Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 01 August, 2016

The forecast for the EURUSD currency pair

On Friday, the US currency weakened slightly and the price of EURUSD went up by 120 pips.

forex-forecast-eurusd-01-08-2016

The MACD histogram is in the positive zone, below its signal line, and sends a signal to sell EURUSD.

The stochastics oscillator is in the neutral zone, the %K line is below the %D line and sends a signal to sell EURUSD.

Today at 17:00 the news (GMT +2: 00) on the business activity index in the manufacturing sector of the USA is expected.

We believe that the price of EURUSD may try to rise to the level of 1.12500.

An alternative can be the EURUSD price reduction to the level of 1.11100.

Forecast for the GBPUSD currency pair

We see in the graph that on Friday “bullish” moods prevailed on the market and the GBPUSD price even reached the level of 1.33000.

forex-forecast-gpbusd-01-08-2016

The MACD histogram is in the positive zone, below its signal line, which can be regarded as a signal to sell GBPUSD.

The stochastics oscillator is in the neutral zone, the %K line is below the %D line and sends a signal to sell GBPUSD.

Today we assume that the GBPUSD price movement will be in the range of 1.31500-1.32400.

At 11:30 the negative data will be released in the UK.

We expect that the price of GBPUSD can fall to the level of 1.31500.

An alternative is the price growth to the level of 1.32800.

Forecast for the USDJPY currency pair

The price of this currency pair dropped significantly by 330 pips to 102.000 on Friday.

forex-forecast-usdjpy-01-08-2016

The MACD histogram is in the negative zone, above its signal line, which can be regarded as a signal to buy USDJPY.

The stochastic oscillator is in the neutral zone, the %K line is below the %D line, and sends an opposite signal to sell USDJPY.

If the US news is negative today, the price of USDJPY can fall to the level of 101.500.

Otherwise, the USDJPY price may rise to the level of 103.000.

Forecast for the USDCAD currency pair

The USDCAD pair price also fell by more than 150 pips to the level of 1.30300 on Friday.

forex-forecast-usdcad-01-08-2016

The MACD histogram is in the negative zone, above its signal line, which can be regarded as a signal to buy USDCAD.

The stochastic oscillator is in the overbought zone, the %K is anyway above the %D line and sends a signal to buy USDCAD.

We assume that the USDCAD price may try to rise to the level of 1.31000 today, but an alternative of downward price movement to 1.30000 is not excluded.