Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 27 September, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.12300
Opening: 1.12542
Chg. % for the last day: +0.14
Day range: 1.12386-1.12544
52-week range: 1.0538-1.1616

Since the middle of last week, the single currency has risen in price by more than 125 pips. During yesterday’s trading session the EUR/USD currency pair was keeping resistance of 1.12550, despite the weak data on the USA housing market.

forex-forecast-eurusd-27-09-2016

The MACD histogram indicates the development of the corrective movement for the EUR/USD currency pair. The indicator has begun to decline and is below the signal line.

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

We recommend to pay attention to the news feed on the US economy:
– Index of business activity in the services sector (16:45 GMT + 3:00);
– CB Consumer Confidence Index (17:00 GMT + 3:00);
– FOMC Member Fisher’s speech (18:15 GMT + 3:00).

Trading recommendations:

Support levels: 1.11950
Resistance Levels: 1.12550

We expect the development of the corrective movement for the EUR/USD currency pair to the local support level of 1.12100.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.29642
Opening: 1.29744
Chg. % for the last day: -0.02
Day range: 1.29480-1.30084
52-week range: 1.2796-1.5659

Yesterday’s trading session with the GBP/USD currency pair was quite calm. There were no significant changes of the rate. The currency tested local support and resistance levels: 1.29350 and 1.29800.

forex-forecast-gpbusd-27-09-2016

Indicators signals are ambiguous. The MACD histogram has moved into the positive zone and continues to rise, indicating a growth of GBP/USD.

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

Important news from the UK is not expected today.

Trading recommendations:

Support levels: 1.29350
Resistance Levels: 1.30450

In the case of weak US economic statistics release, the GBP/USD currency pair can rise to the level of 1.30500.

An alternative could be the development of bearish moods to the level of 1.29350.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.31571
Opening: 1.32260
Chg. % for the last day: +0.55
Day range: 1.31637-1.32753
52-week range: 1.2458-1.4692

At the beginning of the European session, demand for the Canadian dollar has increased. The USD/CAD currency pair kept the resistance of 1.32400 and lost in price more than 90 pips.

forex-forecast-usdcad-27-09-2016

The MACD histogram has begun to decline and fixed below the signal line, indicating the strengthening of the Canadian currency against the US dollar.

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

The publication of important macroeconomic data on the economy of Canada is not planned today.

Trading recommendations:

Support levels: 1.31400, 1.30750
Resistance Levels: 1.32200

We believe that the Canadian dollar may continue to strengthen its position against the US dollar. The USD/CAD currency pair can achieve the level of 1.31150.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 100.940
Opening: 100.321
Chg. % for the last day: -0.58
Day range: 100.084-100.985
52-week range: 99.08-123.69

Demand for the yen is strengthening against the background of the comments of the Bank of Japan. The regulator intends to use all possible means to achieve the inflation level of 2%. Currently, USD/JPY is being traded near the local resistance of 100.650.

forex-forecast-usdjpy-27-09-2016

Indicators signals show an ambiguous image. The MACD histogram has moved into the positive zone and continues to rise, indicating a growth of USD/JPY.

The Stochastic Oscillator has come out of the overbought zone, the %K line is below the %D line, indicating selling of USD/JPY.

The news background on the USD/JPY currency pair is calm today.

Trading recommendations:

Support levels: 100.250
Resistance Levels: 101.250, 101.900

We expect a decline of USD/JPY. We recommend to consider selling by the level of 100.100.