Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 18 November, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.06911
Opening: 1.06266
Chg. % for the last day: -0.60
Day range: 1.05814 – 1.06324
52-week range: 1.0538 – 1.1616

Yesterday, trading on the EUR/USD currency pair was very active. This is due to the release of key economic data and the FRS meeting. At the moment, the currency is testing the local resistance of 1.06150.

forex-forecast-eurusd-18-11-2016

The MACD histogram is in the negative zone and below its signal line, indicating a continuation of the downward trend on the EUR/USD currency pair.

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

Today at 10:30 (GMT + 2: 00) ECB President Draghi’s speech will be held.

Trading recommendations:

Support levels: 1.05500
Resistance levels: 1.06150, 1.07500

If prices keep the local resistance level of 1.06150 and have additional confirmation smaller timeframes, the EUR/USD quotations can reach 1.05500.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.24420
Opening: 1.24174
Chg. % for the last day: -0.22
Day range: 1.23814 – 1.24245
52-week range: 1.2016 – 1.5513

Yesterday, there was a variety of trends on the GBP/USD currency pair. A significant change of the pound has not occurred. Trading session ended with the GBP/USD currency pair decline by 0.22%.

forex-forecast-gpbusd-18-11-2016

Indicators signals are ambiguous. The MACD histogram has fixed in the negative zone and continues to decline, signaling bearish moods on the GBP/USD.

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

Today important economic news from the UK is not expected. At 11:10 (GMT + 2: 00) a speech of a member of the Monetary Policy Broadbent will be held.

Trading recommendations:

Support levels: 1.23600
Resistance levels: 1.24350, 1.25350

We expect the downward trend to develop on the GBP/USD currency pair to the level of 1.23750.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.34468
Opening: 1.35093
Chg. % for the last day: +0.59
Day range: 1.35078 – 1.35647
52-week range: 1.2458 – 1.4692

During yesterday’s trading session, the USD/CAD currency pair found support at 1.34100. Canada’s currency weakened against the US dollar by more than 100 pips. Currently, the Canadian dollar is already testing the “mirror” support level of 1.35300.

forex-forecast-usdcad-18-11-2016

Indicators point to a possible correction on the USD/CAD currency pair. The MACD histogram has started to decline and is below the signal line.

Stochastic Oscillator is near oversold zone, the %K line is below the %D line, indicating the decline of the USD/CAD quotes.

Forex participants attention is directed to the data on inflation in Canada. At 15:30 (GMT + 2: 00) core CPI will be released.

Trading recommendations:

Support levels: 1.35300, 1.34600
Resistance levels: 1.35900

If the statistical data from Canada is weak, the USD/CAD currency pair may continue to rise to around 1.35900.

An alternative would be the USD/CAD quotes reduction to the level of 1.34750.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 109.051
Opening: 110.117
Chg. % for the last day: +0.94
Day range: 109.960 – 110.940
52-week range: 99.08 – 123.69

The Japanese currency remains under pressure. During yesterday’s trading session, the USD/JPY quotations growth has exceeded 100 pips.

forex-forecast-usdjpy-18-11-2016

The MACD histogram has fixed in the positive zone and above its signal line, indicating further growth of USD/JPY.

Stochastic Oscillator indicates correction on USD/JPY. The indicator is in the neutral zone, the %K line is below the %D line.

Today news background for the Japanese economy is calm.

Trading recommendations:

Support levels: 109.750, 108.600
Resistance levels: 111.000

If the resistance level keeps at around 111.000, the USD/JPY currency pair may correct to the local support of 109.750.