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

Technical showings of the currency pair:

Pre-opening: 1.04509
Opening: 1.04544
Chg. % for the last day: +0.01
Day range: 1.04496 – 1.04799
52-week range: 1.0366 – 1.1616

Yesterday, trading was calm on the EUR/USD currency pair. Significant changes of the euro did not happen. At the moment, the currency is being traded in a range 1.04250-1.04650. We expect statistics from the US.

forex-forecast-eurusd-28-12-2016

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

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

At 17:00 (GMT + 2: 00) the index of pending sales in the US real estate market will be released.

Trading recommendations:

Support levels: 1.04250, 1.03850
Resistance levels: 1.04650

If the economic data from the US is optimistic, a downward trend on the EUR/USD currency pair may develop to the level of 1.04300.

An alternative would be an increase of the EUR/USD quotes to the resistance level of 1.05000.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.22751
Opening: 1.22621
Chg. % for the last day: -0.14
Day range: 1.22606 – 1.22971
52-week range: 1.2016 – 1.5513

The British currency continues to be traded in a flat. During yesterday’s trading, the pound tested the support level of 1.22650 several times. The market is waiting for additional drivers.

forex-forecast-gbpusd-28-12-2016

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, which indicates the development of the “bearish” moods on the GBP/USD currency pair.

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

We also recommend to pay attention to the news feed on the US economy.

Trading recommendations

Support levels: 1.22650
Resistance levels: 1.23400

If statistics from the US is weak, the GBP/USD quotes may reach 1.23150.

An alternative would be the GBP/USD currency pair reduction to the local support of 1.22250.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.35060
Opening: 1.35770
Chg. % for the last day: +0.47
Day range: 1.35595 – 1.35793
52-week range: 1.2458 – 1.4692

Yesterday, the USD/CAD currency pair was under the influence of buyers. The quotes consolidated above the resistance level of 1.35500. This is due to the release of positive statistics on the US economy.

forex-forecast-usdcad-28-12-2016

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

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

Important economic news from Canada is not expected today. We are looking for data on US real estate market.

Trading recommendations:

Support levels: 1.35500, 1.34900
Resistance levels: 1.36000

Our assumptions were confirmed yesterday. We expect a continuation of the “bullish” moods on the USD/CAD currency pair. Quotes may reach 1.35900.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 117.061
Opening: 117.395
Chg. % for the last day: +0.28
Day range: 117.366 – 117.745
52-week range: 99.08 – 123.69

Yesterday’s trading ended with a slight strengthening of the US dollar against the yen. At the moment, the currency is being traded in a range of 117.250-117.700.

forex-forecast-usdjpy-28-12-2016

The MACD histogram has fixed in the positive zone and continued to rise, indicating the increase of USD/JPY.

Stochastic Oscillator has reached 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: 117.250
Resistance levels: 117.700

Our yesterday’s forecast was quite accurate. One should consider buying the USD/JPY to a local resistance level of 117.800.