Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 29 November, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.06089
Opening: 1.06141
Chg. % for the last day: +0.06
Day range: 1.05884 – 1.06219
52-week range: 1.0538 – 1.1616

Yesterday the EUR/USD currency pair showed a variety trends. Euro is under pressure due to political instability in Italy. At the moment, the currency is being traded in a range 1.05800-1.06400.

forex-forecast-eurusd-29-11-2016

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

Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, which also indicates the growth of the single currency quotations.

Financial markets expects the statistics from the US:
– Data on the country’s GDP (15:30 GMT + 2: 00);
– GDP deflator (15:30 GMT + 2: 00);
– CB consumer confidence index (17:00 GMT + 2: 00).

Also, at 15:00 (GMT + 2: 00), the data on consumer prices in Germany will be released.

Trading recommendations:

Support levels: 1.05800
Resistance levels: 1.06400, 1.06850

If data on the US GDP is weak, the EUR/USD quotations could reach 1.06700.

An alternative would be the EUR/USD currency pair reduction to the local support of 1.05400.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.24455
Opening: 1.24166
Chg. % for the last day: -0.53
Day range: 1.23878 – 1.24190
52-week range: 1.0538 – 1.1616

Yesterday the GBP/USD currency pair kept the resistance level of 1.25100. Aggressive sales were observed on the market. At present, the pound found support at 1.23850.

forex-forecast-gpbusd-29-11-2016

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

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

We recommend waiting for the publication of statistical data on the US economy.

Trading recommendations:

Support levels: 1.23600
Resistance Levels: 1.24350, 1.25100

If the economic news from the US is positive, we expect a further decline of the GBP/USD currency pair to the level of 1.23600.

An alternative would be an increase of the GBP/USD quotes to the local resistance 1.24600.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.34982
Opening: 1.34093
Chg. % for the last day: -0.81
Day range: 1.33994 – 1.34434
52-week range: 1.0538 – 1.1616

During yesterday’s trading session, the demand for the Canadian dollar has increased significantly. The USD/CAD quotes fell by more than 100 pips. Currently, a correction is observed on the market.

forex-forecast-usdcad-29-11-2016

The MACD histogram has started to rise, and is above its signal line, indicating further growth of USD/CAD.

Stochastic Oscillator is in the neutral 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: 1.34000
Resistance levels: 1.34600, 1.35250

Yesterday’s forecast was confirmed. We expect the development of the “bearish” moods on the USD/CAD currency pair. We recommend selling to around 1.34000.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 112.798
Opening: 111.927
Chg. % for the last day: -0.63
Day range: 111.617 – 112.514
52-week range: 99.08 – 123.69

Over the past few trading sessions, the USD/JPY currency pair has corrected by more than 150 pips. At present, the yen is testing the “mirror” resistance level of 112.350.

forex-forecast-usdjpy-29-11-2016

Indicators signals are ambiguous. The MACD histogram has fixed in the negative zone, but above the signal line, which sends a weak signal to sell USD/JPY.

Stochastic Oscillator is near overbought zone, the %K line is above the %D line, which gives a weak signal to buy USD/JPY.

We advise paying attention to economic data from the United States.

Trading recommendations:

Support levels: 111.250
Resistance levels: 112.350, 113.600

If data on the US economy is weak, the downward trend on the USD/JPY currency pair may develop to a local support of 111.250.

An alternative could be the growth of the USD/JPY quotations to around 113.250.