Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 14 September, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.12348
Opening: 1.12187
Chg. % for the last day: -0.12
Day range: 1.12092-1.12413
52-week range: 1.0538-1.1616

The last few trading sessions there were no trend movements for the currency pair of EUR/USD. The single currency is being traded in a flat with a range of 50 pips.

forex-forecast-eurusd-14-09-2016

The indicators signals are ambiguous. The MACD histogram started to rise and fixed above the signal line, indicating to buy EUR/USD.

The Stochastic Oscillator is near the overbought zone, the % K line is below the %D line, which indicates a possible decline of EUR/USD.

At 12:00 (GMT + 3: 00) the data on the volume of industrial production in the EU will be released, which may contribute to the development of the trend movement for the EUR/USD currency pair.

Trading recommendations:
Support levels: 1.12000, 1.11550
Resistance levels: 1.12650

If the published data is positive, EUR/USD can reach the nearest resistance of 1.12650.

An alternative can be the price reduction to the levels of 1.12000 and 1.11550.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.33343
Opening: 1.31883
Chg. % for the last day: -1.07
Day range: 1.31662-1.31919
52-week range: 1.2796-1.5659

During yesterday’s trading session, the British currency weakened against the US dollar by more than 1% due to the weak data on the consumer price index. The index was 0.6%, compared with market expectations of 0.7%.

forex-forecast-gpbusd-14-09-2016

The indicators show an ambiguous image. The MACD histogram is in the negative zone, but has fixed above the signal line, thereby gives a signal to buy GBP/USD.

The Stochastic Oscillator has reached overbought zone, the %K line is below the %D line, which indicates the continuation of a downward movement for the currency pair of GBP/USD.

We recommend to pay attention to the news background. Today we expect the publication of important statistics for the UK economy:
– The average wage, taking into account premiums, at 11:30 (GMT + 3:00);
– Changes in the number of applications for unemployment benefits at 11:30 (GMT + 3:00).

Trading recommendations:
Support levels: 1.31350
Resistance levels: 1.32450, 1.33200

If the statistical data on the British economy will be weak, the downward trend for the currency pair of GBP/USD may continue to the level of 1.31350.

An alternative can be the quotations growth to the resistance levels of 1.32450 and 1.33200.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.30385
Opening: 1.31745
Chg. % for the last day: +1.05
Day range: 1.31280-1.31747
52-week range: 1.2458-1.4692

Since the middle of last week, the currency pair of USD/CAD has being observed a distinct bullish trend. The Canadian dollar has lost in price more than 300 pips.

forex-forecast-usdcad-14-09-2016

The MACD histogram indicates the correctional movement for the currency pair of USD/CAD. The indicator began to decline and is below the signal line.

The Stochastic Oscillator has come out of the oversold zone, the %K line has fixed above the %D line, indicating a continuation of the upward trend for the currency pair of USD/CAD.

Today news background for the currency pair of USD/CAD is quite calm. The publication of important macroeconomic data is not planned.

Trading recommendations:
Support levels: 1.31150, 1.30350
Resistance levels: 1.32250

Yesterday’s forecast was confirmed. We expect the US dollar rally may continue. We recommend to consider USD/CAD purchase by the resistance level of 1.32250.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 101.862
Opening: 102.537
Chg. % for the last day: +0.69
Day range: 102.424-103.355
52-week range: 99.08-123.69

Yesterday, the Japanese currency has lost in price more than 80 pips. The yen remained under pressure against the background of the volume fall in industrial production. In August, the index decreased by 0.4%.

forex-forecast-usdjpy-14-09-2016

The indicators show diverse signals. The MACD histogram is in the positive zone and above its signal line, indicating a continuation of the upward movement of USD/JPY.

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

Important news on the currency pair of USD/JPY is not planned.

Trading recommendations:
Support levels: 102.300
Resistance levels: 103.200, 103.950

If the price overcomes and fixes above the resistance level of 103.200, the pair of USD/JPY may reach 103.95.

If the currency pair of USD/JPY is able to keep the level of 103.200, the price may correct to the nearest support of 102.300.