Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 02 December, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.05884
Opening: 1.06609
Chg. % for the last day: +0.70
Day range: 1.06554 – 1.06898
52-week range: 1.0538 – 1.1616

Over the past few trading sessions, the EUR/USD currency pair rose in price by more than 100 points. At the moment, the euro is being traded in a range of 1.06400-1.06850. Financial markets are waiting for the US labor market report.

forex-forecast-eurusd-02-12-2016

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

Stochastic Oscillator has fixed in the neutral zone, the %K line is below the %D line, which indicates the development of the “bearish” moods on the EUR/USD currency pair.

The news background on the US economy:
– Change in the number of employed in non-farm payrolls (15:30 GMT + 2: 00);
– Average hourly wage (15:30 GMT + 2: 00);
– Unemployment (15:30 GMT + 2: 00).

Trading recommendations:

Support levels: 1.06400, 1.05800
Resistance levels: 1.06850

If the labor market report in the US is optimistic,the EUR/USD quotations may reduce to the level of 1.06100.

An alternative could be the development of an upward trend to the local resistance level of 1.07500.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.25054
Opening: 1.25882
Chg. % for the last day: +0.70
Day range: 1.25698 – 1.26492
52-week range: 1.0538 – 1.1616

During yesterday’s trading session, the pound showed the variety of trends. Business activity in the manufacturing sector of the country deteriorated. Nevertheless, there were aggressive purchases on the market. In the afternoon, the US dollar won back most of the losses.

forex-forecast-gpbusd-02-12-2016

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

Stochastic Oscillator has come out of the overbought zone, the %K line is below %D line, indicating decrease of the GBP/USD quotations.

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

Trading recommendations:

Support levels: 1.25800, 1.25000
Resistance levels: 1.26900

Our yesterday’s forecast was confirmed. If the price keeps the support level of 1.25800, and an additional confirmation is formed, the GBP/USD quotations may reach 1.26900.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.34374
Opening: 1.33170
Chg. % for the last day: -0.89
Day range: 1.32859 – 1.33191
52-week range: 1.0538 – 1.1616

Yesterday, the Canadian dollar rose significantly in price against the US dollar.The USD/CAD quotations fall exceeded 120 points. At the moment, the currency found support at 1.33000.

forex-forecast-usdcad-02-12-2016

The MACD histogram has started to rise and fixed above the signal line, which indicates the development of corrective movement on USD/CAD.

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

Today, we are waiting for vital statistics in Canada:
– Employment change (15:30 GMT + 2: 00);
– Labor productivity (15:30 GMT + 2: 00);
– Unemployment (15:30 GMT + 2: 00).

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

Trading recommendations:

Support levels: 1.33000
Resistance levels: 1.33650, 1.34000

Yesterday’s forecast was confirmed. If the statistical data from Canada is optimistic, the USD/CAD currency pair may continue to decline to 1.32250.

An alternative could be a correction of USD/CAD to the level of 1.33650.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 114.437
Opening: 114.171
Chg. % for the last day: -0.33
Day range: 113.576 – 114.206
52-week range: 99.08 – 123.69

Yesterday, trading on the USD/JPY currency pair was quite active. However, a unidirectional motion was not observed. There was a flat in a range of 85 points. Currently, the yen is being traded near the support level of 113.600.

forex-forecast-usdjpy-02-12-2016

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

Stochastic Oscillator has fixed in the neutral zone, the %K line is below the %D line, indicating the decline of USD/JPY.

It is necessary to pay attention to the statistics on the US economy.

Trading recommendations:

Support levels: 113.600, 112.350
Resistance levels: 114.750

If the statistical data from the US is positive, the USD/JPY quotes can reach 114.750.

An alternative would be the USD/JPY currency pair reduction to a local support level of 112.850.