Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 22 November, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.05946
Opening: 1.06277
Chg. % for the last day: +0.44
Day range: 1.06033 – 1.06495
52-week range: 1.0538 – 1.1616

Yesterday ECB President Draghi said that the regulator intends to leave the monetary stimulus at the current levels. Trading on the EUR/USD currency pair was quite calm. The currency continues to test the support level of 1.05800.

forex-forecast-eurusd-22-11-2016

The MACD histogram has started up and moved into the positive zone, indicating an increase of EUR/USD.

Stochastic Oscillator has come out of the oversold zone, the %K line is above the %D line, which also indicates an upward trend on EUR/USD.

Important news on the EU economy is not expected today. It is worth to pay attention to the news feed from the USA. At 17:00 (GMT + 2: 00), the data on sales of existing homes market will be released.

Trading recommendations:

Support levels: 1.05800
Resistance levels: 1.07250

We expect a correction on the EUR/USD currency pair. Quotes may achieve local resistance of 1.07200.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.23417
Opening: 1.24894
Chg. % for the last day: +1.36
Day range: 1.23184 – 1.23645
52-week range: 1.24642 – 1.25125

Yesterday, the GBP/USD currency pair was under “bullish” moods. The quotations growth exceeded 150 pips. At the moment, the currency is testing the local resistance of 1.25100.

forex-forecast-gpbusd-22-11-2016

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

Stochastic Oscillator is in the neutral zone, the %K line has crossed the %D line. There are no signals yet.

At 13:00 (GMT + 2: 00) the index of industrial orders in Britain will be released.

Trading recommendations:

Support levels: 1.24350, 1.23600
Resistance levels: 1.25100

If the price overcomes and fixes above the level of 1.25100, be sure to consider the purchase of GBP/USD to the local resistance level of 1.25550.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.34940
Opening: 1.34197
Chg. % for the last day: -0.68
Day range: 1.33794 – 1.34331
52-week range: 1.2458 – 1.4692

During yesterday’s trading session the correction on the USD/CAD currency pair continued. The Canadian dollar strengthened against the US dollar by more than 75 points.

forex-forecast-usdcad-22-11-2016

The MACD histogram is in the negative zone and below its signal line, indicating a continuation of the corrective movement on USD/CAD.

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

We recommend to pay attention to the publication of the benchmark index of retail sales in Canada (15:30 GMT + 2: 00).

Trading recommendations:

Support levels: 1.33500
Resistance levels: 1.34000, 1.34600

Yesterday, our expectations were confirmed. We believe that the USD/CAD currency pair may continue to fall to the level of 1.33500.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 110.924
Opening: 110.790
Chg. % for the last day: -0.10
Day range: 110.267 – 111.229
52-week range: 99.08 – 123.69

Yesterday, a significant change in the yen rate did not happen. The USD/JPY currency pair was testing the resistance level of 111.000.

forex-forecast-usdjpy-22-11-2016

The MACD histogram has continued to decline and fixed below the signal line, which indicates the development of the downward trend on the USD/JPY currency pair.

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

The news background for the Japanese economy is calm. We recommend to pay attention to statistics from the US.

Trading recommendations:

Support levels: 109.750, 108.600
Resistance levels: 111.000

If the statistical data of the US is weak, the USD/JPY quotations may decline to around 110,100.

An alternative could be a further increase of USD/JPY to a local resistance of 111.500.