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Weekly Forex Forecast for 19 – 23 December 2016

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Weekly Forex Forecast for 19 – 23 December 2016

Weekly Forex Forecast for 19 – 23 December 2016
December 19
10:00 2016

EUR / USD – EURO US DOLLAR

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The forecasts regarding the next meeting of the FRS and the increase of the percent rate caused the drop in quotations of the currency pair EUR / USD below the level 1,0500.

The European currency will still feel pressure because of the monetary policy of the European Central Bank and the FRS. For now the dollar keeps the leading positions and the euro is instable. Economic indicators from Europe influence the European currency insignificantly and not in the best way, while the news from America provides a good support for the dollar.

Bulls are ruling the market regarding the currency pair EURUSD. The situation that has been in the market during the last two years is changing.

The support level doesn’t allow the euro to drop under the level 1,0300. Most likely, during this week the currency pair EURUSD will test the level 1,0500. Further, quotations will start dropping again. Though, the correction movement is also possible that will allow the pair to consolide at the level 1,0700.

 

GBP / USD – BRITISH POUND DOLLAR

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The ascending movement of the British pound stopped. Before Christmas investors prefer the American dollar.

The meeting of the Central Bank of England did not bring any news that could influence the British currency. The monetary policy will stay without changes. The further situation will depend on circumstances, in particular, on the inflation level. The Bank of England is ready both to decrease and increase the rate.

The currency pair GBP/USD tested the support level 1,2400. If quotations grow, the British currency will decrease in price. The currency pair GBPUSD may drop till the level 1,2400.

During the whole week  the side movement of the currency pair GBP / USD is expected  in the range 1,2400 – 1,2500. If the pair manages to breakout through the level 1,2550, it will indicate the start of the correction growth of the pound.

 

USD / JPY – US DOLLAR JAPANESE YEN

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The currency pair USD / JPY has reached its maximum since the 4 th February, 2016. It reached the level 118,65. During the whole session bulls were leading the market.

Even though the currency pair USDJPY consolidated at very high positions, the correction movement is still possible.

MACD is in the overbought zone.

Most likely, soon we will evidence the turn of the movement and the correction movement of the currency pair USDJPY.

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2 Comments

  1. Yevgen Borisov
    Yevgen Borisov December 19, 15:41

    Forex trading is full of surprises and even if you think that you’ve learnt everything about it, be smart and careful in order to survive in this business.

    Reply to this comment
  2. Vladislav Bogush
    Vladislav Bogush December 19, 19:42

    I got into the habit to read the weekly Forex forecast and this experience greatly helped me in Forex trading. Of course, instinct plus experience equals success!

    Reply to this comment

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