Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 03 October, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.12220
Opening: 1.12281
Chg. % for the last day: +0.16
Day range: 1.12219-1.12437
52-week range: 1.0538-1.1616

During Friday’s trading session, the euro showed diversified dynamics. By the close of American trading session, the EUR/USD currency pair rose by 0.16%. Today we can expect reduced volatility on the financial markets due to public holidays in Germany and China.

forex-forecast-eurusd-03-10-2016

The MACD histogram has started to decline and fixed below the signal line, which indicates the development of the corrective movement for the EUR/USD currency pair.

The Stochastic Oscillator is near oversold zone, the %K line is below the %D line, which delivers a weak signal to sell EUR/USD.

We recommend to pay attention to the news feed:
– Index of business activity in the manufacturing sector in Germany (10:55 GMT + 3:00);
– Index of business activity in the manufacturing sector in the EU (11:00 GMT + 3:00);
– Index of business activity in the manufacturing sector from ISM in the USA (17:00 GMT + 3:00).

Trading recommendations:

Support levels: 1.11950
Resistance Levels: 1.12450

We believe that a correction for the EUR/USD currency pair is possible by the support level of 1.11950.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.29660
Opening: 1.29193
Chg. % for the last day: +0.05
Day range: 1.28445-1.29446
52-week range: 1.2796-1.5659

With the opening of the European session, the pound has weakened significantly (by more than 70 pips) against the US dollar. Britain plans to start the process of secession from the EU in March 2017.

forex-forecast-gpbusd-03-10-2016

The indicators point to the development of the bearish moods on the GBP/USD currency pair. The MACD histogram has fixed in the negative zone and below the signal line.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating selling of GBP/USD.

At 11:30 (GMT + 3: 00), the data on the index of business activity in the manufacturing sector of the United Kingdom will be released.

Trading recommendations:

Support levels: 1.28500
Resistance Levels: 1.29350

If statistics on the British economy is optimistic, the downward trend on the GBP/USD currency pair may continue to the level of 1.28000.

An alternative may be a correction to the local resistance 1.29100.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.31429
Opening: 1.31092
Chg. % for the last day: -0.11
Day range: 1.31050-1.31377
52-week range: 1.2458-1.4692

On Friday, the loonie was supported by positive data on the GDP of Canada. Index was 0.5%, exceeding market expectations. The USD/CAD exchange rate hasn’t changed significantly during today’s Asian session.

forex-forecast-usdcad-03-10-2016

Indicators do not send strong signals. The MACD histogram is in the positive area and above the signal line, indicating that the growth of USD/CAD.

The Stochastic Oscillator is in the neutral zone, the %K line has begun to cross the %D line. There are no signals yet.

Important news for Canada’s economy is not expected today.

Trading recommendations:

Support levels: 1.30750
Resistance Levels: 1.31650, 1.32600

We expect that the Canadian dollar will continue to strengthen against the US dollar. Recommend to consider selling by the level of 1.30750.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 101.019
Opening: 101.237
Chg. % for the last day: +0.31
Day range: 101.186-101.659
52-week range: 99.08-123.69

Over the past few trading sessions, the USD/JPY currency pair has formed key support and resistance levels: 100.900 and 101.600. Currently, the yen is being traded near the upper border of the trading range.

forex-forecast-usdjpy-03-10-2016

The MACD histogram has started to decline and is below the signal line, indicating the bearish moods on USD/JPY.

The Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. There are no signals yet.

The publication of important statistics on Japan’s economy is not planned today.

Trading recommendations:

Support levels: 100.900
Resistance Levels: 101.600

We believe that the US dollar may continue to strengthen. The USD/JPY currency pair may reach the resistance level of 102.000.