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

Forecast for the EURUSD currency pair

Technical showings of the currency pair:
Pre-opening: 1.08883
Opening: 1.09079
Chg. % for the last day: +0.19
Day range: 1.08921 – 1.09138
52-week range: 1.0538 – 1.1616

Yesterday there was an increased demand for the single currency. In the morning, the growth of the EUR/USD currency pair exceeded 50 pips. However, by the close of American trading session, the US dollar won back most of the losses. At the moment the currency is testing the “mirror” support level of 1.09000.

forex-forecast-eurusd-27-10-2016

The indicators show an ambiguous image. The MACD histogram has started to decline and is below the signal line, indicating selling of EUR/USD.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, indicating further growth of the single currency.

Important news for EU economy is not expected today. We recommend to pay attention to the news background from the US:
– basic orders for durable goods (15:30 GMT+3:00);
– the number of initial claims for unemployment benefits (15:30 GMT+3:00);
– an index of pending sales in the real estate market (15:30 GMT+3:00).

Trading recommendations:

Support levels: 1.08600, 1.09000
Resistance levels: 1.09650

Yesterday’s recommendations were confirmed. In the case of the publication of weak statistics on the US economy, the further growth of EUR/USD to the level of 1.0960 is possible

An alternative would be the reduce of EUR/USD quotes to the support level of 1.08600.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.21863
Opening: 1.22465
Chg. % for the last day: +0.49
Day range: 1.21999 – 1.22483
52-week range: 1.2016 – 1.5513

During yesterday’s trading session, growth of the GBP/USD currency pair exceeded 60 pips. At the moment the currency is testing the support level of 1.22000.

forex-forecast-gpbusd-27-10-2016

The MACD histogram is in the positive zone, but below the signal line, that sends a weak signal to buy GBP/USD.

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

The market is waiting for the important economic data from Britain. At 11:30 (GMT+3:00) data on the GDP of the country will be released.

Trading recommendations:
Support levels: 1.21600, 1.22000
Resistance levels: 1.22400

If data on the UK GDP will have an optimistic nature, the further growth of the GBP/USD currency pair to the level of 1.22750 is possible.

An alternative would be a decline of the GBP/USD quotes to the support level of 1.21600.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.33487
Opening: 1.33793
Chg. % for the last day: +0.22
Day range: 1.33648 – 1.33949
52-week range: 1.2458 – 1.4692

Yesterday, trades on the USD/CAD currency pair were rather calm. The Canadian dollar fell in price slightly. At the moment the currency is testing the resistance level of 1.33900.

forex-forecast-usdcad-27-10-2016

Indicators signal a correction on the USD/CAD currency pair. The MACD histogram has started to decline and fixed below the signal line.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the development of the bearish moods on the USD/CAD currency pair.

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

Trading recommendations:

Support levels: 1.32800, 1.33250
Resistance levels: 1.33900

We expect the development of corrective movement on the USD/CAD currency pair. Recommend to consider selling to the level of 1.33250.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 104.221
Opening: 104.470
Chg. % for the last day: +0.23
Day range: 104.294 – 104.718
52-week range: 99.08 – 123.69

At the moment, the yen is being traded in the range of 104.350-104.650. Today`s statistics from the US can significantly affect the balance of forces on the USD/JPY currency pair.

forex-forecast-usdjpy-27-10-2016

The MACD histogram continues to rise and is above its signal line, which means purchases in the USD/JPY.

The Stochastic Oscillator is in the overbought zone. There are no signals yet.

The news background on Japan`s economy is calm today.

Trading recommendations:

Support levels: 104.050, 104.350
Resistance levels: 104.650

If statistical data from the US will be weak, the USD/JPY quotes may reach the support level of 104.35.

An alternative would be a further growth of USD/JPY to the level of 104.900.