Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 07 July, 2016

The forecast for the EURUSD currency pair

As expected, the price of EURUSD showed an increase and reached the level of 1.11110 yesterday, that was an increase of more than 75 pips per day.

forex-forecast-eurusd-07-07-2016

The MACD histogram is in the positive zone, below its signal line, and sends a signal to sell EURUSD.

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

Economic news from the US are expected at 15:15 (GMT +2: 00) and 18:00 today.

In case of positive news release, the price of EURUSD could reduce again to the level of 1.10400.

An alternative can be the EURUSD growth above the level of 1.11100.

Forecast for the GBPUSD currency pair

We see in the hourly graph that the attempts of the price reduction below the level 1.28000 were observed yesterday, while the minimum price was 1.27955.

The session closed at the level of 1.29287.

forex-forecast-gpbusd-07-07-2016

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 a signal to sell GBPUSD.

At 11:30 a release of the data on the production volume in the manufacturing industry of Great Britain is expected.

We believe that the news outcome will be positive that can push up the price of GBPUSD and it may reach 1.30750.

An alternative is the GBPUSD price decline to the support level of 1.27800.

Forecast for the USDJPY currency pair

Our yesterday’s forecast for USDJPY was almost completely worked out and the price dropped to the level of 100.198, though it was followed by the growth and USDJPY rose to the level of 101.400.

forex-forecast-usdjpy-07-07-2016

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

Positive news on the US currency may contribute to the current USDJPY rise to the level of 101.750.

An alternative may be the USDJPY price reduction to 100.000 or less.

Forecast for the USDCAD currency pair

Several attempts of the USDCAD growth were observed yesterday, but it didn’t manage to rise above 1.30555.

forex-forecast-usdcad-07-07-2016

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

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

The Ivey Purchasing Managers Index will be released today at 17:00.

The first motion vector of USDCAD may be an increase to the level of 1.30550 and its further breakthrough.

The second is the USDCAD price reduction to the level of 1.29000.