Weekly Forex Forecast for 5 – 9 December 2016
EUR / USD – EURO US DOLLAR
The data of the economic development of the USA are better that it has been forecasted. Though, this hasn’t influenced the currency pair EUR / USD much. The Euro is under pressure of the Italian referendum. Matteo Renzi, Italian Premier Minister, is going to leave his position. Hence, the power in the land can be taken by politicians, who are sceptical about the European Union and Italian participation in it.
Bears did not manage to handle the level 1,0500. The currency pair EURUSD has just tested the trend line. Most likely, we can expect the further growth of the currency pair.
The next target is at the level 1,0800.
GBP / USD – BRITISH POUND DOLLAR
The currency GBP / USD is moving upwards. Comments of a British minister definitely influenced the British currency in a positive way. The British government is ready to make payments in the budget of the EU in exchange to the access to the European markets.
The British pound passed the level 1,2600. RSI is at the resistance level. This limits the further growth of the British currency. According to the forecast, the currency GBPUSD will test the level 1,2800, and then we shall expect correction movement within the ascending channel.
USD / JPY – US DOLLAR JAPANESE YEN
The price increase for crude oil influences the Japanese currency in a negative way. Though, the currency pair USD / JPY stays in the ascending channel.
Support is at the level 113,00. Resistance is at the level 114,00. MACD is moving downwards. Sellers` positions are becoming weaker.
The correction movement of the currency pair USDJPY is in the air. If the currency pair continues growing, it can reach the level 115,00. After that it is going to drop to the level 112,00.