Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 30 September, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.12171
Opening: 1.12220
Chg. % for the last day: +0.06
Day range: 1.11678-1.12271
52-week range: 1.0538-1.1616

The single currency is under pressure because of the pessimistic data on the volume of retail sales in Germany. In August, the index decreased and amounted to -0.4%, significantly worse than market expectations. At the beginning of the European trading session, the EUR/USD currency pair has dropped by more than 50 pips.

forex-forecast-eurusd-30-09-2016

Indicators point to a continuation of the downward trend for the EUR/USD currency pair. The MACD histogram has moved into the negative zone and is below the signal line.

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

Today important EU economic statistics, which can significantly affect the balance of forces on the EUR/USD currency pair, will be released:
– The consumer price index in the EU (12:00 GMT + 3:00);

Trading recommendations:

Support levels: 1.11400
Resistance Levels: 1.11950

In the case of publication of weak macroeconomic data for the EU economy, a downward movement for the EUR/USD currency pair may continue to the level of 1.11400.

An alternative could be a correctional movement to the resistance level of 1.12350.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.30144
Opening: 1.29660
Chg. % for the last day: -0.38
Day range: 1.29363-1.29763
52-week range: 1.2796-1.5659

Yesterday, the British currency has lost in the price more than 50 pips, despite the ambiguous statistics on the US economy. At the moment, the currency is being traded near the support of 1.29350.

forex-forecast-gpbusd-30-09-2016

Indicators signals are ambiguous. The MACD histogram is in the negative zone, but above the signal line, which indicates a possible correction for the GBP/USD.

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

Today at 11:30 (GMT + 3:00) data on the GDP of the UK will be released.

Trading recommendations:

Support levels: 1.29350
Resistance Levels: 1.30450

We expect a continuation of the downward trend for the GBP/USD currency pair. We recommend to consider selling by the mark of 1.28750.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.30799
Opening: 1.31429
Chg. % for the last day: +0.48
Day range: 1.31382-1.31953
52-week range: 1.2458-1.4692

Yesterday, the Canadian dollar has weakened against the US dollar against the background of optimistic data on the US GDP. During the Asian session, the dollar continued to rise.

forex-forecast-usdcad-30-09-2016

The MACD histogram has fixed in the positive zone and above its signal line, indicating a possible increase of USD/CAD.

The Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which also indicates the strengthening of the US dollar.

At 15:30 (GMT + 3:00), the data on the GDP of Canada will be published.

Trading recommendations:

Support levels: 1.31650, 1.30750
Resistance Levels: 1.32600

If the growth of the Canadian economy is weak, the USD/CAD quotations may rise to the level of 1.32600.

An alternative would be the USD/CAD currency pair reduction to the level of 1.30750.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 100.674
Opening: 101.019
Chg. % for the last day: +0.36
Day range: 100.739-101.776
52-week range: 99.08-123.69

During the Asian trading, the yen weakened against the background of the publication of a series of pessimistic data on the Japanese economy. At the moment, the currency of “safe haven” has won back losses and being traded near the resistance level of 101.250.

forex-forecast-usdjpy-30-09-2016

Indicators signals are ambiguous. The MACD histogram has started to decline and fixed below the signal line, indicating a further fall of USD/JPY.

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

Further news background on the USD/JPY currency pair is quite calm.

Trading recommendations:

Support levels: 100.250
Resistance Levels: 101.250, 101.900

We expect the development of the bearish moods on the USD/JPY currency pair to the local support level of 100.400.