Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 23 September, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.11886
Opening: 1.12077
Chg. % for the last day: +0.16
Day range: 1.11937-1.12170
52-week range: 1.0538-1.1616

During yesterday’s trading session, the EUR/USD currency pair showed diversified dynamics. In the first half of the day, the demand for the euro has increased, as a result, the currency rose in price by more than 70 pips. In the afternoon, the US dollar has won back its losses.

forex-forecast-eurusd-23-09-2016

The indicators signals are ambiguous. The MACD histogram has started to decline and fixed below the signal line, indicating the decline of EUR/USD.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates a further increase of EUR/USD.

Today the following statistics release is expected:
– Index of business activity in the manufacturing sector in Germany (10:30 GMT + 3:00);
– Index of business activity in the manufacturing sector in the EU (11:00 GMT + 3:00);
– Index of business activity in the manufacturing sector of the US (16:45 GMT + 3:00).

Trading recommendations:

Support levels: 1.11550
Resistance Levels: 1.12150, 1.12700

Currently, the EUR/USD currency pair is being traded near the “mirror” resistance level of 1.12150. In case of price breaking and fixing above this level, purchases by the mark of 1.12700 are possible.

An alternative would be the EUR/USD currency pair reduction to the nearest support level of 1.11550.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.30255
Opening: 1.30599
Chg. % for the last day: +0.39
Day range: 1.30145-1.30879
52-week range: 1.2796-1.5659

During today’s Asian trading session, the British currency position has weakened against the US dollar. The GBP/USD currency pair fell by more than 40 pips.

forex-forecast-gpbusd-23-09-2016

The indicators show an ambiguous image. The MACD histogram has moved into the negative zone and is below the signal line, indicating a further drop of GBP/USD.

The Stochastic Oscillator has reached oversold zone, the %K line has crossed the %D line. There are no signals yet.

The news background on the GBP/USD currency pair is quite calm today. The publication of important macroeconomic data is not planned.

Trading recommendations:

Support levels: 1.30000
Resistance Levels: 1.31350

We believe that today the development of bearish moods for the GBP/USD currency pair is possible. We recommend to consider selling by the mark of 1.29550.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.31002
Opening: 1.30423
Chg. % for the last day: -0.45
Day range: 1.30411-1.30832
52-week range: 1.2458-1.4692

Yesterday the USD/CAD currency pair has kept support at 1.30350. At the beginning of the European trading session, the US dollar has continued to recover against the Canadian dollar.

forex-forecast-usdcad-23-09-2016

The MACD histogram indicates the development of corrective movement on the USD/CAD currency pair. The indicator has begun to rise and fixed above the signal line/

The Stochastic Oscillator doesn’t give the signals. The indicator is in the neutral zone, the %K line crossed the %D line.

Today the release of important statistics on the economy of Canada, which may significantly affect the dynamics of the USD/CAD currency pair, is expected:
– The base consumer price index at 15:30 (GMT + 3:00);
– The base index of retail sales at 15:30 (GMT + 3:00).

Trading recommendations:

Support levels: 1.30350
Resistance Levels: 1.31400

If data on consumer prices and retail sales in Canada are weak, the correction of USD/CAD may proceed to the resistance level of 1.31400.

An alternative could be the development of a downward movement to the level of 1.29750.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 100.334
Opening: 100.743
Chg. % for the last day: +0.44
Day range: 100.739-101.243
52-week range: 99.08-123.69

The US dollar continues to recover losses after a significant drop during the trading session on Wednesday, 21 September. Yesterday the USD/JPY currency pair rose in price by more than 0.40%.

forex-forecast-usdjpy-23-09-2016

There are no clear signals yet. The MACD histogram has fixed in the positive zone and above its signal line, indicating the increase of USD/JPY.

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

Important news for the Japanese economy is not expected today.

Trading recommendations:

Support levels: 100.250
Resistance Levels: 101.750

Yesterday’s forecast worked itself well. We expect a continuation of the corrective movement for the USD/JPY currency pair by the resistance level of 101.750.