Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 08 June, 2016

The forecast for the EURUSD currency pair

A continuous flat for this currency pair is being observed on the market for 2 days. Fluctuations of the EURUSD price were within 40 pips yesterday, the prices of market opening and closing did not differ most.

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

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

The US news on crude oil reserves will be released at 17:00 (GMT +2: 00).

We expect that today EURUSD will still be in a state of uncertainty and the price will continue to show the sideways trend, herewith the strengthening of “bullish” moods is possible on the market. The release of negative news from the United States can help EURUSD achieve the level of 1.14000.

Forex forecast for the GBPUSD currency pair

In the hourly graph for this pair, we see that the price of GBPUSD, as expected, reached the level of 1.46000, after what there was a slight weakening of the British pound and the market closed at the level of 1.45426.

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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.

Important news for the UK will be released today at 11:30, which will show the state of the industrial sector.

In case of a positive result a renewal of the GBPUSD growth to the level of 1.46000 is possible.

Otherwise the GBPUSD price can fall to the level of 1.44500.

Forecast for the USDJPY currency pair

Yesterday by early afternoon the market saw USDJPY attempts to grow, but in late afternoon the “bulls” had no forces to grow any more and the price went down.

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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, the %K line is above the %D line and sends a weak signal to buy USDJPY.

Positive news in USA may contribute to USDJPY growth to the level of 108.000.

An alternative is the reduction of the USDJPY price to the level of 106,600.

Forecast for the USDCAD currency pair

The reduction of the USDCAD price continued yesterday, the price reached the level of 1.27350.

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

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

We expect that today the USDCAD price may slightly increase to the level of 1.28000.

An alternative is further reduction of the USDCAD price to the level of 1.26800.