Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 20 September, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.11485
Opening: 1.11731
Chg. % for the last day: +0.14
Day range: 1.11682-1.12133
52-week range: 1.0538-1.1616

Despite the weak statistics from Germany (the price index was -0.1% in August), at the beginning of the European trading session, the EUR/USD currency pair has grown and reached the resistance level of 1.12150.

forex-forecast-eurusd-20-09-2016

The MACD histogram sends a signal to buy EUR/USD. The indicator has moved in the positive zone and is above the signal line.

The Stochastic Oscillator is near the overbought zone, the %K line is above the %D line, that delivers a weak signal to buy EUR/USD.

We recommend to pay attention to the publication of statistical data on the US economy:

– The number of issued permits for a building at 15:30 (GMT + 3:00).

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

In the case of publishing the positive statistics from the USA, the EUR/USD currency pair could rise to the level of 1.12650.

An alternative would be the EUR/USD fall to the support level of 1.11550.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.29952
Opening: 1.30291
Chg. % for the last day: +0.11
Day range: 1.30197-1.30649
52-week range: 1.2796-1.5659

Yesterday, the trading session was quite calm for the GBP/USD currency pair. Trend movements were not observed. By the closing of the US session, the pound strengthened slightly against the US dollar.

forex-forecast-gpbusd-20-09-2016

Indicators do not send strong signals. The MACD histogram has started to rise, and is above its signal line, indicating a possible increase of GBP/USD.

The Stochastic Oscillator is near the overbought zone, the %K line is above the %D line, indicating a possible correction of the GBP/USD currency pair.

Despite statistical data from the US, important news, which can significantly affect the dynamics of GBP/USD, is not planned today.

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

If the macroeconomic data from the US will be optimistic, we recommend to consider selling to the level of 1.29500.

An alternative would be a corrective movement to the resistance level of 1.31350.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.32175
Opening: 1.32015
Chg. % for the last day: +0.02
Day range: 1.31675-1.32148
52-week range: 1.2458-1.4692

During yesterday’s trading session, the Canadian dollar was almost unchanged against the US dollar. At the moment, the currency is being traded near the resistance level of 1.32250.

forex-forecast-usdcad-20-09-2016

Indicators point to the development of the corrective movement for USD/CAD. The MACD histogram has started to decline and is below the signal line.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating to sell USD/CAD.

Today at 19:45 (GMT + 3:00) the speech of the Bank of Canada’s head will be held on.

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

We continue to expect a correction of the USD/CAD currency pair. Quotes can reach the nearest support levels of 1.31400 and 1.30350.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 102.117
Opening: 101.931
Chg. % for the last day: -0.36
Day range: 101.529-102.064
52-week range: 99.08-123.69

Yesterday there was an increased demand for yen. The USD/JPY currency pair fell by 0.36%. During the Asian session, the Japanese currency rally continued.

forex-forecast-usdjpy-20-09-2016

Indicators signals are ambiguous. The MACD histogram has moved into the negative zone and is below the signal line, indicating to sell USD/JPY. The Stochastic Oscillator has reached oversold zone, the %K line crossed the %D line. There are no active signals yet.

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

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

In the case of publishing the positive data on the number of issued permits for building in the United States, USD/JPY quotes could rise to the resistance level of 102.300.

An alternative could be the development of a downward movement to the level of 101.000.