Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 10 November, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.10255
Opening: 1.09094
Chg. % for the last day: -1.05
Day range: 1.09070 – 1.09534
52-week range: 1.0538 – 1.1616

There is still uncertainty and increased volatility on financial markets due to the unexpected victory Trump’s presidential election in the United States. Investors estimate the current risks. Yesterday, in the afternoon, the US dollar stabilized and won back the losses obtained during the Asian session.

forex-forecast-eurusd-10-11-2016

The MACD histogram is in the negative zone, but above the signal line, which sends a weak signal to sell EUR/USD.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating the further reduction of EUR/USD.

All news on the US economy:
– The number of initial applications for unemployment benefits (15:30 GMT + 2: 00);
– FOMC member Bullard’s speech (16:15 GMT + 2: 00).

Trading recommendations:

Support levels: 1.09050
Resistance levels: 1.09900

In case of publication of optimistic US economic statistics, quotes of the single currency may continue to decline and reach the level of 1.08500.

An alternative would be an increase of EUR/USD to the level of 1.09900.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.23781
Opening: 1.24061
Chg. % for the last day: +0.20
Day range: 1.23944 – 1.24557
52-week range: 1.2016 – 1.5513

During the Asian trading session, a significant change in the currency exchange rate did not happen in Britain. Currency market participants continue to estimate the news feed from the US data. At the moment, the GBP/USD currency pair is testing the resistance level of 1.24350.

forex-forecast-gpbusd-10-11-2016

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

The Stochastic Oscillator is near the overbought zone, the %K line crossed the %D line. There are no signals yet.

Important news for the British economy is not expected today. We recommend to pay attention to the news feed from the US.

Trading recommendations:

Support levels: 1.23450
Resistance levels: 1.24350, 1.25350

We expect the development of the bearish moods on the GBP/USD currency pair. In case of keeping the resistance level of 1.24350 and appearing of additional evidence on the smaller timeframes, the GBP/USD quotes may reach 1.23500.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.32868
Opening: 1.34234
Chg. % for the last day: +1.00
Day range: 1.33862 – 1.34356
52-week range: 1.2458 – 1.4692

The Canadian dollar remains under pressure due to Trump’s unexpected victory. Yesterday, the growth of the USD/CAD quotations was 1%. At the moment, the currency is being traded near the demand zone of 1.33750-1.33950.

forex-forecast-usdcad-10-11-2016

The MACD histogram is in the positive zone and continues to rise, indicating a further increase of the USD/CAD currency pair.

The Stochastic Oscillator has come out of the overbought zone, the %K line is above the %D line, which means purchases on USD/CAD.

At 15:30 (GMT + 2: 00) the data on the index of prices for new houses building in Canada will be released.

Trading recommendations:

Support levels: 1.33950
Resistance levels: 1.34750, 1.35200

We expect the development of an upward trend on the USD/CAD currency pair to a local resistance level of 1.34750.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 105.144
Opening: 105.664
Chg. % for the last day: +0.48
Day range: 104.962 – 106.194
52-week range: 99.08 – 123.69

At the moment, the demand for safe yen has weakened considerably. The USD/JPY currency pair has reached the strong resistance of 106.000.

forex-forecast-usdjpy-10-11-2016

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

Stochastic Oscillator has reached the overbought zone, the %K line is above the %D line, which gives a weak signal to buy USD/JPY.

The news background for the Japanese economy is calm.

Trading recommendations:

Support levels: 105.300, 103.850
Resistance levels: 106.000

We expect a continuation of the upward trend on the USD/JPY currency pair. Quotes may reach 106.500.