Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 10 January, 2017

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.05304
Opening: 1.05741
Chg. % for the last day: +0.42
Day range: 1.05721 – 1.06276
52-week range: 1.0366 – 1.1616

Over the last week, the euro strengthened against the US dollar by more than 150 points. At the moment the EUR/USD currency pair has found resistance at 1.06100.

forex-forecast-eurusd-10-01-2017

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

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

The news background is calm now. At 17:00 (GMT + 2: 00), the data on the number of vacancies on the JOLTS labor market in the US will be released.

Trading recommendations:

Support levels: 1.05750, 1.05150
Resistance levels: 1.06100

We believe that the increase of the EUR/USD currency pair may continue. One should consider buying to around 1.06500.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.22504
Opening: 1.21599
Chg. % for the last day: -0.78
Day range: 1.2157 – 1.21804
52-week range: 1.2016 – 1.5513

The pound is under pressure due to concerns about Brexit. Over the past few trading sessions, a drop of the GBP/USD quotes has exceeded 250 points. The local support is the level of 1.21250.

forex-forecast-gpbusd-10-01-2017

The MACD histogram is in the negative zone and has continued to decline, indicating sales of GBP/USD.

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

The news feed on the UK economy is calm today.

Trading recommendations:

Support levels: 1.21250
Resistance levels: 1.21750, 1.22300

Yesterday’s forecast was confirmed. We believe that GBP/USD may continue to fall to the level of 1.20800.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.32407
Opening: 1.32166
Chg. % for the last day: -0.19
Day range: 1.31968 – 1.32358
52-week range: 1.2458 – 1.4692

The USD/CAD currency pair is still being traded in a flat. Yesterday’s trading session ended with a slight increase of the Canadian dollar. At the moment, the following key levels can be identified: support – 1.32000; resistance – 1.32750.

forex-forecast-usdcad-10-01-2017

The indicators signals are ambiguous. The MACD histogram is in the negative zone, indicating sales of USD/CAD.

Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, indicating the growth of the USD/CAD currency pair.

Today, we are waiting for statistics on the real estate market in Canada:
– the volume of new construction (15:15 GMT + 2: 00);
– building permits (15:30 GMT + 2: 00).

Trading recommendations:

Support levels: 1.32000
Resistance levels: 1.32750

We expect the development of the “bearish” moods on the USD/CAD currency pair to the level of 1.31800.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 117.014
Opening: 116.011
Chg. % for the last day: -0.96
Day range: 115.189 – 116.201
52-week range: 99.08 – 123.69

Yesterday, there was aggressive selling on the USD/JPY currency pair. The yen rose in price by more than 100 points. Today, the Japanese currency rally has continued. Currently, USD/JPY is being traded near the offer zone of 115.900-116.200.

forex-forecast-usdjpy-10-01-2017

The MACD histogram is in the negative zone and continued to decline, indicating the sellers’ power on USD/JPY.

Stochastic Oscillator has consolidated in the neutral zone, the %K line is above the %D line, which indicates an increase of USD/JPY.

Important news from Japan is not expected today.

Trading recommendations:

Support levels: 115.250
Resistance levels: 116.200

Our forecast was confirmed yesterday. One should consider selling USD/JPY to the local support of 115.250.