Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 21 November, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.06266
Opening: 1.05946
Chg. % for the last day: -0.36
Day range: 1.05774 – 1.06394
52-week range: 1.0538 – 1.1616

Since the beginning of this month, the US dollar has strengthened against the euro by more than 3%. Recent statistical data point to a strong growth of the US economy. However, during Friday’s trading session the EUR/USD currency pair found support at 1.05800. The current technical pattern indicates the correct development on EUR/USD.

forex-forecast-eurusd-21-11-2016

The MACD histogram has started to rise and fixed above the signal line, indicating the growth of the EUR/USD currency pair.

Stochastic Oscillator is near overbought, the %K line is above the %D line, that sends a weak signal to buy EUR/USD.

Today at 18:00 (GMT + 2: 00) the ECB President Draghi’s speech will be held.

Trading recommendations:

Support levels: 1.05800
Resistance levels: 1.07250

If the price fixes above the local resistance level of 1.06500, the corrective movement to the level of 1.07150 may develop.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.24174
Opening: 1.23417
Chg. % for the last day: -0.56
Day range: 1.23184 – 1.23645
52-week range: 1.2016 – 1.5513

Trading on GBP/USD was quite calm during the Asian session. Currency is in a flat with a range of 40 pips. Currently, the pound is testing the already “mirror” resistance level of 1.23600.

forex-forecast-gpbusd-21-11-2016

The MACD histogram is in the negative zone, but above the signal line, which sends a weak signal to sell GBP/USD.

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

The news background on the UK economy is calm.

Trading recommendations:

Support levels: 1.23050
Resistance levels: 1.23600, 1.24350

Friday’s forecast was completely confirmed. We continue to expect a decline of the GBP/USD currency pair. Quotes may reach 1.22850.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.35093
Opening: 1.34940
Chg. % for the last day: +0.16
Day range: 1.34343 – 1.35136
52-week range: 1.2458 – 1.4692

On Friday, November 18, the USD/CAD pair has kept the resistance level of 1.35300. During the Asian trading session, the Canadian dollar continued its correction. The USD/CAD quotes fell by more than 60 pips.

forex-forecast-usdcad-21-11-2016

The MACD histogram indicates the development of the downward trend on the USD/CAD currency pair. The indicator is in the negative zone and is below the signal line.

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

At 15:30 (GMT + 2: 00) the data on the volume of wholesale sales in Canada will be released.

Trading recommendations:

Support levels: 1.34000
Resistance levels: 1.34600, 1.35300

We expect a continuation of the corrective movement on the USD/CAD currency pair to the level of 1.34050.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 110.117
Opening: 110.924
Chg. % for the last day: +0.76
Day range: 110.509 – 111.198
52-week range: 99.08 – 123.69

The US dollar rally continued against the yen on Friday. The growth of the USD/JPY quotations has exceeded 90 pips. At the moment, the currency is being traded near the resistance level of 111.000.

forex-forecast-usdjpy-21-11-2016

Indicators point to the development of corrective movement on the USD/JPY currency pair. The MACD histogram has started to decline and fixed below the signal line.

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

Important economic news from Japan is not released today.

Trading recommendations:

Support levels: 109.750, 108.600
Resistance levels: 111.000

We believe that the USD/JPY currency pair may correct to around 110.100. Recommend to consider selling of USD/JPY.