Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 13 January, 2017

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.05821
Opening: 1.06131
Chg. % for the last day: +0.29
Day range: 1.06028 – 1.06429
52-week range: 1.0366 – 1.1616

During yesterday’s trading session, the euro strengthened slightly against the US dollar. The EUR/USD currency pair kept the resistance level of 1.06500. In the afternoon there was a correction on the market. At the moment, the currency is being traded in a range of 1.06100-1.06500. We expect statistics from the US.

forex-forecast-eurusd-13-01-2017

The MACD histogram is in the positive area and has begun to rise, indicating a continuation of the upward trend on EUR/USD.

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

The news background on the US economy:
– base index of retail sales (15:30 GMT + 2: 00);
– PPI (15:30 GMT + 2: 00);
– retail sales volume (15:30 GMT + 2: 00);
– the FOMC member Harker’s speech (16:30 GMT + 2: 00);
– the expectations and consumers’ sentiment index from the University of Michigan (17:00 GMT + 2: 00).

Trading recommendations:

Support levels: 1.06100, 1.05150
Resistance levels: 1.06500

If statistics from the US is positive, the EUR/USD quotes may reduce to around 1.05600.
An alternative could be a further increase of EUR/USD to the level of 1.07000.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.22088
Opening: 1.21568
Chg. % for the last day: -0.40
Day range: 1.21391 – 1.21967
52-week range: 1.2016 – 1.5513

Yesterday, trading on the GBP/USD currency pair was very active. However, a unidirectional movement was not observed. The currency has formed a local support of 1.21500.

forex-forecast-gpbusd-13-01-2017

The MACD histogram has started to rise and fixed above the signal line, indicating the growth of the GBP/USD quotations.

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

Important news from the UK is not expected today.

Trading recommendations:

Support levels: 1.21500, 1.20500
Resistance levels: 1.22600, 1.23600

We expect the development of the “bullish” moods on the GBP/USD currency pair. The potential movement is to 1.22500.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.31788
Opening: 1.31439
Chg. % for the last day: -0.25
Day range: 1.31308 – 1.31690
52-week range: 1.2458 – 1.4692

Yesterday the USD/CAD currency pair kept the support level of 1.30500. In the afternoon, the correctional movement was observed. The US dollar won back most of the losses. At the moment, the currency is being traded in a range of 1.31300-1.32000.

forex-forecast-usdcad-13-01-2017

The MACD histogram has started to rise and moved into the positive zone, which indicates the growth of the USD/CAD quotes.

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

The news background on the economy of Canada is calm today. It is necessary to pay attention to the statistics from the US.

Trading recommendations:

Support levels: 1.31300, 1.30500
Resistance levels: 1.32000

If the statistical data from the US is positive, the correction in the USD/CAD currency pair may continue to the level of 1.32000.

An alternative would be the USD/CAD quotes reduction to support local of 1.30800.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 115.415
Opening: 114.680
Chg. % for the last day: -0.60
Day range: 114.529 – 115.180
52-week range: 99.08 – 123.69

During the Asian trading session, a significant change in the yen did not happen. At the moment the USD/JPY currency pair is testing the local level of support 114,600.

forex-forecast-usdjpy-13-01-2017

The MACD histogram has moved into the positive zone and continues to rise, which means purchases of USD/JPY.

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

It is necessary to pay attention to the news feed on the US economy.

Trading recommendations:

Support levels: 113.900
Resistance levels: 115.250, 116.300

If the price consolidates below 114.500, a downward trend may develop in USD/JPY. The potential movement is to 114.000.