Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 19 September, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.12414
Opening: 1.11485
Chg. % for the last day: -0.79
Day range: 1.11484-1.11731
52-week range: 1.0538-1.1616

Friday’s data on US inflation were optimistic, what significantly increased demand for the US dollar. The EUR/USD currency pair has dropped by more than 90 pips.

forex-forecast-eurusd-19-09-2016

The indicators signals are ambiguous. The MACD histogram started to rise, and is above its signal line, indicating a possible correction of the EUR/USD currency pair.

The Stochastic Oscillator has fixed in the neutral zone, the% K line is below the D% line, it says about the continuation of the bearish trend for the EUR/USD currency pair.

Important economic news that could significantly change the dynamics of EUR/USD is not planned today.

Trading recommendations:
Support levels: 1.11550
Resistance levels: 1.12150, 1.12650

We expect a continuation of the downward trend for the EUR/USD currency pair. In the case of overcoming the support level of 1.11550, we recommend to consider the selling up to the mark of 1.11000.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.32362
Opening: 1.29952
Chg. % for the last day: -1.79
Day range: 1.29943-1.30028
52-week range: 1.2796-1.5659

During Friday’s trading session the GBP/USD currency pair experienced a downward trend against the background of the publication of positive statistics from the US. The pound weakened against the US dollar by more than 200 pips.

forex-forecast-gpbusd-19-09-2016

The MACD histogram indicates a possible correction of the GBP/USD currency pair. The indicator is in the negative zone, but above the signal line.

The Stochastic Oscillator has fixed in the overbought zone, the %K line crossed the %D line. Currently, there are no signals.

The publication of important statistics on the GBP/USD is not planned today.

Trading recommendations:
Support levels: 1.30000
Resistance levels: 1.31350, 1.32450

Friday’s forecast worked itself well. We recommend to consider selling of GBP/USD by the support level 1.29300.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.31544
Opening: 1.32175
Chg. % for the last day: +0.36
Day range: 1.32104-1.32228
52-week range: 1.2458-1.4692

Over the past few trading sessions, the USD/CAD currency pair formed a key support and resistance levels: 1.31400 and 1.32250. During the Asian trading session, the currency kept the resistance of 1.32250, as a result, the Canadian currency corrected somewhat (by 60 pips).

forex-forecast-usdcad-19-09-2016

The indicators signals differ. The MACD histogram has moved into negative zone and is below the signal line, indicating a continuation of the USD/CAD correction.

The Stochastic Oscillator has come out of the oversold zone, the %K line is above the %D line, indicating to buy USD/CAD.

Important statistical data on Canada’s economy is absent today.

Trading recommendations:
Support levels: 1.31400, 1.30350
Resistance levels: 1.32250

We expect the development of the corrective movement for the USD/CAD currency pair. Quotes may reach 1.30800.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 102.078
Opening: 102.117
Chg. % for the last day: +0.21
Day range: 101.790-102.076
52-week range: 99.08-123.69

Despite the upbeat statistics from the US, the safe yen has not felt considerable pressure. The USD/JPY currency pair managed to keep the resistance of 102.300.

forex-forecast-usdjpy-19-09-2016

The MACD histogram has started to decline and fixed below the signal line, which gives a signal to sell USD/JPY.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, indicating a possible increase of the USD/JPY currency pair.

Important news for the Japanese economy is not planned today.

Trading recommendations:
Support levels: 101.500
Resistance levels: 102.300, 103.000

We are waiting for the development of the bearish moods for the USD/JPY currency pair. The yen may continue to be strengthened to the support level of 101.000.