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

The forecast for the EURUSD currency pair

During yesterday’s trading the price of EURUSD tried to rise to the level of 1.11750, but EURUSD succeeded only to close to this level, after which the price fell below the price of the market opening.

forex forecast eurusd 06-01-2016

The MACD histogram is in the negative zone, joined its signal line, so there are no signals yet.

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

At 10:55 (GMT +2: 00) the news on the business activity index in the manufacturing sector in Germany will be released. Similar news in USA will be released at 17:00.

Positive news for the euro may contribute to the growth of the EURUSD price to the yesterday’s highs level of 1.11750.

An alternative would be the strengthening of the US dollar and the reduction of the EURUSD price to the level of 1.11000.

Forecast for the GBPUSD currency pair

Yesterday this currency pair tradings were very active and the price of GBPUSD showed a fall for more than 260 pips, thus doubly confirming our forecast.

forex forecast gpbusd 06-01-2016

The MACD is in the positive 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 a signal to sell GBPUSD.

Important news in the UK about the business activity index in the manufacturing sector will be released at 11:30.

The release of positive news could promote the GPBUSD growth to the level of 1.45400D.

Otherwise the GBPUSD price could fall to the level of 1.44300.

Forecast for the USDJPY currency pair

We did not see the growth of this currency pair price yesterday, but on the contrary, we saw the reduction to the supposed level of 110.600.

forex forecast usdjpy 06-01-2016

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

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

We expect today the USDJPY price growth to the level of 110.800.

Forecast for the USDCAD currency pair

We can see on the graph, that our yesterday’s forecast was exactly fulfilled and the price of USDCAD rose to the level of 1.31300.

forex forecast usdcad 06-01-2016

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 weak signal to buy USDCAD.

Today we expect a renewal of the USDCAD growth and a retest of 1.31300 level.

An alternative is the reduction of the USDCAD price to the level of 1.29970.