forecasts-justforex

Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 24 January, 2017

Technical showings of the currency pair:

Pre-opening: 1.07007
Opening: 1.07651
Chg. % for the last day: +0.49
Day range: 1.07336 – 1.07720
52-week range: 1.0366 – 1.1616

Yesterday the US dollar continued to lose ground against the major world currencies. The EUR/USD quotes growth exceeded 60 points. At the moment, the currency is testing the local resistance of 1.07550. We expect the publication of statistics from the EU and the US.

forex-forecast-eurusd-24-01-2017

The MACD histogram is in the positive zone, but below the signal line, which delivers a weak signal to buy EUR/USD.

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

Economic Calendar on 24.01.2017:
– the index of business activity in the manufacturing sector in Germany (10:30 GMT + 2: 00);
– the index of business activity in the manufacturing sector of the euro area (11:00 GMT + 2: 00);
– the composite index of business activity in the euro area by Markit (11:00 GMT + 2: 00);
– the index of business activity in a services sector of the euro area(11:00 GMT + 2: 00);
– the index of business activity in the manufacturing sector of the US (16:45 GMT + 2: 00);
– sales in the secondary housing market in the US (17:00 GMT + 2: 00).

Trading recommendations:

Support levels: 1.07150, 1.06500
Resistance levels: 1.07550

If statistics from the EU is optimistic, the EUR/USD currency pair growth may continue to the level of 1.08000.

An alternative may be a correction of EUR/USD to the local support of 1.06900.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.23738
Opening: 1.25345
Chg. % for the last day: +1.20
Day range: 1.24629 – 1.25477
52-week range: 1.2016 – 1.5513

During yesterday’s trading session, the pound rose significantly against the US dollar. The GBP/USD quotes rose by 1.2%. At the moment, the currency is being traded in a range of 1.24700-1.25450.

forex-forecast-gbpusd-24-01-2017

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

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

It is necessary to pay attention to the news feed on the US economy.

Trading recommendations:

Support levels: 1.24700, 1.24150
Resistance levels: 1.25450

The previous forecast was confirmed. If statistics from the US is weak, the upward trend in the GBP/USD currency pair may continue. The potential movement is to 1.25750.

An alternative would be a correction to the support level of 1.24150.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.33182
Opening: 1.32376
Chg. % for the last day: -0.50
Day range: 1.32119 – 1.32715
52-week range: 1.2458 – 1.4692

Yesterday, the selling prevailed on the USD/CAD currency pair. The Canadian dollar rose by more than 80 points. At the moment, a classic reversal pattern of the technical analysis – “Head and shoulders” – has formed.

forex-forecast-usdcad-24-01-2017

Indicators do not send strong signals. The MACD histogram is in the negative zone, but above the signal line.

Stochastic Oscillator has reached the overbought zone, the %K line crossed the %D line. Currently, there are no signals.

The news background on the economy of Canada is calm.

Trading recommendations:

Support levels: 1.32100
Resistance levels: 1.32800, 1.33500.

Yesterday’s forecast proved to be quite accurate. We expect a continuation of the “bearish” moods on the USD/CAD currency pair. The potential movement is to 1.32100-1.31800.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 114.280
Opening: 112.701
Chg. % for the last day: -0.98
Day range: 112.504 – 113.439
52-week range: 99.08 – 123.69

Yesterday, the USD/JPY currency pair was under the influence of sellers. The yen rose in price by more than 150 points. During the Asian trading session, the currency kept the support level of 112.750, prompting correction. Currently, the price is testing the local resistance of 113.300.

forex-forecast-usdjpy-24-01-2017

The MACD histogram has started to rise and fixed above the signal line, which indicates the development of corrective movement in USD/JPY.

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

Important news from Japan is not expected today.

Trading recommendations:

Support levels: 112.750
Resistance levels: 113.900, 115.250

Last recommendations were confirmed. We believe that the downward trend in USD/JPY may continue. The potential movement is to 112.750-112.500.

Estimate the article: 1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

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