Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 23 November, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.06264
Opening: 1.06258
Chg. % for the last day: -0.04
Day range: 1.06065 – 1.06434
52-week range: 1.0538 – 1.1616

Since the beginning of this week, the single currency has being traded in flat with a range of 60 pips. The EUR/USD currency pair is testing the local levels of support and resistance: 1.05850 and 1.06500. The market expects additional drivers for the development of the trends.

forex-forecast-eurusd-23-11-2016

The MACD histogram does not give strong signals. The indicator is located near the 0 mark.

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

News feed:
– The index of business activity in the manufacturing sector in Germany (10:30 GMT + 2: 00);
– The data on business activity in the EU (11:00 GMT + 2: 00);
– Basic orders for durable goods in the US (15:30 GMT + 2: 00);
– The number of initial claims for unemployment benefits in the US (15:30 GMT + 2: 00);
– The index of business activity in the manufacturing sector of the US (17:00 GMT + 2: 00);
– New houses sales in the US (17:00 GMT + 2: 00);
– Publication of the FOMC reports (21:00 GMT + 2: 00).

Trading recommendations:

Support levels: 1.05850
Resistance levels: 1.06500, 1.07150

If statistics from the US is positive, a downward trend for the EUR/USD currency pair may develop to the level of 1.05250.

An alternative may be a correction to the local resistance level of 1.07150.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.24894
Opening: 1.24212
Chg. % for the last day: -0.55
Day range: 1.23815 – 1.24275
52-week range: 1.24642 – 1.25125

Yesterday, the GBP/USD currency pair observed correctional movement. The British currency weakened against the US dollar by more than 70 pips. At the moment, the currency is being traded close to the “mirror” resistance of 1.24150.

forex-forecast-gpbusd-23-11-2016

The MACD histogram has fixed in the negative zone and below the signal line, which indicates the development of the downward trend on the GBP/USD currency pair.

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

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

Trading recommendations:

Support levels: 1.23550
Resistance levels: 1.24150, 1.24950

If US economic data is weak, we recommend to consider buying of GBP/USD to the level of 1.24600.

An alternative may be a decrease of the GBP/USD quotes to the local support of 1.23350.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.34197
Opening: 1.34405
Chg. % for the last day: +0.18
Day range: 1.34240 – 1.34545
52-week range: 1.2458 – 1.4692

Yesterday, there was an increased trading activity on the USD/CAD currency pair. This is due to the release of important economic data from the United States. However, a significant change in the Canadian dollar did not happen. At the moment, the local currency is being traded between the support and resistance levels: 1.34300 and 1.34650.

forex-forecast-usdcad-23-11-2016

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

Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, which also indicates the development of an upward trend on USD/CAD .

Important economic news from Canada is not expected. It is necessary to pay attention to the statistical data from the US.

Trading recommendations:

Support levels: 1.34300, 1.33900
Resistance levels: 1.34650

We expect the development of the bearish moods on the USD/CAD currency pair. We recommend to consider selling to around 1.33950.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 110.790
Opening: 111.136
Chg. % for the last day: +0.26
Day range: 110.834 – 111.182
52-week range: 99.08 – 123.69

Yesterday, trading ended with a slight strengthening of the US dollar against the yen. The pair continues to test the resistance level of 111.100.

forex-forecast-usdjpy-23-11-2016

Indicators signals are ambiguous. The MACD histogram has started to decline and fixed below the signal line, which indicates the development of corrective movement on USD/JPY.

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

The news background for the Japanese economy is calm.

Trading recommendations:

Support levels: 110.500, 109.900
Resistance levels: 111.100

If the price keeps the resistance level of 111.100 and an additional confirmation on the lower timeframes is formed, the USD/JPY quotes may reach 110.550.