Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 06 July, 2016

The forecast for the EURUSD currency pair

Our yesterday’s forecast for the EURUSD decline was confirmed clearly and the price reached 1.10650.

forex forecast eurusd-06-07-2016

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 above the %D line and sends a signal to buy EURUSD.

Important economic news will be released today at 17:00 (GMT +2: 00). At 21:00 the FOMC protocols will be released.

We believe that today the price of EURUSD could show a slight increase to 1.11000.

An alternative would be strengthening of the US currency and EURUSD decline to 1.10300.

Forecast for the GBPUSD currency pair

Yesterday the GBPUSD price fell more than 280 pips and reached the level of 1.30000. Today GBPUSD continues to fall and has already reached the minimum of 1.27955 today.

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

forex forecast gpbusd-06-07-2016

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

Despite the fact that the indicators give signals to buy, we believe that today the price of GBPUSD may continue to fall and reach the level of 1.27900 again.

Another scenario could be the GBPUSD growth to the level of 1.30500.

Forecast for the USDJPY currency pair

Yesterday the USDJPY falling stopped near the level of 101.500, while today USDJPY fell even lower to the level of 100.700.

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

forex forecast usdjpy-06-07-2016

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

We assume that the price of USDJPY could fall to the level of 100.000 today.

The resistance level can be the mark of 101.000.

Forecast for the USDCAD currency pair

The USDCAD currency pair showed rapid growth yesterday and the price reached the level of 1.30000.

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

forex forecast usdcad-06-07-2016

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

We expect today the USDCAD price increase to the level of 1.30800.

The second scenario can be decrease to 1.29700.