Forecasts by Justforex

Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 08 February, 2017

Technical showings of the currency pair:

Pre-opening: 1.07503
Opening: 1.06804
Chg. % for the last day: -0.64
Day range: 1.06422 – 1.06912
52-week range: 1.0366 – 1.1616

Since the beginning of this week, the EUR/USD currency pair fell by more than 125 points. Today, the euro continued to lose ground against the US dollar. At the moment, the currency is testing the support level of 1.06550.

forex-forecast-eurusd-08-02-2017

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

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

News background is quite calm:
– auction on the placement of 10-year Treasury bonds in Germany (12:35 GMT + 2: 00);
– auction on the placement of the US 10-year Treasury notes in the USA (20:00 GMT + 2: 00).

Trading recommendations:

Support levels: 1.06550, 1.06150
Resistance levels: 1.07150

We expect a correction in the EUR/USD currency pair. If the price consolidates above the level of 1.06750, be sure to consider purchases. The potential for movement – 1.07150.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.24689
Opening: 1.25071
Chg. % for the last day: +0.33
Day range: 1.24748 – 1.25195
52-week range: 1.1986 – 1.5020

Yesterday, trading on the GBP/USD currency pair was very active. In the afternoon we observed aggressive buying. This is due to the fact that some members of the Bank of England are ready to consider raising interest rates in the near future. The trading session ended with the growth of the GBP/USD quotations by 0.33%.

forex-forecast-gpbusd-08-02-2017

The MACD histogram is in the positive area and continues to rise, which means purchases of GBP/USD.

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

At 15:00 (GMT + 2: 00) the member of the Monetary Policy Cunliffe’s speech will be held.

Trading recommendations:

Support levels: 1.24700, 1.24150
Resistance levels: 1.25500

We believe that the increase of GBP/USD may continue. The potential for movement – 1.25400-1.25500.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.30803
Opening: 1.31832
Chg. % for the last day: +0.77
Day range: 1.31571 – 1.32004
52-week range: 1.2458 – 1.4692

Yesterday, the buyers’ power prevailed on the USD/CAD currency pair. The quotations growth exceeded 0.75%. Key support and resistance levels are the 1.31500 and 1.32000, respectively. At the moment, the technical pattern indicates the development of the corrective movement.

forex-forecast-usdcad-08-02-2017

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

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

At 15:15 (GMT + 2: 00), the data on the volume of new homes construction in Canada will be released.

Trading recommendations:

Support levels: 1.31500, 1.30900
Resistance levels: 1.32000

If the price consolidates below the support level of 1.32500, a correction in USD/CAD may develop to around 1.31200-1.31100.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 111.721
Opening: 112.393
Chg. % for the last day: +0.57
Day range: 112.021 – 112.536
52-week range: 99.08 – 123.69

In Asian trading session, a significant change in the USD/JPY rate did not happen. The currency tested the level of 112.300. The market is waiting for additional drivers.

forex-forecast-usdjpy-08-02-2017

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 below the %D line, which indicates the development of the downward trend in USD/JPY.

Important news for the Japanese economy is not expected today.

Trading recommendations:

Support levels: 111.600
Resistance levels: 112.300, 113.100

We continue to expect “bearish” moods on the USD/JPY currency pair. One should consider selling to 111.600-111.500.

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