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Weekly Forex Forecast for 2 – 6 January 2016

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Weekly Forex Forecast for 2 – 6 January 2016

Weekly Forex Forecast for 2 – 6 January 2016
January 02
10:00 2017

EUR / USD – EURO US DOLLAR

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Due to low trading volumes the euro managed to pass the level 1,0500 and move upwards. Traders are looking forward to the economic program of the USA president Donald Trump, which also puts the dollar under pressure.

The currency pair EUR / USD is moving within the correction trend. During the first week one shall expect the growth of the US dollar. RSI is moving with the trend. This indicates the opportunity to renew the minimum levels for many years.

The resistance is located at the level 1,0650. It is expected that the currency pair EURUSD will stop at the level 1,0500. Further the descending movement is expected.

 

GBP / USD – BRITISH POUND DOLLAR

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After the currency pair GBP / USD passed the minimum level for 2 months, it is slightly recovering.

The British pound used the weak report on the accommodation sales in the USA. The currency pair recovered its positions significantly after the minimum level for 2 months.

The growth of the currency pair GBPUSD is observed till the level 1,2200. RSI is located at the trend level. It is expected that the currency pair will move down and the ascending movement will be renewed.

If the currency pair GBPUSD manages to pass the resistance level 1,2300, this will indicate that a strong ascending trend is being formed.

 

USD / JPY – US DOLLAR JAPANESE YEN

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After a long and confident growth, the currency pair USD / JPY stopped. After a while the pair was trying to turn back to the ascending trend but  without any success for now.

Most likely, it is caused by the formation of the correction. Further one shall expect the pulsed pair drop. The reason for this is that all indicators state the completion of the ascending impulse.

The next target is located at the support level 111,30.

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2 Comments

  1. Marina Gruliova
    Marina Gruliova January 02, 18:46

    According to Donald Trump, one of the key trends of his economic policy is the creation of new jobs. He calls himself the best president for job creation. We’ll see soon…

    Reply to this comment
  2. Maxim
    Maxim January 03, 19:32

    Unless there is something extraordinary, Trump will take office in January, and his policy will significantly affect the US dollar and the American economy as well as the world economy in general.

    Reply to this comment

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