Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 28 September, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.12542
Opening: 1.12129
Chg. % for the last day: -0.35
Day range: 1.11816-1.12198
52-week range: 1.0538-1.1616

Yesterday, sellings were dominated for the EUR/USD currency pair. The single currency remains under pressure against the background of weak data on the consumer climate index in Germany.

forex-forecast-eurusd-28-09-2016

Indicators point to a continuation of the downward movement of the EUR/USD currency pair. The MACD histogram is in the negative zone and below the signal line.

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

We recommend to pay attention to the news background:
– Basic orders for durable goods in the USA (15:30 GMT + 3:00);
– Federal Reserve System Chairman Yellen’s speech (17:00 GMT + 3:00);
– ECB President Draghi’s speech (17:30 GMT + 3:00).

Trading recommendations:

Support levels: 1.11950
Resistance Levels: 1.12550

Yesterday’s forecast was confirmed. We believe that the US dollar may continue to strengthen its positions against the euro by the level of 1.11600.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.29744
Opening: 1.30202
Chg. % for the last day: +0.36
Day range: 1.29824-1.30304
52-week range: 1.2796-1.5659

Over last trading sessions, the GBP/USD currency pair is quite calm. Today’s data on durable goods in the USA may be the further driver for the development of a new trend on GBP/USD.

forex-forecast-gpbusd-28-09-2016

The MACD histogram sends a weak signal to sell. The indicator began to decline and is below the signal line.

The Stochastic Oscillator is in the neutral zone, the %K line below the %D one, indicating selling of GBP/USD.

Besides the statistical data on the US economy, there is no important news that could significantly affect the dynamics of GBP/USD.

Trading recommendations:

Support levels: 1.29350
Resistance Levels: 1.30450

In case of publication of optimistic data from the USA, the decline of GBP/USD quotes to the level of 1.29350 is possible.

An alternative would be an increase of GBP/USD up to the resistance level 1.30750.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.32260
Opening: 1.31944
Chg. % for the last day: -0.22
Day range: 1.31637-1.32753
52-week range: 1.2458-1.4692

Yesterday the USD/CAD currency pair showed diversified dynamics. On the market there was increased volatility on the background of the publication of important statistics from the USA.

forex-forecast-usdcad-28-09-2016

The indicators signals are ambiguous. The MACD histogram has started to decline and fixed below the signal line, indicating the downtrend development for the USD/CAD.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, sending a signal to buy USD/CAD.

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

Trading recommendations:

Support levels: 1.31400, 1.30750
Resistance Levels: 1.32400

In the case of weak US economic statistics publication, the correctional movement of the USD/CAD currency pair may develop to the level of 1.31400.

An alternative would be the further strengthening of the US dollar to the level of 1.32850.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 100.321
Opening: 100.414
Chg. % for the last day: +0.11
Day range: 100.260-100.813
52-week range: 99.08-123.69

During the Asian trading session, the USD/JPY currency pair was keeping the support level of 100.250. The yen weakened against the US dollar by more than 40 pips.

forex-forecast-usdjpy-28-09-2016

The MACD histogram is in the positive zone and has risen above its signal line, indicating purchase of USD/JPY.

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

Important news for the Japanese economy is not planned today.

Trading recommendations:

Support levels: 100.250
Resistance Levels: 101.250, 101.900

If the statistical data from the USA is strong, it is possible to develop a bullish trend for the USD/JPY currency pair to the level of 101.250.

An alternative would be the USD/JPY reduction to the level of 100.250.