Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 29 September, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.12129
Opening: 1.12171
Chg. % for the last day: +0.01
Day range: 1.12130-1.12360
52-week range: 1.12130-1.12360

Yesterday, the EUR/USD currency pair didn’t felt unidirectional movement. The single currency tested local support and resistance levels: 1.11950 and 1.12350.

forex-forecast-eurusd-29-09-2016

Indicators signals are ambiguous. The MACD histogram is in the positive zone, but below the signal line, which delivers a weak signal to buy EUR/USD.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, indicating the strengthening of the US dollar.

Today important statistics on the EU and the US economy will be released:
– Change in the number of unemployed in Germany (10:55);
– Data on US GDP (15:30 GMT + 3:00);
– The index of pending sales in the US real estate market (17:00 GMT + 3:00).
Also, at 23:00 (GMT + 3: 00) a press conference with the head of FRS Janet Yellen will be held.

Trading recommendations:

Support levels: 1.11950
Resistance Levels: 1.12550

We expect bullish moods on EUR/USD the currency pair. We recommend to consider buying by the resistance level of 1.12550.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.30202
Opening: 1.30144
Chg. % for the last day: -0.02
Day range: 1.30081-1.30585
52-week range: 1.2796-1.5659

During yesterday’s trading session the GBP/USD currency pair didn’t observe trend movements. The currency was in a sideway trend within a range of 45 pips.

forex-forecast-gpbusd-29-09-2016

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

The Stochastic Oscillator has come out of the oversold zone, the %K line is above the%D line, which indicates the development of an upward movement on GBP/USD.

Publication of important statistics on the UK economy is not planned today.

Trading recommendations:

Support levels: 1.29350
Resistance Levels: 1.30450

If the US GDP data have an optimistic character, a drop of GBP/USD to the level of 1.29400 is possible.

An alternative may be the growth of the GBP/USD currency pair to the local resistance level of 1.31250.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.31944
Opening: 1.30799
Chg. % for the last day: -0.87
Day range: 1.30479-1.31039
52-week range: 1.2458-1.4692

The Canadian dollar belongs to the “commodity currencies”. Yesterday, the demand for currency in Canada has increased significantly on the background of oil prices growth. OPEC members agreed to reduce oil production.

forex-forecast-usdcad-29-09-2016

Indicators do not send any clear signals. The MACD histogram has started to rise, and is above its signal line, indicating a possible correction of USD/CAD.

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

We recommend to pay attention to the news feed on the US economy.

Trading recommendations:

Support levels: 1.30100, 1.30750
Resistance Levels: 1.31650

If statistics from the US is weak, the Canadian dollar may continue to strengthen by the level of 1.30100.

An alternative would be a corrective movement to the resistance level of 1.31650.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 100.414
Opening: 100.674
Chg. % for the last day: +0.23
Day range: 100.643-101.744
52-week range: 99.08-123.69

During Asian session, the yen has weakened significantly (over 100 pips) against the US dollar due to the increased demand for risky assets. The Japanese currency is also under pressure due to weak data on the volume of retail sales in the country.

During Asian session, the yen has weakened significantly (over 100 pips) against the US dollar due to the increased demand for risky assets. The Japanese currency is also under pressure due to weak data on the volume of retail sales in the country.

The indicators show an ambiguous image. The MACD histogram is in the positive zone and above its signal line, indicating further 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.

Important statistical data on the Japanese economy will be not released today.

Trading recommendations:

Levels of support: 101250, 100,250
Resistance Levels: 101,900

If the statistical data from the US have an optimistic character, the growth of USD/JPY may continue to mark of 102.000.

An alternative would be a drop of USD/JPY to the local support level of 100.900.