Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 13 December, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.05315
Opening: 1.06343
Chg. % for the last day: +0.83
Day range: 1.06287 – 1.06498
52-week range: 1.0538 – 1.1616

Yesterday, there was a technical correction on the EUR/USD currency pair. Quotations rose by more than 100 pips. The growth of the German government securities yields supports the demand for the euro.

forex-forecast-eurusd-13-12-2016

The MACD histogram is in the positive zone, but below the signal line, which delivers a weak signal to buy EUR/USD.

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

Economic Calendar for December 13:
– ZEW index of economic sentiments in Germany (12:00 GMT + 2: 00);
– Eurozone economic sentiment index from ZEW (12:00 GMT + 2: 00);
– price indices for exports and imports in the US (15:30 GMT + 2: 00).

Trading recommendations:

Support levels: 1.05900
Resistance levels: 1.06850

Yesterday’s recommendations proved to be quite accurate. We believe that the correction in the EUR/USD currency pair may continue. We recommend to consider buying to around 1.06800.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.25738
Opening: 1.26768
Chg. % for the last day: +0.67
Day range: 1.26597 – 1.26843
52-week range: 1.2016 – 1.5513

Yesterday, the GBP/USD currency pair was under influence of “bullish” moods. The pound rose in price by more than 120 points. At the moment, the currency is testing the resistance level of 1.26850.

forex-forecast-gpbusd-13-12-2016

The MACD histogram is in the positive zone, but below the signal line, which delivers a weak signal to buy GBP/USD.

Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, which indicates a continuation of the upward trend on the GBP/USD currency pair.

Today we expect important statistics from the UK:
– the consumer price index (11:30 GMT + 2: 00);
– PPI Input (11:30 GMT + 2: 00).

Trading recommendations:

Support levels: 1.25800
Resistance levels: 1.26850, 1.27500

Yesterday’s forecast was confirmed. If statistics on the UK economy is optimistic, the GBP/USD growth may continue to the level of 1.27400.

An alternative would be the GBP/USD quotes reduction to the local support of 1.26200.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.31410
Opening: 1.31284
Chg. % for the last day: -0.01
Day range: 1.31179 – 1.31404
52-week range: 1.2458 – 1.4692

At the moment the USD/CAD currency pair is being traded in a flat with a range of 40 points. During yesterday’s trading session, the significant change of the Canadian dollar has not happened.

forex-forecast-usdcad-13-12-2016

Indicators signals are ambiguous. The MACD histogram has started to rise and fixed above the signal line, indicating the USD/CAD currency pair increase.

Stochastic Oscillator has come out of the overbought zone, the %K line is below the %D line, indicating the sellers’ power sellers on USD/CAD.

Important news from Canada is not expected today.

Trading recommendations:

Support levels: 1.31750
Resistance levels: 1.32500

We expect a correction in the USD/CAD currency pair. Quotes may reach 1.31700.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 115.401
Opening: 115.001
Chg. % for the last day: -0.34
Day range: 114.734 – 115.424
52-week range: 99.08 – 123.69

Yesterday, there was a high volatility on the USD/JPY currency pair. Trading session was completed with the strengthening of the yen against the US dollar by more than 50 points. At the moment, the currency is testing the “mirror” resistance level of 115.400.

forex-forecast-usdjpy-13-12-2016

Indicators do not send strong signals. The MACD histogram has fixed near the 0 mark.

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

The news background for the Japanese economy is calm.

Trading recommendations:

Support levels: 114.750
Resistance levels: 115.400, 116.000

We expect the development of the “bearish” moods on the USD/JPY currency pair to a local support of 114.800. We recommend to consider short positions.