EURUSD Forecast | Daily Technical Analysis for January 4, 2017

EURUSD Technical Overview

Yesterday Close 1.0406
Today Open 1.0406
Day’s Range 1.0390 – 1.0424
52 wk Range 1.0341 – 1.1616
1-Year Return – 4.04%

EURUSD Technical Support and Resistance

Our Possible trading range for today 1.0390 – 1.0424

EURUSD forecast: EURUSD pair possibly will find its immediate support at 1.0354. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0317 and 1.0259.

On the other side, we found immediate resistance at 1.0470 from our EURUSD technical analysis. If, market breaks the primary resistance level then, for sure market will go for the new resistance level 1.0507 and 1.0565.

EURUSD Fundamental Analysis

We had the Manufacturing PMI data from the US yesterday and that came in at a healthy 54.7 which continued the trend of good economic data coming out of the US for the past couple of months. We had mentioned that continuing good data from the US will increase the chances of a quick hike from the Fed in 2017 and this would also mean that the markets will start pricing in the hikes quicker as well. This is what we saw yesterday as the EURUSD pair crashed through 1.0400 and even broke through the December lows for a brief period. It did recover as we moved closer to the London fix and it sits just around 1.0400 as of writing this. We expect the strength of the dollar to continue to dominate the markets for today as well and this could bring yesterdays lows into the picture. A clear break of this low could push the EURUSD pair below 1.0300.

We do not have any major news from the US or the Eurozone for today. Except FOMC meetings. so the markets are likely to continue to be dominated by the flows and also by the positioning by the returning traders and also positioning ahead of the key economic reports that are scheduled to be released over the past couple of days. Traders will be viewing any decent bounce in the EURUSD pair as an opportunity to go short.

Along with eurusd technical analysis forecast, keep eye on the following economical events.

Upcoming Economic News in EUROPE: (GMT +2)

1. 10:00am EUR Spanish Unemployment Change
2. 10:15am EUR Spanish Services PMI
3. 10:45am EUR Italian Services PMI
4. 10:50am EUR French Final Services PMI
5. 10:55am EUR German Final Services PMI
6. 11:00am EUR Final Services PMI
7. 12:00pm EUR CPI Flash Estimate y/y
i. EUR Core CPI Flash Estimate y/y
ii. EUR Italian Prelim CPI m/m
8. 5:30pm USD Crude Oil Inventories
9. All Day USD Total Vehicle Sales

USDJPY Forecast | Daily Technical Analysis for January 4, 2017

USDJPY Technical Overview

Yesterday Close          117.75

Today Open                117.75

Day’s Range   117.55 – 118.19

52 wk Range   99.08 – 121.70

1-Year Return – 1.25%

USDJPY Technical Support and Resistance

usdjpy forecast: usdjpy pair possibly will find the immediate support at 117.31. If, market breaks the first support then it will go for the following support to test. Following supports are 116.97 and 116.43.

On the other side the market has immediate resistance at 118.39. If, market breaks the primary resistance level then, market will go for the new resistance level 118.73 and 119.27.

Possible trading range for today 117.55 – 118.19

USDJPY Fundamental Forecast

The USDJPY pair initially broke out during the day on Tuesday but found enough resistance above the turn around and suddenly form a semi exhaustive looking candle. I still believe longer-term we go much higher, so I look at these pullbacks is value. I recognize the 115 level below as support, and essentially the “floor” in this market. I still have a target of 120, and believe that we will reach that level sooner rather than later. We have the nonfarm payroll numbers coming, and they tend to have a significant effect on this pair so it could cause it to be somewhat quiet.

USDJPY Important Economic News: (GMT +2)

1. 5:30pm USD       Crude Oil Inventories
2. All Day  USD       Total Vehicle Sales
3. 9:00pm USD       FOMC Meeting Minutes

USDCAD Forecast | Daily Technical Update for January 4, 2017

USDCAD Technical Overview

Yesterday Closed 1.3427
Today Open 1.3427
Day’s Range 1.3418 – 1.3458
52 wk Range 1.2458 – 1.4692
1-Year Return – 3.67%

USDCAD Technical Support and Resistance

USDCAD Forecast : USDCAD pair possibly will find the immediate support at 1.3404. If, market breaks the first support then it will go for the following support to test. Following supports are 1.3389 and 1.3363.

On the other side the market has immediate resistance 1.3456. If, market breaks the primary resistance level then, market will go for the new resistance level 1.3471 and 1.3497.

USDCAD Fundamental Analysis

The US dollar had a choppy session against the Canadian dollar on Tuesday as traders continue to come back from the holiday season. We are currently testing the 1.34 level for support, and finding it. I also recognize that the 1.35 level above will be resistive, but ultimately, I feel that the longer-term uptrend should continue. This will be especially true if oil continues to roll over like it had during the session on Tuesday, which of course works against the value of the Canadian dollar when that happens. Ultimately, I believe that we reach towards the 1.36 level again.

Along with usdcad forecast it is important to keep eye on economic.

Upcoming Important Economic News: (GMT +2)

2. 5:30pm USD Crude Oil Inventories
3. All Day USD Total Vehicle Sales
4. 9:00pm USD FOMC Meeting Minutes

USD/CAD Wave analysis and forecast for 30.12 – 06.01: The pair is likely to decline.

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Estimated pivot point is at the level of 1.3600.

Our opinion: Sell the pair from correction below the level of 1.3600 with the target of 1.3311 – 1.3074.

Alternative scenario: Breakout and consolidation of the price above the level of 1.3600 will trigger further rise in the pair to 1.37 – 1.38.

Analysis: Presumably, the formation of the long-term upward correction as the wave B of the senior level correction has completed. Locally it is likely that the development of the final zigzag has completed in the diagonal triangle in the wave c of B. If this assumption is correct, the pair may continue to decline to 1.3311 – 1.3074 within the first one-two wave. Critical level for this scenario is 1.3600.

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USD/JPY Wave analysis and forecast for 30.12 – 06.01: The pair is likely to rise.

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Estimated pivot point is at the level of 115.98.

Our opinion: Buy the pair from correction above the level of 115.98 with the target of 119.60.

Alternative scenario: Breakdown and consolidation of the price below the level of 115.98 will trigger the rise up to 114.00 – 113.00.

Analysis: Presumably, the formation of the bullish impetus in the wave С of (B) continues as part of the upward correction. Locally, it is likely that the correction as the wave iv of C has completed while the fifth wave started to develop. If this assumption is correct, the pair may rise up to 119.60. Critical level for this scenario is 115.98.

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USD/CHF Wave analysis and forecast for 30.12 – 06.01: The pair is experiencing correction.

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Estimated pivot point is at the level of 1.0310.

Our opinion: Sell the pair from correction below the level of 1.0310 with the target of 1.0000. In case of breakout of the level of 1.0310, buy with the target of 1.0517.

Alternative scenario: Breakout and consolidation of the price above the level of 1.0310 will trigger further rise in the pair to 1.0517.

Analysis: Presumably, the formation of the downward correction as the wave 2 continues. It is likely that the wave has taken a shape of the irregular plane. Locally it seems that the wave c of 2 is being formed, within which the pair may decline to 1.000. Critical level for this scenario is 1.0310.

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GBP/USD Wave analysis and forecast for 30.12 – 06.01: The pair is likely to rise as part of correction.

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Estimated pivot point is at the level of 1.2214.

Our opinion: Buy the pair from correction above the level of 1.2214 with the target of 1.2470 – 1.2526.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.2214 will trigger further decline in the pair to 1.1885.

Analysis: Presumably, the formation of the fifth wave of the senior level continues. Locally, it is likely that the downward impetus as the first wave of the junior level i of 5 has been formed and the upward correction ii of 5 is being developed. If this assumption is correct, the pair will continue to rise up to 1.2470 – 1.2526. Critical level for this scenario is 1.2214.

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EUR/USD Wave analysis and forecast for 30.12 – 06.01: The pair is likely to rise as part of correction.

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Estimated pivot point is at the level of 1.0373.

Our opinion: Buy the pair from correction above the level of 1.0373 with the target of 1.0734 – 1.0856.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.0373 may trigger further decline in the pair to 1.03 – 1.02.

Analysis: Presumably, the formation of the downward impetus has completed in the third wave of the senior level. Locally, it is likely that the upward correction as the fourth wave 4 is being developed within which the wave a of 4 is being developed. If this assumption is correct, the pair will continue to rise up to 1.0734 – 1.0856. Critical level for this scenario is 1.0373.

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EUR/GBP Forecast: Daily Technical Analysis for December 13, 2016

EUR/GBP Technical Overview

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Prev. Close 0.8387
Open 0.8395
Day’s Range 0.8385 – 0.8400
52 wk Range 0.7213 – 0.9430
1-Year Return +15.91

Support and Resistance Forecast

EUR fall 0.29% decreased against GBP and closed at 0.8387. Today EURGBP opening price is 0.8395 in Asia at. Still EUR is quite weaker against GBP, but later today we have several Economic data to be released from EUR market which may volatile the EURGBP pair.

EUR/GBP Forecast The pair possibly will find the immediate support at 0.8363. If, market breaks the first support then it will go for the following support to test. Following supports are 0.8345 and 0.8315.

On the other side the market has immediate resistance 0.8423. If, market breaks the primary resistance level then, market will go for the new resistance level 0.8441 and 0.8471.

Following Economic Events will be released today (GMT +2)

• 900am EUR German Final CPI mm
• 900am EUR German WPI mm
• 1100am EUR Italian Industrial Production mm
• 1200pm EUR German ZEW Economic Sentiment
• 1200pm EUR Employment Change qq
• 1200pm EUR ZEW Economic Sentiment
• 1130am GBP CPI yy
• 1130am GBP GBP PPI Input mm
• 1130am GBP GBP RPI yy
• 1130am GBP GBP Core CPI yy
• 1130am GBP GBP HPI yy
• 1130am GBP GBP PPI Output mm

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USD/CAD Wave analysis and forecast for 25.11 – 02.12: The rise in the pair is likely to continue.

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Estimated pivot point is at the level of 1.3377.

Our opinion: Buy the pair from correction above the level of 1.3377 with the target of 1.3673. In case of breakdown and consolidation of the price below the level of 1.3377, sell with the target of 1.3255.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.3377 will trigger further decline in the pair to 1.3255.

Analysis: Presumably, the formation of the long-term correction continues as the wave B of the senior level in the shape of the triple three wxyxz. Locally it is likely that the wave (c) of z is nearing completion. Within this wave the fifth wave v of (c) of the final diagonal triangle is being formed. If this assumption is correct, the pair may continue to rise up to 1.3673. Critical level for this scenario is 1.3377.

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USD/JPY Wave analysis and forecast for 25.11 – 02.12: Downward correction in the pair.

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Estimated pivot point is at the level of 113.88.

Our opinion: Sell the pair from correction below the level of 113.88 with the target of 110.18.

Alternative scenario: Breakout and consolidation of the price above the level of 113.88 will trigger the rise up to 115.14 – 116.80.

Analysis: Presumably, the formation of the upward correction (B) of the senior level continues. Locally, it is likely that the third wave iii of A has completed, while downward correction begins in the fourth wave. If this assumption is correct, the pair will continue to decline to 110.18. Critical level for this scenario is 113.18.

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