Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 30 January, 2017

Technical showings of the currency pair:

Pre-opening: 1.06812
Opening: 1.07207
Chg. % for the last day: +0.16
Day range: 1.06930 – 1.07401
52-week range: 1.0366 – 1.1616

Friday trading was quite active. The EUR/USD currency pair kept the local support of 1.06700, prompting aggressive buying. The US dollar remains under pressure. This is due to the release of weak data on GDP and falling government bond yields.

forex-forecast-eurusd-30-01-2017

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 oversold zone, the %K line is beginning to cross the %D line. Currently, there are no signals.

Economic Calendar on 30.01.2017:
– the ECB representative Nowotny’s speech (11:00 GMT + 2: 00);
– german consumer price index (15:00 GMT + 2: 00);
– the basic price index for personal consumption expenditures in the US (15:30 GMT + 2: 00);
– an index of pending sales in the US real estate market (17:00 GMT + 2: 00).

Trading recommendations:

Support levels: 1.06500
Resistance levels: 1.07150, 1.07550

We expect the upward trend on the EUR/USD currency pair. The potential movement is up to 1.07400.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.25959
Opening: 1.25868
Chg. % for the last day: -0.30
Day range: 1.25076 – 1.26008
52-week range: 1.1986 – 1.5020

Over the past two weeks, the pound appreciated significantly against the US dollar. The growth of the GBP/USD quotations exceeded 550 points. At the moment, the technical pattern indicates the development of a corrective movement. The currency has broken the support level of 1.25450.

forex-forecast-gpbusd-30-01-2017

The MACD histogram has started to decline and moved into the negative zone, indicating sales of GBP/USD.

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

News background for the British economy is calm.

Trading recommendations:

Support levels: 1.24150
Resistance levels: 1.25450, 1.26600

We expect a correction in the GBP/USD currency pair. If the price consolidates below 1.24900, be sure to consider selling to the local support of 1.24500.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.30888
Opening: 1.31324
Chg. % for the last day: +0.48
Day range: 1.31173 – 1.31595
52-week range: 1.2458 – 1.4692

On Friday, 27 January, the correction was observed on the USD/CAD currency pair. The growth of the USD/CAD quotes exceeded 60 points. At the moment, the currency is being traded in a range of 1.31100-1.31750.

forex-forecast-usdcad-30-01-2017

The MACD histogram has consolidated in the positive zone and above its signal line, indicating an increase of the USD/CAD currency pair.

Stochastic Oscillator is near 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 on the US economy.

Trading recommendations:

Support levels: 1.31100, 1.30550
Resistance levels: 1.31750

If statistics from the US is optimistic, the correction on the USD/CAD currency pair may continue to the level of 1.32250.

An alternative might be falling of the USD/CAD quotes to the local support of1.30800.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 114.516
Opening: 114.736
Chg. % for the last day: +0.48
Day range: 114.257 – 114.936
52-week range: 99.08 – 123.69

During the Asian trading session, an increase in demand for the yen was observed. At the moment, the US dollar has won back most of the losses. The USD/JPY currency pair is testing the local resistance level of 114.850.

forex-forecast-usdjpy-30-01-2017

The MACD histogram has started to decline and moved into the negative zone, indicating a downward trend development on USD/JPY.

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

We recommend to pay attention to the news feed from the US.

Trading recommendations:

Support levels: 114.250
Resistance levels: 114.850, 115.300

We believe that the USD/JPY currency pair may continue to decline. One should consider selling. The nearest target for profit is 114.250.