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Forex Forum Archive for 04/1/2017
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Amsterdam NordFX 20:28 GMT April 1, 2017
Forex Forecast for EURUSD, GBPUSD, USDJPY and USDCHF for 03 - 07 April 2017
First, a review of last weekís forecast:
- The forecast for EUR/USD proved to be 100% accurate. Recall that the main scenario we laid out was the following: the pairís continued growth was seen to be entirely possible albeit negligible in magnitude. Once it reached the 1.0850-1.0900 area, it would U-turn to southwards. We named 1.0650 as the nearest support. Everything occurred exactly as described: reaching the height of 1.0905 as early as Monday, the pair turned sharply and flying with a little breather 255 points, finished the week at the mark specified by experts - 1.0650;
- In the forecast for GBP/USD, analysts pointed out that the pair may stay in the 1.2420-1.2570 channel for a while. In fact, the borders of this channel ended up being 45 points wider: within a couple of weeks, the pair ranged from the minimum of 1.2375 to 1.2615 at the maximum, ending the session near a strong medium-term level of resistance in the 1.2550-1.2570 zone;
- Giving the forecast for USD/JPY, half of the experts supported the pairís fall, and the other half its growth. That was exactly what happened. Having broken the strong support at 111.60 two weeks ago, the pair sank to 110.10 last week. It then turned around and returned to the very same support level, which now put a different hat on and became a resistance level;
- Assessing the behaviour of the pair USD/CHF last week, experts agreed that it would once again mirror the graph of the EUR/USD fluctuations. Once again, they were right: dropping to 0.9813 on Monday, the pair then turned and, having overcome 217 points, reached the height of 1.0030 on Friday.
Forecast for the coming week:
Summarizing the views of a number of analysts from leading banks and brokerage firms, as well as the forecasts made on the basis of a wide variety of technical and graphical analysis methods, we can say the following:
- EUR/USD. More than 80% of experts vote for the pair displaying a downwards trend, indicating the 1.0600 support as the nearest target. After that, the pair is likely to descend to 1.0525, and then even lower to the lows of February and March around 1.0495. At the same time, about one third of oscillators indicate that the pair is oversold. Connected with this there might be a temporary correction and an upwards rebound of the pair to the 1.0750-1.0775 zone. This is confirmed by the readings of graphic analysis on H4. The existence of negative expectations for the US dollar is also associated with changes in the United States employment rates(NFP), the data for which will be announced on Friday, 7 April. Thus, according to some forecasts, the number of new jobs outside the agricultural sector could diminish from 235K to 175K;
- Whilst the opinions of analysts and technical analysis on the previous pair mostly coincide, their discrepancy is jarring when it comes to GBP/USD: more than 90% of indicators point to the growth of the pair, whilst over 80% of experts continue to insist on its fall. The trends for this pair will most likely be determined by rumours about the terms of the UKís exit from the EU for a quite some time. The support levels for next week are 1.2375, 1.2200 and 1.2110, whilst the resistance levels are 1.2675 and 1.2725;
- Predicting the future of USD/JPY, both trend indicators and oscillators alongside with graphical analysis on D1 point to the pairís lateral movement in the 110.10-112.75 channel. Analysts, however, display a steady rise in bullishness amongst their ranks: at the time of writing the forecast the proportion of bull supporters has already exceeded 70%. 113.55 and 115.20 are named as the main targets;
- Supporters of the growth of USD/CHF now also exceed 70% of analysts: they name 1.0100 as the short-term target, with the next one being 1.0170. As for graphical analysis, its readings on H4 show that the nearest support level is 0.9980, followed by 0.9950, and that the weekís bottom-point is in the 0.9920 area.
Roman Butko, NordFX
Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.
#forex #forex_forecast #eurusd #signals_forex #binary_options
Amman wfakhoury 09:26 GMT April 1, 2017
EURUSD for scalpers
The only one in the world who confirms the next level
Amman wfakhoury 10:57 GMT 03/31/2017
scalp sell now 10680
10674 , 10665 , 10652 will be reached.
Singapore 08:47 GMT April 1, 2017
USD/CAD APRIL 2017 PREDICTION
The month of March passed off; the month of April brings with it a new set of challenges for traders as politics continue to remain at the center stage, while economics and monetary policy will likely take a back seat.
The USD/CAD pair fell during several weeks in March, but quite frankly I believe there is more than enough support to continue pushing this market higher. You can see that we have been in a longer-term grind to the upside, and we are approaching the 1.35 handle. If we can break above the 1.35 handle, and more importantly the 1.36 handle, the market will be free to go much higher, I believe possibly as high as the 1.46 level of the longer term.
Having said that, I believe that April will be a positive month but it is going to be very choppy. Short-term pullbacks will continue to be buying opportunities, and if there is bearish pressure on the crude oil markets, this move will make quite a bit of sense. We could drop as low as 1.30 during the month, and still look relatively well supported.
Keep in mind that you should pay attention to the oil markets, and currently they look as if $50 in the West Texas Intermediate market is going to offer a massive ceiling. If we broke above there, that could be good for the Canadian dollar, but it does not look like itís going to happen anytime soon. Because of this, I believe that the move higher in this pair will be simultaneous to a breakdown below the $47 level in the WTI Crude Oil market, which would show a massive amount of support breaking down and giving way to the sellers.
With a massive oversupply, it makes sense that oil continues to struggle, and by extension the Canadian dollar will as well. I think you time thatís exactly what we see so pullback should be thought of as value in this market, especially of the Federal Reserve starts to speak in a more hawkish tone again. I have no interest in selling this pair until we break down below the 1.30 level.
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