Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 24 November, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.06268
Opening: 1.05525
Chg. % for the last day: -0.63
Day range: 1.05174 – 1.05686
52-week range: 1.0538 – 1.1616

Trading activity on the financial markets is low today. In the United States people celebrate Thanksgiving Day. Yesterday the US dollar strengthened against the major currencies. This is due to the release of positive data on the basic durable goods orders. In October the index increased and amounted to 1.0%, compared with market expectations of 0.2%.

forex-forecast-eurusd-24-11-2016

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

Stochastic Oscillator is located near the overbought zone, the %K line crossed %D line. Currently, there are no signals.

All news on the EU economy:
– IFO business climate index in Germany (11:00 GMT + 2: 00);
– Germany’s consumer climate index (14:00 GMT + 2: 00)

Trading recommendations:

Support levels: 1.05250
Resistance levels: 1.05800, 1.06400

At the moment, the currency is being traded near the “mirror” resistance level of 1.05800. If the price overcomes and fixes above this level, quotes, EUR/USD can reach the level of 1.06250.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.24207
Opening: 1.24296
Chg. % for the last day: +0.13
Day range: 1.24026 – 1.24407
52-week range: 1.24642 – 1.25125

Yesterday, trading on GBP/USD was very active. This is due to the release of important statistics on the US economy. However, a significant change of the pound has not occurred. At the moment, the currency is testing the resistance level of 1.24350.

forex-forecast-gpbusd-24-11-2016

Indicators do not send strong signals. The MACD histogram is near the 0 mark.

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

At 11:30 (GMT + 2: 00), the data on the number of mortgage loans BBA will be released.

Trading recommendations

Support levels: 1.23600
Resistance levels: 1.24350, 1.25100

We expect the growth of the GBP/USD currency pair to the level of 1.24700. One should look for the confirmation and entry point into the market on smaller timeframes.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.34404
Opening: 1.34870
Chg. % for the last day: +0.34
Day range: 1.34822 – 1.35349
52-week range: 1.2458 – 1.4692

The Canadian dollar continues to lose ground against the US dollar. During the Asian session, the USD/CAD quotes increased by more than 50 pips. The currency reached the local resistance of 1.35250.

forex-forecast-usdcad-24-11-2016

The MACD histogram is in the positive zone and above its signal line, indicating purchases of USD/CAD.

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

The news background on the economy of Canada is calm.

Trading recommendations:

Support levels: 1.34600, 1.34000
Resistance levels: 1.35250

If the price keeps the resistance level of 1.35250, the USD/CAD quotes can reach the level of 1.34800.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 111.136
Opening: 112.523
Chg. % for the last day: +1.26
Day range: 112.284 – 113.526
52-week range: 99.08 – 123.69

Yesterday, there were aggressive purchases on the USD/JPY currency pair. The quotations growth exceeded 1%. During the Asian session, the dollar rally continued. The currency found resistance at the level of 113.600.

forex-forecast-usdjpy-24-11-2016

The MACD histogram is in the positive zone and above its signal line, indicating a continuation of the upward trend on USD/JPY.

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

Important economic news from Japan is not expected today.

Trading recommendations:

Support levels: 112.350, 111,250
Resistance levels: 113.600

If the price keeps the resistance level of 113.600 and an additional confirmation is formed on the lower timeframes, we are sure to consider selling of USD/JPY to around 112.500.