Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 03 June, 2016

The forecast for the EURUSD currency pair

The result of yesterday’s trading was in favor of the US currency and the price of EURUSD fell to the level of 1.11500.

forex forecast eurusd-06-03-2016

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

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

Very important news in the US Nonfarm Payrolls will be released today at 15:30 (GMT +2: 00). At the same time the news about the level of US unemployment will be released as well, and at 17:00 ISM will publish the business activity index in the non-manufacturing sector.

Positive news will contribute to the strengthening of the US currency and the price of EURUSD may fall below the level of 1.11000.

An alternative is a break of the resistance level of 1.12200.

Forecast for the GBPUSD currency pair

Yesterday’s GBPUSD growth was negligible in the range of 60 pips, and the price reached only the level of 1.44720.

forex forecast gpbusd 06-03-2016

The MACD is in the positive zone, slightly above its signal line, which can be regarded as a very weak signal to buy GBPUSD.

The stochastics oscillator is in the neutral zone, the %K line joined the %D line, so there are no certain signals yet.

At 11:30 the big news in the UK will be released.

We believe that today the price of GBPUSD may show a slight growth to the level of 1.44750. A release of positive news for the US labor market may contribute to the GBPUSD price reduction to the level of 1.43800.

Forecast for the USDJPY currency pair

Yesterday’s weak news in the US allowed the USDJPY price to fall to the level of 108,530.

forex forecast usdjpy 06-03-2016

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

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

In case of positive news from NFP in the USA the USDJPY price may rise to the level of 109,200, and then maybe even up to 109,600.

Otherwise, the reduction of the USDJPY price to the level of 108.000 is possible.

Forecast for the USDCAD currency pair

Our yesterday’s forecast was confirmed and the price of USDCAD rose to the level of 1.31450, although then the market closed at 1.30963.

forex forecast usdcad 06-03-2016

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 slightly below the %D line and sends a weak signal to sell USDCAD.

The NFP news will play again an important role for this pair. The positive result may contribute to USDCAD growth to the level of 1.31850, negative one – reduction to the level of 1.30000.