

Stochastic Oscillator has come out of the oversold zone, the %K line is above the %D line, which means purchases if EUR/USD.

 

Newsline on 03/02/2017:

- the consumer price index in the euro area (12:00 GMT + 2: 00);

- the unemployment rate in the Eurozone (12:00 GMT + 2: 00);

- the level of unemployment in Germany (11:00 GMT + 2: 00);

- the number of initial claims for benefits for unemployment in the US (15:30 GMT + 2: 00).

 

Trading recommendations:

 

Support levels: 1.05300, 1.05000

Resistance levels: 1.05850

 

If data on inflation in the euro area is positive, a correction may develop in EUR/USD to the resistance level of 1.05850.

 

An alternative could be a continuation of the downward trend to the level of 1.04750-1.04500.

 

The forecast for GBP/USD

Technical indicators of the currency pair:

Prev. Opening: 1.23795

Opening: 1.22926

Chg. % Last day: -0.69

Day range: 1.22597 - 1.23012

52-week range: 1.1986 - 1.5020

 

 

At the moment "bearish" moods are prevailing on the GBP/USD currency pair. During yesterday's trading, the pound weakened against the US dollar by more than 80 points. The currency found support at 1.22750. Pressure on the pound is caused by weak data on business activity in the manufacturing sector of the country.

 

The MACD histogram is in the negative zone, but above the signal line, which delivers a weak signal to buy GBP/USD.

 

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

 

At 11:30 (GMT+2:00) the index of business activity in the UK construction sector will be released.

*

Trading recommendations:

 

Support levels: 1.22750

Resistance levels: 1.23500, 1.24000

 

If the economic data from the UK is strong, a correction in GBP/USD is possible to the resistance level of 1.23500.

 

An alternative could be a further drop in GBP/USD quotes to around 1.22500-1.22250.

 

 

The forecast for USD/CAD

 

Technical indicators of the currency pair:

Prev. Opening: 1.32998

Opening: 1.33249

Chg. % Last day: +0.20

Day range: 1.32835 - 1.33385

52-week range: 1.2458 - 1.4692

 

Yesterday, the Bank of Canada left its monetary policy unchanged. The USD/CAD continued. The currency reached the resistance level of 1.33500. Recent statistics from the United States supports the US currency. We expect GDP data for Canada.

 

The MACD histogram has started to decline and fixed below the signal line, which signals the correction in USD/CAD.

 

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

 

Today we expect important economic data from Canada. At 15:30 (GMT+2:00), the data on the GDP of the country will be released.

***

Trading recommendations:

 

Support levels: 1.32850, 1.32000

Resistance levels: 1.33500

 

If the growth of the Canadian economy is optimistic, a correction may develop in the USD/CAD currency pair. The potential for movement - 1.32850.

 

An alternative could be a further increase of USD/CAD to the round level of 1.34000.

 

 

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 112.782

Opening: 113.729

Chg. % Last day: +0.84

Day Range: 113.686 - 114.311

52-week range: 99.08 - 123.69

 

At the moment there is aggressive buying on the USD/JPY currency pair. Yesterday the price growth amounted to 0.84%. Today, the yen continued to lose ground against the US currency. Local resistance is the 114.300 mark.

 

MACD is in the positive zone and above its signal line, indicating a continuation of the upward trend in USD/JPY.

 

Stochastic Oscillator has reached overbought zone, the %K line is above the %D line, which gives a weak signal to buy USD/JPY.

 

The news background for the Japanese economy is calm.

 

Trading recommendations:

 

Support levels: 113.750, 113.300

Resistance levels: 114.300

 

The previous forecast was confirmed. We expect a correction of the USD/JPY currency pair. One should consider selling to around 113.850-113.750.

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Forex forecast on March 10 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.05404

Opening: 1.05757

Chg. % Last day: +0.34

Day range: 1.05721 – 1.06029

52-week range: 1.0366 – 1.1616

 

Yesterday, the ECB kept its monetary policy at the same level. The regulator raised the forecast for the growth of the EU economy and inflation for 2017 and 2018. Trading ended with the growth of the EUR/USD quotes by 0.34%. Today, the attention is focused on the report on the labor market in the US. Most experts expect positive statistics. At the moment, the key trading range on the EUR/USD is 1.05600-1.06150.

 

 

 

The MACD histogram is in the positive zone, but below the signal line, which gives a weak signal to buy EUR/USD.

 

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which indicating the drop in the EUR/USD quotes.

 

News background on the US economy:

- average hourly wage (15:30 GMT+2:00);

- change in the number of employed people in the non-farm sector of the country (15:30 GMT + 2:00);

- the proportion of the economically active population (15:30 GMT+2:00);

- unemployment level (15:30 GMT+2:00).

 

Trading recommendations:

Support levels: 1.05600, 1.05200

Resistance levels: 1.06150

 

If statistics from the US is optimistic, a downward trend on EUR/USD may develop to the level of 1.05600-1.05400.

 

An alternative would be an increase of the EUR/USD quotes to the level of 1.06500.

 

 

The forecast for GBP/USD

Technical indicators of the currency pair:

Prev. Opening: 1.21679

Opening: 1.21638

Chg. % Last day: -0.02

Day range: 1.21488 – 1.21693

52-week range: 1.1986 – 1.5020

 

Yesterday, the GBP/USD currency pair was in a sideways movement with a range of 1.21500-1.22000. A significant change of the rate did not happen. At the moment, the pound is testing the lower limit of the trading range.

 

 

 

 

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

 

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

 

The news line from Britain:

- the volume of production in the manufacturing industry (11:30 GMT+2:00);

- the trade balance (11:30 GMT+2:00);

- an estimate of GDP growth from NIESR (17:00 GMT+2:00).

 

Trading recommendations:

Support levels: 1.21500

Resistance levels: 1.22000, 1.22500

 

If economic reports from Britain are positive, the correction may develop on the GBP/USD currency pair. The potential movement is to 1.22000-1.22250.

 

An alternative would be the further drop of the GBP/USD quotes to around 1.21000.

 

It is also necessary to pay attention to the report on the labor market in the United States.

 

 

The Forecast for USD/CAD

Technical showings of the currency pair:

Pre-opening: 1.34910

Opening: 1.35094

Chg. % for the last day: +0.13

Day range: 1.34942 – 1.35155

52-week range: 1.2458 – 1.4692

 

Trading in the Asian session was quiet. The USD/CAD currency pair was in the range of 1.35000-1.35350. Investors are waiting for the reports on the labor market in the US and Canada.

 

 

 

The MACD histogram has started to decline and fixed below the signal line, indicating the correction of the USD/CAD currency pair.

 

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which signals to sell USD/CAD.

 

News feed on the Canadian economy:

- change in employment (15:30 GMT+2:00);

- unemployment level (15:30 GMT+2:00).

 

Trading recommendations:

Support levels: 1.35000, 1.34250

Resistance levels: 1.35350

 

If data on the labor market in Canada is positive, the correction in USD/CAD is possible to the support level of 1.34250.

 

An alternative would be the further growth of the USD/CAD currency pair to around 1.35500-1.35750.

 

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 114.319

Opening: 114.948

Chg. % Last day: +0.52

Day Range: 114.872 – 115.495

52-week range: 99.08 – 123.69

 

Yesterday, growth of the USD/JPY quotes exceeded 60 points. Today, the yen continued to lose ground against the US dollar. At the moment, the currency is testing the resistance level of 115.500. We expect statistics from the US.

 

 

 

The MACD histogram has fixed in the positive zone and above the signal line, indicating the "bullish" moods on the USD/JPY currency pair.

 

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

 

We recommend to pay attention to the economic data from the US.

 

Trading recommendations:

Support levels: 114.750

Resistance levels: 115.500

 

The previous forecast was confirmed. If statistics from the US is weak, the correction may develop on the USD/JPY to the already "mirror" support level of 114.750.

 

An alternative would be further growth of USD/JPY to the round level of 116.000.

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Forex forecast on March 13 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.05757

Opening: 1.06779

Chg. % Last day: +0.90

Day range: 1.06743 – 1.07147

52-week range: 1.0366 – 1.1616

 

On Friday, March 10, a report on the labor market in the United States was published. In general, the statistics was optimistic. At the same time, the euro rose against the US dollar by more than 100 points. This is due to profit-taking on dollar long positions. This week the attention is focused on the meeting of the US Federal Reserve System. Demand for the US currency is at a fairly high level.

 

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

 

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicating the correction of the EUR/USD currency pair.

 

The release of important economic data is not planned today. It is necessary to pay attention to speeches of the ECB representatives:

- the ECB member Lautenschlager`s speech (14:45 GMT+2:00);

- the ECB president Draghi`s speech (15:30 GMT+2:00);

- the ECB member Constancio`s speech (16:00 GMT+2:00);

- the ECB member Praet`s speech (18:30 GMT+2:00).

 

Trading recommendations:

 

Support levels: 1.06750, 1.06150

Resistance levels: 1.07150

 

We expect "bearish" moods on the EUR/USD currency pair. If the price consolidates below the support level of 1.06750, we recommend to consider selling. The potential movement is to 1.06350-1.06150.

 

The forecast for GBP/USD

 

Technical indicators of the currency pair:

Prev. Opening: 1.21638

Opening: 1.21575

Chg. % Last day: +0.03

Day range: 1.21556 – 1.22407

52-week range: 1.1986 – 1.5020

 

At the moment, there is a technical correction on the GBP/USD currency pair. Growth of the GBP/USD quotes exceeded 75 points. The pound is being traded close to the already "mirror" support level of 1.22000.

 

The MACD histogram has moved into the positive zone and is above the signal line, indicating “bullish” moods on the GBP/USD currency pair.

 

Stochastic Oscillator has reached overbought zone, the %K line crossed the %D line. There are no signals yet.

 

The news background for the UK economy is calm today.

 

Trading recommendations:

Support levels: 1.22000, 1.21500

Resistance levels: 1.22500

 

We expect growth of the GBP/USD quotes. The nearest goal for profit-taking is 1.22500.

 

The Forecast for USD/CAD

Technical showings of the currency pair:

Pre-opening: 1.35094

Opening: 1.34496

Chg. % for the last day: -0.29

Day range: 1.34379 – 1.34762

52-week range: 1.2458 – 1.4692

 

On Friday, March 10, sales prevailed on the USD/CAD currency pair. The Canadian dollar rose against the US dollar by more than 50 points. This is due to the release of positive data on the Canadian labor market. The nearest support is 1.34250.

 

Indicators signals are different. The MACD histogram is in the negative zone and continues to decline, indicating the “bearish” moods on the USD/CAD currency pair.

 

Stochastic Oscillator has come out of the oversold zone, the %K line is above the %D line, which gives a signal to buy USD/CAD.

 

There is no important economic data from Canada today.

 

Trading recommendations:

Support levels: 1.34250, 1.33600

Resistance levels: 1.35000

 

We believe that the correction on the USD/CAD currency pair may continue. The target of movement – 1.33850-1.33600.

 

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 114.948

Opening: 114.723

Chg. % Last day: -0.17

Day Range: 114.496 – 114.925

52-week range: 99.08 – 123.69

 

Past trading on the USD/JPY currency pair was very active. The currency kept the key resistance level of 115.500, which caused a corrective movement. Today, the yen continued to strengthen against the US dollar. At the moment, USD/JPY is testing the already "mirror" resistance level of 114.750.

 

Indicators signals are ambiguous. The MACD histogram is in the negative zone and continues to decline, indicating a drop in the USD/JPY quotes.

 

Stochastic Oscillator has come out of the oversold zone, the %K line is above the %D line, which indicates growth of the USD/JPY currency pair.

 

There is no important statistics on the economy of Japan today.

 

Trading recommendations:

Support levels: 114.100

Resistance levels: 114.750, 115.500

 

We expect further correction on the USD/JPY currency pair. One should to seek entry points for opening short positions. The potential movement is to local support of 114.100.

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