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Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 23 January, 2017

Technical showings of the currency pair:

Pre-opening: 1.06640
Opening: 1.07007
Chg. % for the last day: +0.37
Day range: 1.06929 – 1.07558
52-week range: 1.0366 – 1.1616

At the moment, the US dollar is under pressure. During the Asian trading session, the EUR/USD quotes increased by more than 50 points. D. Trump’s speech on Friday 20 January, had a negative impact on the US dollar. The President pointed to the development of protectionist measures in the near future.

forex-forecast-eurusd-23-01-2017

Indicators signals are ambiguous. The MACD histogram has consolidated in the positive zone and above its signal line, indicating a continuation of the upward trend on EUR/USD.

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

The news background in the financial markets is calm today. At 13:30 (GMT + 2: 00) a press conference of ECB President Draghi will be held.

Trading recommendations:

Support levels: 1.07150, 1.06500
Resistance levels: 1.07550

Friday forecast was confirmed. We believe that the upward trend in the EUR/USD currency pair may continue. The potential movement is to 1.07900.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.23417
Opening: 1.23739
Chg. % for the last day: +0.27
Day range: 1.23679 – 1.24711
52-week range: 1.2016 – 1.5513

Last week, the pound rose significantly against the US dollar. The growth of the GBP/USD quotations exceeded 450 points. At the moment, the local resistance is at 1.24700.

forex-forecast-gbpusd-23-01-2017

The MACD histogram is in the positive zone and above its signal line, indicating the growth of the GBP/USD currency pair.

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

Important news from the UK is not expected today.

Trading recommendations:

Support levels: 1.24150, 1.23000
Resistance levels: 1.24700

We expect a continuation of the “bullish” moods in the GBP/USD currency pair. We recommend buying up to the mark of 1.24900-1.25000.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.33180
Opening: 1.33182
Chg. % for the last day: +0.02
Day range: 1.32678 – 1.33304
52-week range: 1.2458 – 1.4692

On Friday, January 20, trading on the USD/CAD currency pair was quite active. However, a unidirectional movement was not observed. Currency, the currency has kept the resistance level of 1.33500, prompting aggressive selling in the afternoon. Currently, the Canadian dollar is testing the support of 1.32800.

forex-forecast-usdcad-23-01-2017

The MACD histogram has started to decline and moved into the negative zone, suggesting sales of USD/CAD.

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

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

Trading recommendations:

Support levels: 1.32800, 1.32100
Resistance levels: 1.33500.

We expect a correction in the USD/CAD currency pair. One should consider selling. The potential movement is to 1.32300-1.32100.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 114.861
Opening: 114.280
Chg. % for the last day: -0.22
Day range: 113.164 – 114.419
52-week range: 99.08 – 123.69

At the moment, there is demand for the currency of Japan. During the Asian trading session, the yen rose in price by more than 100 points. Key levels are: support – 112.750; resistance – 113.900.

forex-forecast-usdjpy-23-01-2017

Indicators signals are ambiguous. The MACD histogram is in the negative zone and below its signal line, indicating a further drop of the USD/JPY quotes.

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

The news background for the Japanese economy is calm.

Trading recommendations:

Support levels: 112.750
Resistance levels: 113.900, 115.250

The previous forecast was confirmed. We believe that the USD/JPY currency pair may continue to decline. The nearest goal for profit is 113.000.

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