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

Technical showings of the currency pair:

Pre-opening: 1.04544
Opening: 1.04134
Chg. % for the last day: -0.43
Day range: 1.04086 – 1.04648
52-week range: 1.0366 – 1.1616

During the Asian session, the US dollar suddenly weakened against other major currencies. Growth of the EUR/USD quotations exceeded 150 points. Liquidity in financial markets declined significantly in anticipation of the New Year holidays. However, the technical pattern of EUR/USD indicates the correction development.

forex-forecast-eurusd-30-12-2016

The MACD histogram has started to decline and fixed below the signal line, indicating sales on the EUR/USD currency pair.

Stochastic Oscillator has reached oversold zone, the %K line is beginning to cross the %D line. There are no signals yet.

The news background is calm. At 16:45 (GMT + 2: 00), the index of business activity in Chicago will be published.

Trading recommendations:

Support levels: 1.04700
Resistance levels: 1.05350

We expect a correction in the EUR/USD currency pair. One should consider selling to the already “mirror” support level of 1.04700.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.22237
Opening: 1.22582
Chg. % for the last day: +0.30
Day range: 1.22451 – 1.23078
52-week range: 1.2016 – 1.5513

Yesterday, there was high trading activity on the GBP/USD currency pair. At the same time, unidirectional movement on the market was not observed. At the moment, the currency is being traded in a range of 1.22650-1.22950.

forex-forecast-gbpusd-30-12-2016

The MACD histogram has consolidated in the positive area and continued to rise, indicating the growth of the GBP/USD quotations.

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

Important news from the UK is not expected today.

Trading recommendations:

Support levels: 1.22650, 1.21100
Resistance levels: 1.23400

Yesterday’s forecast was confirmed. We expect growth of the GBP/USD quotations. We recommend buying to the mark of 1.23250.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.35598
Opening: 1.35022
Chg. % for the last day: -0.43
Day range: 1.34598 – 1.35076
52-week range: 1.2458 – 1.4692

Yesterday, the aggressive sales were observed on the USD/CAD currency pair. Quotes fell by more than 75 points. At the moment, the currency is testing the support level of 1.34750.

forex-forecast-usdcad-30-12-2016

Indicators signals are ambiguous. The MACD histogram is in the negative zone, but above the signal line, which delivers a weak signal to sell USD/CAD.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the development of the “bullish” moods on USD/CAD.

The publication of important statistics on Canada’s economy is not planned.

Trading recommendations:

Support levels: 1.34750, 1.34200
Resistance levels: 1.35450

Our assumptions were confirmed yesterday. We believe that the USD/CAD currency pair may continue to fall to the level of 1.34500.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 117.201
Opening: 116.520
Chg. % for the last day: -0.60
Day range: 116.041 – 117.122
52-week range: 99.08 – 123.69

Yesterday there was an increased demand for yen. The USD/JPY currency pair fell by 0.6% and reached the support level of 116.350. During the Asian session, the US dollar has won back most of the losses.

forex-forecast-usdjpy-30-12-2016

The MACD histogram has started to rise and moved into the positive zone, which indicates a further increase of USD/JPY.

Stochastic Oscillator is in the overbought zone, the %K line is beginning to cross the %D line. Currently, there are no signals.

The news feed is calm for the Japanese economy.

Trading recommendations:

Support levels: 116.350
Resistance levels: 117.000, 117.450

Yesterday’s recommendations were confirmed. If the price consolidates above 117.150, we recommend buying USD/JPY. Potential movement is to 117.450.