Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 15 November, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.08329
Opening: 1.07382
Chg. % for the last day: -0.79
Day range: 1.07336 – 1.08012
52-week range: 1.0538 – 1.1616

During yesterday’s trading session, the single currency continued to lose ground (more than 100 pips) against the US dollar. At the moment the EUR/USD currency pair has found support at 1.07350. The technical image indicates the possibility of the corrective movement development.

forex-forecast-eurusd-15-11-2016

The MACD histogram has started to rise and fixed above the signal line, which indicates the development of an upward trend on the EUR/USD currency pair.

Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, which gives a signal to buy EUR/USD.

Today the important statistics on the EU economy will be published:
– ZEW index of economic sentiment in Germany (12:00 GMT + 2: 00);
– data on GDP in the Eurozone (12:00 GMT + 2: 00);
– The trade balance of the Eurozone (12:00 GMT + 2: 00)

We also recommend to pay attention to the news feed from the United States:
– Base index of retail sales (15:30 GMT + 2: 00);
– Retail sales volume (15:30 GMT + 2: 00).

Trading recommendations:

Support levels: 1.07800
Resistance levels: 1.09050

Yesterday’s forecast was confirmed. We expect the correction development on the EUR/USD currency pair. Currently, the price has overcome the local resistance of 1.07800. In the case of keeping the “mirror” support level of 1.07800, quotations may reach the level of 1.08850.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.25581
Opening: 1.24878
Chg. % for the last day: -0.71
Day range: 1.24391 – 1.25286
52-week range: 1.2016 – 1.5513

The last few trading sessions there is a correction on the GBP/USD currency pair. During yesterday’s trading session, the pound has lost in price more than 100 pips. At the moment, the currency is testing the local support of 1.24350.

forex-forecast-gpbusd-15-11-2016

The MACD histogram is in the negative zone and is below the signal line, indicating a further decline of the GBP/USD currency pair.

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

The news background for the UK economy:
– The consumer price index (11:30 GMT + 2: 00);
– Hearings of inflation report (12:00 GMT + 2: 00).

Trading recommendations:

Support levels: 1.24350, 1.23600
Resistance levels: 1.2535

In the case of weak statistics publication from the UK, the quotations of the GBP/USD currency pair may continue to fall and reach the level of 1.23600.

An alternative would be an increase of GBP/USD to the level of 1.24350.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.35013
Opening: 1.35597
Chg. % for the last day: +0.21
Day range: 1.34887 – 1.35603
52-week range: 1.2458 – 1.4692

Yesterday, the rally of the US dollar slowed. The USD/CAD currency pair found resistance at 1.35850. During the Asian session, the Canadian dollar continued to strengthen.

forex-forecast-usdcad-15-11-2016

The MACD histogram has moved into the negative zone and continued to decline, indicating a further correction of the USD/CAD currency pair.

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

We recommend to pay attention to statistics from the US.

Trading recommendations:

Support levels: 1.34600
Resistance levels: 1.35300, 1.35850

If US economic statistics is weak, the correction on USD/CAD may continue to around 1.34600.

An alternative would be an increase of the USD/CAD quotes by the resistance level of 1.35850.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 106.863
Opening: 108.404
Chg. % for the last day: +1.44
Day range: 107.766 – 108.417
52-week range: 99.08 – 123.69

Over the past week on the USD/JPY currency pair quite aggressive purchases were observed. During yesterday’s trading session, the US dollar rally continued. The pair rose in price by more than 1.4%. At present, the yen is being traded between local support and resistance levels: 107.700 and 108.500.

forex-forecast-usdjpy-15-11-2016

MACD histogram has started to decline and fixed below the signal line, which indicates the development of corrective movement on the USD/JPY currency pair.

Stochastic Oscillator has fixed in the neutral zone, the %K line is below the %D line, indicating sales on USD/JPY.

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

Trading recommendations:

Support levels: 107.700, 106.900
Resistance levels: 108.500

Yesterday’s forecast was confirmed. At the moment, we expect the development of the bearish moods on the USD/JPY currency pair. Quotes can reach 106.950.