Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 02 August, 2016

The forecast for the EURUSD currency pair

The EURUSD currency pair was in a waiting position yesterday and showed a sideways trend, fluctuations of which were all within 30 pips. Thus today we see the EURUSD price runup to the level of 1.12000.

forex-forecast-eurusd-02-08-2016

The MACD histogram is in the positive zone, slightly above its signal line, and sends a weak signal to buy EURUSD.

The stochastics oscillator is in the neutral zone, the %K line is slightly above the %D line and sends a weak signal to buy EURUSD.

We expect that the price of EURUSD will be in the range of 1.11500-1.12200 today.

Forecast for the GBPUSD currency pair

Our expectations regarding the GBPUSD reduction were confirmed and the price reached the level of 1.31700.

forex-forecast-gpbusd-02-08-2016

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

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

At 11:30 (GMT +2: 00), the data on the business activity index in the UK construction sector will be released.

If the news result is positive, we do not exclude the possibility of the GBPUSD growth to the level of 1.32800.

Otherwise, the GBPUSD price can fall to 1.31500.

Forecast for the USDJPY currency pair

The yesterday’s trading session was not very active for this pair and there was a flat on the market.

Today the price of USDJPY sharply goes down.

forex-forecast-usdjpy-02-08-2016

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

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

If current trends preserve, the price of USDJPY can fall to the level of 101.000.

Alternatively, the price can go back to the market opening level of 102.400.

Forecast for the USDCAD currency pair

Yesterday’s trading session was marked by a total predominance of “bulls” and the USDCAD price rose by 100 pips to the level of 1.31300 and fully confirmed our forecast.

forex-forecast-usdcad-02-08-2016

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

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

We assume that USDCAD may rise today to the level of 1.31800.