Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 09 November, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.10401
Opening: 1.10255
Chg. % for the last day: -0.50
Day range: 1.09888 – 1.12988
52-week range: 1.0538 – 1.1616

Current data indicate the victory of Donald Trump on the presidential election in the United States. The representative of the Republican Party gained 276 votes against 218 for Hillary Clinton. During the Asian trading session, the US dollar significantly weakened against the currency “majors”. The growth of the EUR/USD quotations exceeded 250 pips. Most likely in the near future, the US dollar continues to lose ground against a basket of major currencies.

eurusd forecast Trump wins

The MACD histogram is in the positive zone and above its signal line, indicating that the further growth of the single currency.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the development of corrective movement on the EUR/USD currency pair.

The publication of important economic data is not planned today. The attention of the financial markets will be focused on the claims and comments of J. Trump and Hillary Clinton.

Trading recommendations:

Support levels: 1.10650
Resistance levels: 1.11250, 1.12550

We recommend searching for entry points from the local levels of support and resistance.

In the case of overcoming and fixing above the resistance of 1.11250, the growth of the EUR/USD quotations may continue to the level of 1.12250.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.23955
Opening: 1.23781
Chg. % for the last day: -0.14
Day range: 1.23524 – 1.25467
52-week range: 1.2016 – 1.5513

During the Asian trading session, the British currency significantly rose in price (over 150 pips) against the US dollar. The unexpected success of D. Trump has undermined the US dollar.

gbpusd forecast chart

The MACD histogram has moved in the positive zone and is above the signal line, which indicates the development of an upward trend on the GBP/USD currency pair.

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

The news background for the UK economy is calm today.

Trading recommendations

Support levels: 1.23450
Resistance levels: 1.24350, 1.25350

In a case of breaking and retesting the resistance of 1.24350, we recommend considering the purchase of GBP/USD to the level of 1.25000.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.33630
Opening: 1.32868
Chg. % for the last day: -0.55
Day range: 1.32637 – 1.35246
52-week range: 1.2458 – 1.4692

Today, the USD/CAD currency pair is under a high volatility and trading activity on the background of tense US presidential election. During the Asian session, the Canadian dollar was under pressure because of the Trump leading positions. At the moment the USD/CAD currency pair has reached the 50% correction level and is being traded within the range of 1.33700-1.34100.

usdcad forecast chart

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

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating the downward trend development on USD/CAD.

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

Trading recommendations:

Support levels: 1.33700
Resistance levels: 1.34100, 1.35150

In the case of overcoming the resistance of 1.34100,the USD/CAD quotes levels may continue to rise and reach the level of 1.34750.

An alternative could be the development of the bearish moods on USD/CAD. If the price fixes below the level of 1.33700, the currency can achieve the local support of 1.33100.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 104.471
Opening: 105.144
Chg. % for the last day: +0.66
Day range: 101.183 – 105.468
52-week range:: 99.08 – 123.69

Today there is an increased demand for “safe” assets. During the Asian trading session the currency of “safe haven” rose in price by more than 400 pips. At the moment the USD/JPY currency pair has reached the 50% correction level. Trump’s victory in the US presidential election will support the demand for the Japanese currency.

usdjpy forecast chart

Indicators show an ambiguous image. The MACD histogram is in the negative zone and below its signal line, indicating the further strengthening of the yen.

The Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, indicating the correction on the USD/JPY currency pair.

Important statistical data on the Japanese economy is not released today. Investors’ attention is directed to the election in the United States.

Trading recommendations:

Support levels: 102.000
Resistance levels: 103.750, 104.750

In the case of keeping the resistance level of 103.750 and appearing of additional evidence on the smaller timeframes, the USD/JPY quotes may continue to fall to the local support level of 102.500.