Weekly Forex Forecast for 12 – 16 December 2016
EUR / USD – EURO US DOLLAR
While the investors are waiting for the next meeting of the Federal Reserve of the USA, the demand for the dollar is dropping, accordingly, the price of the American currencyis dropping, too.
But regarding the euro, the changes will not be significant, as the euro is dropping as well. The news from Europe also did not influence the European currency in a positive way.
After passing the level 1,0800, the currency pair EUR / USD turned back to the level 1,0600. The currency pair continues falling to the support level. This shows that the bearish positions are becoming stronger. If the currency pair does not manage to pass the level 1,0500, quotations will grow and the currency pair will grow up to the level 1,0700 once more.
Though, it is most likely that the currency pair will pass the 1,0500 level that would increase the descending movement.
GBP / USD – BRITISH POUND DOLLAR
The quotations for the currency pair GBP / USD are growing, hence, the currency pair GBPUSD is growing in price as well. After the testing of the upper line of the channel, the currency pair dropped down as it had been forecasted. Actually, the currency pair GBPUSD will grow, most likely, within the correction channel.
It is expected that the pound will grow till the level 1,2900.
USD / JPY – US DOLLAR JAPANESE YEN
On Friday, trading was still with the positive mood and results. But the price for the yen started dropping. The dollar continues its ascending movement.
The currency pair USD / JPY started growing till the level 114,00. Further, the currency pair moved upwards and passed the level 115,00. Dollars tested this line before the American session started.
Histogram MACD is growing. This shows the strengthening of the buyers` positions. RSI stays in the overbought zone, but it is expected to grow.
The currency pair UDSJPY is forecasted to grow till the level 115,00. That will open the level 116,00. And if that happens, the currency pair may move even to the level 117,00.