Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 30 November, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.06141
Opening: 1.06491
Chg. % for the last day: +0.33
Day range: 1.06188 – 1.06605
52-week range: 1.0538 – 1.1616

Yesterday, there was a high trading activity on the EUR/USD currency pair. This is due to the release of important statistics on the US economy. The growth of GDP (Q3.) was revised up to 3.2% in comparison with the previous value of 2.9%. At the moment, the currency is being traded near the support level of 1.06400.

forex-forecast-eurusd-30-11-2016

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

Stochastic Oscillator has come out of the overbought zone, the %K line is above the line %D line, indicating the growth of the EUR/USD currency pair.

Today we expect a lot of economic news:
– Changes in the number of unemployed in Germany (10:55 GMT + 2: 00);
– The consumer price index in the euro zone (12:00 GMT + 2: 00);
– ECB President Draghi’s speech (14:30 GMT + 2: 00);
– Changes in the number of US non-farm payrolls (15:15 GMT + 2: 00);
– An index of pending sales in the US real estate market (17:00 GMT + 2: 00).

Trading recommendations:

Support levels: 1.06400, 1.05800
Resistance levels: 1.06850

If data from the EU is optimistic, the EUR/USD quotes growth may continue to around 1.06900.

An alternative could be the development of the downward trend to the local support level of 1.05800.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.24166
Opening: 1.24915
Chg. % for the last day: +0.60
Day range: 1.24665 – 1.25018
52-week range: 1.0538 – 1.1616

Yesterday, the GBP/USD currency pair was under influence of “bullish” moods. The British currency rose in price by more than 75 pips. Currently, the pound is being traded near the local resistance of 1.25100.

forex-forecast-gpbusd-30-11-2016

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

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, indicating a continuing of an upward trend on the GBP/USD currency pair.

The news background is calm for the UK economy. It is necessary to pay attention to the statistical data from the US.

Trading recommendations:

Support levels: 1.24350, 1.23600
Resistance levels: 1.25100

We look forward to the strengthening of the pound against the US dollar. We recommend buying GBP/USD to the local resistance level of 1.25600.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.34093
Opening: 1.34315
Chg. % for the last day: +0.16
Day range: 1.34123 – 1.34512
52-week range: 1.0538 – 1.1616

During the Asian trading session, a significant change in the Canadian dollar did not happen. Market participants are waiting for today’s data on the GDP of Canada.

forex-forecast-usdcad-30-11-2016

The MACD histogram does not give strong signals. The indicator is near the 0 mark.

Stochastic Oscillator has fixed in the neutral zone, the %K line is below the %D line, indicating sales on the USD/CAD currency pair.

At 15:30 (GMT + 2: 00) the data on the GDP of Canada will be released. We advise paying attention to the news feed from the USA.

Trading recommendations:

Support levels: 1.34000
Resistance levels: 1.34600, 1.35250

If statistics on the Canadian economy is weak, the USD/CAD quotations can reach the level of 1.34800.

An alternative could be the development of the downward trend to support local of 1.33500.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 111.927
Opening: 112.380
Chg. % for the last day: +0.40
Day range: 112.050 – 113.115
52-week range: 99.08 – 123.69

The yen is under pressure due to weak data on industrial production of Japan. In October the figure was 0.1% compared to the previous value at the level of 0.6%. At the moment, the currency is being traded in a range of 112.350-113.600.

forex-forecast-usdjpy-30-11-2016

The MACD histogram has started to rise and moved into the positive zone, which indicates the growth of the USD/JPY currency pair.

Stochastic Oscillator is near overbought, the %K line crossed the %D line. Currently, there are no signals.

We advise paying attention to US news background.

Trading recommendations:

Support levels: 112.350, 111.250
Resistance levels: 113.600

If the US economic data is positive, an upward trend on the USD/JPY currency pair may develop to around 113.750.

An alternative would be the USD/JPY quotes reduction to support local of 112.350.