Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 27 December, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.04353
Opening: 1.04509
Chg. % for the last day: +0.02
Day range: 1.04317 – 1.04580
52-week range: 1.0366 – 1.1616

During yesterday’s trading session, a significant change of the EUR/USD rate has not happened. The trading ended with a slight increase of the single currency. The volatility declined in the financial markets. This is due to the Christmas holidays. At the moment, the currency is testing the local offer area of 1.04500-1.04700.

forex-forecast-eurusd-27-12-2016

The MACD histogram does not give strong signals. The indicator has consolidated near the 0 mark.

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

At 17:00 (GMT + 2: 00), theCB consumer confidence index in the US will be published.

Trading recommendations:

Support levels: 1.03750
Resistance levels: 1.04700, 1.05350

If statistics from the US is weak, the corrective movement on the EUR/USD currency pair may develop to the level of 1.05250.

An alternative would be the EUR / USD quotes reduction to the support level of 1.04000.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.22494
Opening: 1.22751
Chg. % for the last day: 0.00
Day range: 1.22558 – 1.22869
52-week range: 1.2016 – 1.5513

The GBP/USD currency pair continues to test the support level of 1.22650. The flat is present on the market. We expect statistics from the US.

forex-forecast-gbpusd-27-12-2016

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

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

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

Trading recommendations

Support levels: 1.22650
Resistance levels: 1.23400, 1.24450

We continue to expect a correction on the GBP/USD currency pair. We recommend buying to around 1.23150.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.35124
Opening: 1.35060
Chg. % for the last day: -0.09
Day range: 1.35011 – 1.35415
52-week range: 1.2458 – 1.4692

Yesterday the Canadian dollar kept the local support of 1.34700. In the afternoon there was the power of buyers. At the moment, the currency has reached the resistance level of 1.35450.

forex-forecast-usdcad-27-12-2016

The MACD histogram is in the positive zone and above its signal line, indicating further growth of the USD/CAD currency pair.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which also points to purchases of USD/CAD.

The news background on the economy of Canada is calm today.

Trading recommendations:

Support levels: 1.34700, 1.34000
Resistance levels: 1.35450

Yesterday’s forecast was confirmed. We expect the upward trend on the USD/CAD currency pair to the level of 1.35650.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 117.252
Opening: 117.060
Chg. % for the last day: -0.21
Day range: 117.003 – 117.463
52-week range: 99.08 – 123.69

The yen is under pressure due to weak data on inflation in the country. During the Asian trading session, the USD/JPY quotations rose by more than 40 points.

forex-forecast-usdjpy-27-12-2016

The MACD histogram has moved into the positive zone and continues to rise, indicating the increase of USD/JPY.

Stochastic Oscillator has fixed 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: 117.000
Resistance levels: 117.850, 118.650

We expect growth of the USD/JPY quotations. One should consider buying to around 117.600.