Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 13 September, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.12344
Opening: 1.12348
Chg. % for the last day: -0.05
Day range: 1.12191-1.12419
52-week range: 1.0538-1.1616

Yesterday the euro was in a sideways trend with a range of 50 pips. During the trading session, the currency tested local support and resistance levels: 1.122000 and 1.12650.

forex-forecast-eurusd-13-09-2016

Indicators show an ambiguous picture. The MACD histogram started to decline and is below the signal line, indicating to sell EUR/USD.

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

We recommend to pay attention to the news factor:
– ZEW Publication of data on the economic moods index in Germany at 12:00 (GMT + 3:00);
– Speech of the ECB President Mario Draghi at 12:00 (GMT + 3:00).

Trading recommendations:

Support levels: 1.12000, 1.11550
Resistance levels: 1.12650

We expect a downward movement for the currency pair of EUR/USD. The price may reach the nearest support levels of 1.12000 and 1.11550.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.32613
Opening: 1.33343
Chg. % for the last day: +0.50
Day range: 1.33072-1.33407
52-week range: 1.2796-1.5659

Yesterday, the pound got support against the backdrop of the Federal Reserve System’s comments, which reduced the possibility of interest rate increase this month. The pair rose in price by more than 80 pips.

forex-forecast-gpbusd-13-09-2016

The MACD histogram indicates the possible sales of GBP/USD. The indicator began to decline and is below the signal line.

The Stochastic Oscillator also shows the bearish moods for the currency pair of GBP/USD. The indicator is in the neutral zone. The %K line has fixed below the %D line.

Today at 11:30 (GMT + 3: 00) the data on the consumer prices index in the UK will be released.

Trading recommendations:

Support levels: 1.32450
Resistance levels: 1.33200, 1.34400

In case of optimistic new release, the GBP/USD currency pair can reach the resistance level of 1.34400.

An alternative can be the price reduction to the nearest support of 1.32450.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.30480
Opening: 1.30385
Chg. % for the last day: -0.09
Day range: 1.30307-1.31075
52-week range: 1.2458-1.4692

During the Asian trading session, the Canadian dollar continued to lose ground against the US dollar. The USD/CAD currency pair rose by more than 50 pips.

forex-forecast-usdcad-13-09-2016

The MACD histogram is in the positive zone and above its signal line, indicating the possibility of the bullish trend continuation for USD/CAD.

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

Today the important news, that can significantly change the balance of forces for the USD/CAD currency pair, is not expected.

Trading recommendations:

Support levels: 1.30350, 1.29250
Resistance levels: 1.31150

We believe that the upward trend for the USD/CAD currency pair may continue. If the price overcomes and fixes above the resistance level of 1.31150, currency may reach the level of 1.31700.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 102.527
Opening: 101.862
Chg. % for the last day: -0.60
Day range: 101.420-102.040
52-week range: 99.08-123.69

Yesterday, the currency pair of USD/JPY was in a downward trend. The Japanese currency rose in price by more than 100 pips.

forex-forecast-usdjpy-13-09-2016

The indicators show an ambiguous image. The MACD histogram is in the negative zone, but above its signal line, indicating a possible correction of USD/JPY.

The Stochastic Oscillator is giving a signal to sell USD/JPY. The indicator has fixed in the neutral zone, the %K line is below the %D line.

The publication of important news for the USD/JPY currency pair is not planned today.

Trading recommendations:

Support levels: 101.250
Resistance levels: 102.300, 103.200

Yesterday’s forecast was confirmed. We expect a further decline of USD/JPY. The price can reach the support level of 101.250.