Forecasts by Justforex

Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 26 January, 2017

Technical showings of the currency pair:

Pre-opening: 1.07303
Opening: 1.07484
Chg. % for the last day: +0.16
Day range: 1.07263 – 1.07657
52-week range: 1.0366 – 1.1616

The last trading sessions the EUR/USD currency pair has being traded in a flat. At the moment, there are two key levels: support – 1.07150; resistance – 1.07550. The US dollar remains under pressure. This is due to increasing of political risk in the United States.

forex-forecast-eurusd-26-01-2017

The MACD histogram has started to decline and fixed below the signal line, indicating a drop of the EUR/USD quotes.

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

Today we expect important statistics on the US economy:
– balance of foreign trade (15:30 GMT + 2: 00);
– the number of initial applications for unemployment benefits (15:30 GMT + 2: 00);
– the index of business activity in the services sector (16:45 GMT + 2: 00);
– new home sales (17:00 GMT + 2: 00).

Trading recommendations:

Support levels: 1.07150, 1.06500
Resistance levels: 1.07550

If statistics from the US is positive, a corrective movement in EUR/USD may develop to the level of 1.06900.

An alternative could be a further increase of the EUR/USD quotes to around 1.07900.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.25192
Opening: 1.26327
Chg. % for the last day: +0.90
Day range: 1.26219 – 1.26633
52-week range: 1.2016 – 1.5513

Yesterday the British currency rally continued. The pound rose against the US dollar by more than 100 points. The GBP/USD currency pair formed a local resistance 1.26600. We expect the UK GDP data.

forex-forecast-gbpusd-26-01-2017

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

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

The news background for the UK economy:
– the number of BBA mortgage approvals (11:30 GMT + 2: 00);
– the data on GDP (11:30 GMT + 2: 00).

Trading recommendations:

Support levels: 1.25450, 1.24150
Resistance levels: 1.26600

The previous forecast was quite accurate. If statistics from the UK is positive, the growth of the GBP/USD currency pair may continue. The potential movement is up to1.27000-1.27250.

An alternative could be the correction in GBP/USD to the local support of 1.25450.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.31585
Opening: 1.30671
Chg. % for the last day: -0.67
Day range: 1.30526 – 1.30933
52-week range: 1.2458 – 1.4692

Yesterday the US dollar continued to lose ground against the Canadian dollar. The USD/CAD quotations fall exceeded 80 points. The USD/CAD currency pairhas found support at 1.30550.

forex-forecast-usdcad-26-01-2017

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

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

It is necessary to pay attention to the news feed from the USA.

Trading recommendations:

Support levels: 1.30550
Resistance levels: 1.31100, 1.31750

We believe that the USD/CAD downward trend on the currency pair may continue. One should consider selling to around 1.30350.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 113.775
Opening: 113.277
Chg. % for the last day: -0.46
Day range: 113.046 – 113.804
52-week range: 99.08 – 123.69

Yesterday, the USD/JPY currency pair was very volatile. However, a unidirectional movement was not observed. Trading completed with the strengthening of the yen against the US dollar by 0.46%.

forex-forecast-usdjpy-26-01-2017

The MACD histogram has started to rise and moved into the positive zone, indicating an increase of USD/JPY.

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

Important news from Japan is not expected today.

Trading recommendations:

Support levels: 113.100
Resistance levels: 113.900, 114.500

If US economic data is weak, the downward trend in USD/JPY may continue to around 113.000.

An alternative would be an increase of the USD/JPY currency pair to the local resistance of 114.250.

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