Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 11 January, 2017

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.05741
Opening: 1.05555
Chg. % for the last day: -0.19
Day range: 1.05363 – 1.05665
52-week range: 1.0366 – 1.1616

Yesterday, there was a high trading activity on the EUR/USD currency pair. The euro held the resistance level of 1.06100, prompting aggressive selling. The trading ended with a slight increase of the US dollar. At the moment, financial market participants are waiting for J. Trump’s press conference.

forex-forecast-eurusd-11-01-2017

The MACD histogram has started to decline and come into the negative zone, indicating sales of EUR/USD.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the development of an upward trend in the EUR/USD currency pair.

News feed:
– auction of 10-year Treasury bonds in Germany placement (12:35 GMT + 2: 00);
– auction of 10-year Treasury bonds in USA placement (20:00 GMT + 2: 00);
– the US President Trump’s speech (20:00 GMT + 2: 00).

Trading recommendations:

Support levels: 1.05150
Resistance levels: 1.05750, 1.06100

If the price consolidates above the level of 1.05750, an upward trend may develop in the EUR/USD currency pair. The movement potential is to 1.06250.

An alternative might be the EUR/USD quotes falling to around 1.05000.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.21599
Opening: 1.21751
Chg. % for the last day: +0.12
Day range: 1.21484 – 1.21977
52-week range: 1.2016 – 1.5513

There was no a unidirectional movement in the GBP/USD currency pair during yesterday’s trading session. The pound was traded in a range of 1.21250-1.21750. At the moment, the currency is being traded near the local offers area zone of 1.21600-1.21750.

forex-forecast-gpbusd-11-01-2017

The MACD histogram does not give strong signals. The indicator is located near the 0 mark.

Stochastic Oscillator has come out of the oversold zone, the %K line is above the line %D line, indicating the growth of the GBP/USD currency pair.

Today we expect important statistics from the UK:
– the volume of production in manufacturing industry (11:30 GMT + 2: 00);
– the balance of trade (11:30 GMT + 2: 00);
– assessment of GDP growth from NIESR (17:00 GMT + 2: 00).

Trading recommendations:

Support levels: 1.21250
Resistance levels: 1.21750, 1.22300

If statistics from the UK is positive, the correction in GBP/USD may develop to the local resistance level of 1.22300.

An alternative could be a further drop of the GBP/USD currency pair quotes to the level of 1.20800.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.32166
Opening: 1.32291
Chg. % for the last day: +0.12
Day range: 1.32151 – 1.32550
52-week range: 1.2458 – 1.4692

The USD/CAD currency pair continues to be in a sideway trend. The key trading range is 1.32000-1.32750. We expect a press conference of the president of the United States.

forex-forecast-usdcad-11-01-2017

The MACD histogram has started to decline and fixed below the signal line, which indicates the development of the “bearish” moods on USD/CAD.

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

The news background on the economy of Canada is calm today.

Trading recommendations:

Support levels: 1.32000
Resistance levels: 1.32750

We continue to expect the development of the downward trend 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: 116.011
Opening: 115.753
Chg. % for the last day: -0.22
Day range: 115.657 – 116.243
52-week range: 99.08 – 123.69

Yesterday, trading on the USD/JPY currency pair was held in a wide range of more than 90 points. The yen kept the support level of 115.250. During the Asian trading session, a significant change of the USD/JPY rate did not happen.

forex-forecast-usdjpy-11-01-2017

The MACD histogram has started to rise, pointing to the growth of the USD/JPY quotations.

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

We recommend to pay attention to the news feed from the USA.

Trading recommendations:

Support levels: 115.250
Resistance levels: 116.200

Yesterday’s forecast proved to be quite accurate. If the price consolidates below the 115.750 local support, a downward trend may develop. A movements potential is to around 115.250.