Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 09 January, 2017

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.06009
Opening: 1.05304
Chg. % for the last day: -0.70
Day range: 1.05161 – 1.05556
52-week range: 1.0366 – 1.1616

On Friday the trading on the EUR/USD currency pair was very active. This is due to the release of the US labor market report. In the end of the trading session the American currency rose by more than 70 points. The euro found support at 1.05250.

forex-forecast-eurusd-09-01-2017

Indicators signals are ambiguous. The MACD histogram has started to decline and moved into the negative zone, indicating a decline of EUR/USD.

Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, which means purchases of EUR/USD.

This week, the financial markets will be focused on Fed officials’ speeches.

News feed on 01.09.17:
– The unemployment rate in the Eurozone (12:00 GMT + 2: 00);
– The FOMC Member Rosengren’s speech (16:00 GMT + 2: 00);
– The FOMC member Lockhart’s speech (19:45 GMT + 2: 00).

Trading recommendations:

Support levels: 1.05250, 1.04700
Resistance levels: 1.06050

We expect a correction in the EUR/USD currency pair. One should consider selling to around 1.04800.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.24115
Opening: 1.22505
Chg. % for the last day: -1.05
Day range: 1.21633 – 1.22705
52-week range: 1.2016 – 1.5513

On Friday, the GBP/USD currency pair was under the influence of sellers. The quotes drop exceeded 130 points. Today, the US dollar rally has continued. At the moment, the currency has found support at 1.21750.

forex-forecast-gpbusd-09-01-2017

The MACD histogram is in the negative zone and below the signal line, which indicates the development of the downward trend on GBP/USD.

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

Important news from the UK is not expected today.

Trading recommendations:

Support levels: 1.21750
Resistance levels: 1.22300, 1.22750

We expect a continuation of the “bearish” moods on GBP/USD to the level of 1.21400.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.32245
Opening: 1.32405
Chg. % for the last day: +0.08
Day range: 1.32247 – 1.32696
52-week range: 1.2458 – 1.4692

On Friday, there was no unidirectional movement on the USD/CAD currency pair. The Canadian dollar tested the levels of support and resistance: 1.31800 and 1.32750.

forex-forecast-usdcad-09-01-2017

The MACD histogram has started to decline and moved into the negative zone, suggesting sales of USD/CAD.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also points to the development of the downward trend on the USD/CAD currency pair.

The review of the economic environment of the Bank of Canada is expected today (17:30 GMT + 2: 00).

Trading recommendations:

Support levels: 1.31800
Resistance levels: 1.32750

We believe that the USD/CAD quotations can achieve the local support of 1.31800.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 115.332
Opening: 117.019
Chg. % for the last day: +1.35
Day range: 116.857 – 117.535
52-week range: 99.08 – 123.69

At the moment the USD/JPY currency pair is being traded near the resistance level of 117.250. The technical pattern indicates the correction development, after a significant increase on Friday, Jan. 6.

forex-forecast-usdjpy-09-01-2017

The MACD histogram has started to decline and is below the signal line, indicating the development of the “bearish” moods on USD/JPY.

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

The news background for the Japanese economy is calm.

Trading recommendations:

Support levels: 116.250, 115.250
Resistance levels: 117.250

We expect a correction in the USD/JPY currency pair. We recommend selling to around 116.500.