Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 24 October, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.09292
Opening: 1.08821
Chg. % for the last day: -0.42
Day range: 1.08587 – 1.08921
52-week range: 1.0538 – 1.1616

During Friday`s trading session, the single currency continued to fall in price against the US dollar. However, with the opening of the European session the EURUSD currency pair was keeping the support of 1.0860. Euro has won back losses.

forex-forecast-eurusd-24-10-2016

The MACD histogram has started to rise, and fixed above its signal line, which indicates the development of the correction on the EUR/USD currency pair.

The Stochastic Oscillator doesn’t send strong signals. Indicator is near overbought zone, the %K line is beginning to cross the %D line.

We recommend to pay attention to the news feed:
— An index of business activity in the services sector in Germany (10:30 GMT+3:00);
— An index of business activity in the EU services sector (11:00 GMT+3:00);
— An index of business activity in the manufacturing sector in the USA (16:45 GMT+3:00);
— Speech of the FOMC member Dudley.

Trading recommendations:

Support levels: 1.08600
Resistance levels: 1.09000, 1.09650

Friday`s forecast was confirmed. At the moment, we expect the development of the correction on the EUR/USD currency pair. Quotes could reach the level of 1.09250.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.22531
Opening: 1.22199
Chg. % for the last day: -0.14
Day range: 1.21849 – 1.22493
52-week range: 1.2016 – 1.5513

On Friday, the British currency showed diversified dynamics. There was no unidirectional movement. Over the past week the currency formed a local support and resistance levels: 1.21750, 1.22250 and 1.22850.

forex-forecast-gbpusd-24-10-2016

The MACD histogram has started to rise, and fixed above its signal line, which means purchases in GBP/USD.

The Stochastic Oscillator is near overbought zone, the %K line is above the %D line, which sends a weak signal of the GBP/USD growth.

At 13:00 (GMT + 3: 00) the data on index of industrial custom (CBI) in the UK will be released.

Trading recommendations:

Support levels: 1.22250
Resistanse levels: 1.22850, 1.23250

The previous forecast was confirmed. We believe that the quotes of the GBP/USD currency pair may continue to grow and reach the resistance level of 1.22850.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:
Pre-opening: 1.32286
Opening: 1.33264
Chg. % for the last day: +0.78
Day range: 1.33221 – 1.33582
52-week range: 1.2458 – 1.4692

The loonie remains under pressure. Over the past week the USD/CAD currency pair rose more than 250 points.

forex-forecast-usdcad-24-10-2016

The MACD histogram has started to fall, and fixed below its signal line, which indicates the possible correction on the USD/CAD currency pair.

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

News feed:
— the volume of wholesale sales in Canada (15:30 GMT+3:00);
— speech of the Governor of the Bank of Canada Poloz(15:30 GMT+3:00).

Trading recommendations:

Support levels: 1.32300, 1.33200
Resistance levels: 1.33600

We expect the development of corrective movement on the USD/CAD currency pair. Recommend to consider selling after overcoming and price fixing to the support level of 1.33200. There is a potential movement to the level of 1.32750.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 103.945
Opening: 103.819
Chg. % for the last day: -0.12
Day range: 103.716 – 103.998
52-week range: 99.08 – 123.69

The optimistic data on trade balance of Japan give support to the Yen. At the moment the USD/JPY currency pair is trading near the support level of 103.750.

forex-forecast-usdjpy-24-10-2016

Indicators do not send clear signals. The MACD histogram is in the negative zone and continues to decline, which means sales in the USD/JPY.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, that indicates the uptrend development on the USD/JPY.

Recommend to pay attention to the speech and comments of FOMC members.

Trading recommendations:
Support levels: 103.350, 103.750
Resistance levels: 104.100

The previous forecast was confirmed. In the case of overcoming the support level of 103.750, the bearish moods up to the level of 103.400 may develop.

An alternative could be an increase of USD/JPY quotes to the resistance level of 104.250.