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

Technical showings of the currency pair:

Pre-opening: 1.06553
Opening: 1.06285
Chg. % for the last day: -0.14
Day range: 1.06116 – 1.06582
52-week range: 1.0366 – 1.1616

During the last week, the euro was under pressure due to rising political risk in the EU. Today, buyers prevail on the EUR/USD currency pair. Currently, the trading instrument is testing the resistance level of 1.06550.

forex-forecast-eurusd-13-02-2017

The MACD histogram has started to rise and fixed above the signal line, which indicates the development of the correction in EUR/USD.

Stochastic Oscillator has reached overbought zone, the %K line is above the %D line, that delivers a weak signal to buy EUR/USD.

News background is calm today:
– EU economic forecasts (12:00 GMT + 2: 00);
– a monthly report of OPEC (13:00 GMT +2:00).

Trading recommendations:

Support levels: 1.06150
Resistance levels: 1.06550, 1.07150

The last forecast was quite accurate. We expect a correction in the EUR/USD currency pair. One should consider buying EUR/USD if the price consolidates above the level of 1.06650. The potential for movement – 1.06900-1.07100.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.24965
Opening: 1.24576
Chg. % for the last day: -0.04
Day range: 1.24564 – 1.25393
52-week range: 1.1986 – 1.5020

Today there is a growing demand for the currency in Britain. The GBP/USD quotes rose by more than 75 points. The nearest resistance is the level of 1.25500.

forex-forecast-gpbusd-13-02-2017

The MACD histogram has started to rise and moved into the positive zone, indicating an increase of the GBP/USD currency pair.

Stochastic Oscillator is near the overbought 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: 1.24700
Resistance levels: 1.25500, 1.26400

We believe that the upward trend in GBP/USD may continue. The potential for movement – 1.25750-1.25900.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.31442
Opening: 1.30769
Chg. % for the last day: -0.49
Day range: 1.30728 – 1.31210
52-week range: 1.2458 – 1.4692

On Friday, February 10, the USD/CAD pair has kept the key resistance level of 1.31500, prompting aggressive selling. At the moment, the currency is testing the resistance level of 1.30900.

forex-forecast-usdcad-13-02-2017

The MACD histogram has consolidated in the negative zone and continued to decline, indicating the “bearish” moods on the USD/CAD currency pair.

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

The publication of important statistics on Canada’s economy is not planned today.

Trading recommendations:

Support levels: 1.30400
Resistance levels: 1.30900, 1.31500

We believe that the fall of the USD/CAD quotes may continue. The nearest target for taking profit is 1.30400-1.30100.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 113.231
Opening: 113.548
Chg. % for the last day: -0.03
Day range: 113.429 – 114.173
52-week range: 99.08 – 123.69

The yen is under pressure due to weak data on GDP. During the Asian trading session, the USD/JPY quotes exceeded 114.000. Key support and resistance levels are 113.150 and 113.850 respectively.

forex-forecast-usdjpy-13-02-2017

Indicators do not send strong signals. The MACD histogram has consolidated in the positive zone, but below the signal line, which delivers a weak signal to buy USD/JPY.

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

In Q4 Japanese GDP growth was 0.2%. Market expectations were at 0.3%.

Trading recommendations:

Support levels: 113.150, 112.450
Resistance levels: 113.850

Friday’s forecast proved to be quite accurate. At the moment, the technical pattern on the USD/JPY currency pair is ambiguous. We recommend opening long positions from key levels.

If the price consolidates above 113.850, be sure to consider buying USD/JPY. Potential for movement – 114.250.

If the price overcomes the local support of 113.350, it is necessary to consider selling USD/JPY. The nearest target for taking profit is 113.000-112.750.