Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 12 September, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.12587
Opening: 1.12344
Chg. % for the last day: -0.25
Day range: 1.12291-1.12639
52-week range: 1.0538-1.1616

The trading was in favor of the single currency last week. There was an increase of more than 150 pips to the resistance level of 1.13150. As a result of the positive comments of the US Federal Reserve System on Friday, 9 September, the currency pair of EUR/USD corrected to the level of 1.12000.

forex-forecast-eurusd-12-09-2016

Indicators point to a possible increase of EUR/USD. The MACD histogram started to rise and is above the signal line.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the EUR/USD upward movement.

Important news on the currency pair of EUR/USD is not expected today.

Trading recommendations:

Support levels: 1.12000
Resistance levels: 1.12650, 1.13150

If the price fixes above the resistance level of 1.12650, the growth of EUR/USD to the level of 1.13150 is possible.

An alternative can be the price reduction to the level of 1.12000.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.32951
Opening: 1.32613
Chg. % for the last day: -0.22
Day range: 1.32505-1.32856
52-week range: 1.2796-1.5659

Over the past few trading sessions, the pair of GBP/USD fell to the support level of 1.32540 after strong growth since the beginning of the month.

forex-forecast-gpbusd-12-09-2016

The indicators show an ambiguous image. The MACD histogram is in the negative zone and below the signal line, indicating to sell GBP/USD.

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

Today we can expect calm trading session. Important news for the currency pair of GBP/USD is not expected today.

Trading recommendations:

Support levels: 1.32450
Resistance levels: 1.33200, 1.34400

We expect that the currency pair of GBP/USD may continue to fall to the level of 1.31600.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.29347
Opening: 1.30480
Chg. % for the last day: +0.88
Day range: 1.30306-1.30952
52-week range: 1.2458-1.4692

Since the middle of last week on the currency pair of USD/CAD a strongly pronounced upward movement has being observed. The Canadian dollar weakened against the US dollar by more than 250 pips.

forex-forecast-usdcad-12-09-2016

The MACD histogram is in the positive zone, but below the signal line. There is a strong signal to buy USD/CAD.

The Stochastic Oscillator is in the neutral zone, the %K line rises above the %D line, which suggests a further increase of the USD/CAD currency pair.

Important news which could significantly affect the dynamics of the USD/CAD is not expected today.

Trading recommendations:

Support levels: 1.30850, 1.30100
Resistance levels: 1.31450

We expect that the growth of the USD/CAD currency pair may continue. In the case of holding the level of 1.30850, the price can reach the resistance level of 1.31450.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 102.455
Opening: 102.527
Chg. % for the last day: +0.19
Day range: 102.178-102.666
52-week range: 99.08-123.69

During the trading session on Friday, 9 September, the currency pair of USD/JPY showed diversified dynamics. In the morning, the yen weakened against the US dollar (by more than 90 pips). In the afternoon, the currency pair managed to keep the resistance level of 103.000, which caused the decrease of USD/JPY to the mark of 102.300.

forex-forecast-usdjpy-12-09-2016

Indicators show bearish moods for the currency pair of USD/JPY. The MACD histogram started to decline and is below the signal line, sending a signal to sell.

The Stochastic Oscillator is in the neutral zone, the %K line fixed below the %D line, indicating the decline of USD/JPY.

Demand for the safe yen is being supported due to optimistic data. In July, core machinery orders increased by 5.2% (on a year-on-year basis).

Trading recommendations:

Support levels: 101.250
Resistance levels: 102.300, 103.200

We expect that the correction of USD/JPY may continue. We recommend to seek entry points for opening short positions. The price may reach the level of 101.600.