Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 28 November, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.05518
Opening: 1.06089
Chg. % for the last day: +0.31
Day range: 1.05943 – 1.06846
52-week range: 1.0538 – 1.1616

During the Asian session, the US dollar weakened against a basket of world currencies. The correction is observed on the market. At the moment the EUR/USD currency pair is testing the “mirror” support level of 1.06400.

forex-forecast-eurusd-28-11-2016

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

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

At 16:00 (GMT + 2: 00) ECB President Draghi’s speech will be held. Important economic data from the US is not expected today.

Trading recommendations:

Support levels: 1.06400, 1.05800
Resistance levels: 1.06850

Friday’s recommendations were effective. We recommend to consider buying of EUR/USD be the level of 1.06900.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.24459
Opening: 1.24455
Chg. % for the last day: +0.19
Day range: 1.24340 – 1.25317
52-week range: 1.0538 – 1.1616

During the Asian trading session, demand for the British currency has grown significantly. The growth of the GBP/USD quotations has exceeded 85 pips. At the moment, the currency is being traded near the resistance level of 1.25100.

forex-forecast-gpbusd-28-11-2016

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

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

Important economic news from the UK is not expected today.

Trading recommendations:

Support levels: 1.24350, 1.23600
Resistance levels: 1.25100

We expect “bullish” moods on the GBP/USD currency pair. Recommend to consider buying to a local resistance level of 1.25500.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.34862
Opening: 1.34982
Chg. % for the last day: +0.29
Day range: 1.34598 – 1.35370
52-week range: 1.0538 – 1.1616

A technical pattern of the USD/CAD currency pair points to a correction development. The “Double Top” reversal formation of the technical analysis has occurred on the market. At the moment, the currency is being traded near the local support level of 1.34600.

forex-forecast-usdcad-28-11-2016

Indicators signals are ambiguous. The MACD histogram has started to decline and fixed below the signal line, indicating a drop of the USD/CAD quotes.

Stochastic Oscillator has come out of the oversold zone, the %K line is above the %D line, which means purchases of USD/CAD.

The news feed on the economy of Canada is calm today.

Trading recommendations:

Support levels: 1.34600, 1.34000
Resistance levels: 1.35250

The previous forecast was confirmed. We expect a correction development on the USD/CAD currency pair. If the price consolidates below 1.34600, the USD/CAD quotes may reduce to a local support of 1.34300.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 113.274
Opening: 112.798
Chg. % for the last day: -0.23
Day range: 111.369 – 112.977
52-week range: 99.08 – 123.69

In the Asian session, the yen showed significant growth. The Japanese currency rose in price by more than 140 pips. The USD/JPY currency price overcame and fixed below the support level of 112.350.

forex-forecast-usdjpy-28-11-2016

The MACD histogram is in the negative zone and below its signal line, indicating a continuation of the correction on USD/JPY.

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

The publication of important statistics on the Japanese economy is not planned.

Trading recommendations:

Support levels: 111.250
Resistance levels: 112.350, 113.600

Our previous expectations were confirmed. We continue to expect the development of the downward trend on the USD/JPY currency pair. We recommend to consider selling to the local support of 111.300.