Forecasts by Justforex

Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 20 January, 2017

Technical showings of the currency pair:

Pre-opening: 1.06295
Opening: 1.06640
Chg. % for the last day: +0.31
Day range: 1.06518 – 1.06937
52-week range: 1.0366 – 1.1616

Yesterday, trading on the EUR/USD currency pair was quite active. This is due to the release of important news. ECB left its monetary policy unchanged. However, there was no unidirectional movement. Trading ended with a slight strengthening of the euro. Today will be the inauguration of the J. Trump.

forex-forecast-eurusd-20-01-2017

Indicators signals are ambiguous. The MACD histogram is in the positive zone and above its signal line, indicating further growth of the EUR/USD currency pair.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating sales of EUR/USD.

Today the attention of the financial markets will be focused on the performance of the US President J. Trump. The press conference will be held at 19:00 (GMT + 2: 00).

Trading recommendations:

Support levels: 1.06500, 1.05850
Resistance levels: 1.07150

Today, we recommend to reduce the risks of opening positions on the major currency pairs. In the short term, we expect the development of an upward trend in EUR/USD. The potential movement is to 1.07100.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.22608
Opening: 1.23417
Chg. % for the last day: +0.68
Day range: 1.23254 – 1.23712
52-week range: 1.2016 – 1.5513

Yesterday, the GBP/USD currency pair was under the influence of buyers. The pound rose by more than 75 points. Prime Minister T. May plans to complete a favorable agreement with the EU. An important statistics for the UK economy is expected.

forex-forecast-gpbusd-20-01-2017

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

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating the drop of the GBP/USD quotes.

All news from the UK:
– base index of retail sales (11:30 GMT + 2: 00);
– retail sales volume (11:30 GMT + 2: 00).

Trading recommendations:

Support levels: 1.23000, 1.22000
Resistance levels: 1.24150

If the economic data from the UK is positive, an upward trend in GBP/USD may continue to the level of 1.24100.

An alternative may be a correction to the local support of 1.22850.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.32684
Opening: 1.33180
Chg. % for the last day: +0.37
Day range: 1.32836 – 1.33298
52-week range: 1.2458 – 1.4692

During yesterday’s trading session, the Canadian dollar continued to lose ground against the US dollar. The growth of the USD/CAD quotations exceeded 50 points. The currency found resistance at 1.33500.

forex-forecast-usdcad-20-01-2017

Indicators do not send strong signals. The MACD histogram is in the positive zone, but below the signal line, sending a weak signal to buy USD/CAD.

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

We expect important statistical data on the Canadian economy:
– the core consumer price index (15:30 GMT + 2: 00);
– the base index of retail sales (15:30 GMT + 2: 00);
– retail sales volume (15:30 GMT + 2: 00).

Trading recommendations:

Support levels: 1.32800, 1.32100
Resistance levels: 1.33500.

If statistics from Canada is weak, the USD/CAD quotes may continue to rise to around 1.33900.

An alternative would be a correction to 1.32750.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 114.646
Opening: 114.861
Chg. % for the last day: +0.17
Day range: 114.523 – 115.120
52-week range: 99.08 – 123.69

In Asian trading session, a significant change in the yen did not happen. The participants of the currency market are waiting for D. Trump’s speech. Currently, USD/JPY is testing the key offers area of 115.000-115.500.

forex-forecast-usdjpy-20-01-2017

The MACD histogram has started to decline and fixed below the signal line, which indicates the development of the “bearish” moods on the USD/JPY currency pair.

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

It is necessary to pay attention to US news background.

Trading recommendations:

Support levels: 113.900, 112.750
Resistance levels: 115.250

We expect the development of the downward trend in the USD/JPY currency pair. If the price consolidates below 114.700, be sure to consider selling of USD/JPY. The potential movement is to 114.250-114.000.

Estimate the article: 1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)

Subscribe to our newsletter!

Get an e-book “The Building Blocks for sucсeeding with Forex Trading” and notifications about new posts once a week

Send this to friend