Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 26 December, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.04359
Opening: 1.04353
Chg. % for the last day: +0.18
Day range: : 1.04336 – 1.04680
52-week range: 1.0366 – 1.1616

Today,the decreased trading activity and volatility should be expected on the financial markets. This is due to the celebration of Christmas. Demand for the euro is maintained due to the lowering of yields on US Treasury bonds.

forex-forecast-eurusd-26-12-2016

Indicators signals are ambiguous. The MACD histogram is in the positive zone and continues to rise, indicating the increase of EUR/USD.

Stochastic Oscillator is abovethe overbought zone, the %K line is below the %D line, indicating sales of EUR/USD.

The news background on the financial markets is calm today.

Trading recommendations:

Support levels: 1.03750
Resistance levels: 1.04700, 1.05350

Today, we recommend to open short-term speculative positions from key levels. If the price consolidates above 1.0470, the EUR/USD quotations may grow to the local resistance of 1.05000.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.22812
Opening: 1.22494

Chg. % for the last day: +0.07
Day range: 1.22485 – 1.22948
52-week range: 1.2016 – 1.5513

On Friday, 23 December, a significant change in the currency exchange rate in Britain was not observed. The trading ended with a slight strengthening of the pound. At the moment, the currency is testing the support level of 1.22650.

forex-forecast-gpbusd-26-12-2016

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

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

Important news from the UK is not expected today.

Trading recommendations:

Support levels: 1.22650
Resistance levels: 1.23400, 1.24450

Our previous expectations were quite accurate. The GDP/USD quotations decreased to the level of 1.22250. We believe that the correction in the GBP/USD currency pair is possible. We recommend buying to around 1.23150.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.34823
Opening: 1.35124

Chg. % for the last day: -0.10
Day range: 1.34993 – 1.35425
52-week range: 1.2458 – 1.4692

Over the past week, the Canadian dollar weakened against the US dollar by more than 140 points. At the moment, the currency has found resistance at 1.35450. The technical pattern indicates the development of the corrective movement.

forex-forecast-usdcad-26-12-2016

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

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

Important economic data from Canada is not expected today.

Trading recommendations:

Support levels: 1.34700, 1.34000
Resistance levels: 1.35450

The previous forecast was confirmed. We expect a correction in the USD/CAD currency pair. We recommend selling to around 1.34750.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 117.553
Opening: 117.252
Chg. % for the last day: -0.16
Day range: 116.993 – 117.380
52-week range: 99.08 – 123.69

During the Asian trading session, the yen strengthened slightly against the US dollar. At the moment the USD/JPY currency pair is testing the support level of 117.000.

forex-forecast-usdjpy-26-12-2016

The MACD histogram is in the negative zone and below the signal line, which indicates the development of the “bearish” moods on USD/JPY.

Stochastic Oscillator has consolidated in the neutral zone, the %K line is below the %D line, which also points to selling of USD/JPY.

The news background on the USD/JPY currency pair is calm.

Trading recommendations:

Support levels: 117.000
Resistance levels: 117.850, 118.650

We expect a continuation of the correction in the USD/JPY currency pair. The USD/JPY quotes may reach the local support level of 116.650.