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

The forecast for the EURUSD currency pair

During yesterday’s trading session “bears” prevailed on the market and the price of EURUSD declined to the level of 1.10540, while it repeatedly approached to the resistance level of 1.11000.

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The MACD histogram is in the positive 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.

Today important economic news from Nonfarm Payrolls is expected at 15:30 (GMT +2: 00) in the USA. Last month, the NFP results differed a lot from those predicted, which resulted in large fluctuations on the market.

If the news result is negative, the price of EURUSD could break through the resistance level of 1.11000 and achieve 1.11650.

Otherwise, the price of EURUSD may test the level of 1.10400, seeking to the mark of 1.10000.

Forecast for the GBPUSD currency pair

Despite the growth of more than 110 pips to the level of 1.30450, the price of GBPUSD is still returned to the level of 1.29000 by the end of the day.

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

The price movement of the currency pair depends on the results of the NFP news as well.

The positive outcome may again pull the GBPUSD down to the level of 1.28300.

An alternative is the growth above the level of 1.30300.

Forecast for the USDJPY currency pair

The USDJPY currency pair showed the price falling by 70 pips yesterday, and today the price continues to drop.

forex-forecast-usdjpy-08-07-2016

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.

NFP positive news may contribute to the USDJPY growth to the level of 101.400.

Otherwise, the USDJPY price reduction to the level of 100.000 is not excepted.

Forecast for the USDCAD currency pair

The USDCAD price showed the first decrease to the level of 1.28800 yesterday, after which there was a rapid growth of more than 140 pips and it reached the level of 1.30200.

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

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

At 15:30 news on employment change in Canada is expected.

We believe that today this currency pair has all chances to rise to the level of 1.30650 in case of positive news for the US currency.

An alternative could be the USDCAD price reduction to the level of 1.29350.