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

The forecast for the EURUSD currency pair

On Friday, the news NFP result was positive, and the price of EURUSD fell by more than 110 pips to 1.10460. Although EURUSD returned to the level 1.10800 by the end of the trading session.

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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.

Today, the strong economic news is not expected.

We believe that the price of EURUSD may show a slight increase today, and strive to the level of 1.11400.

An alternative is the EURUSD price reduction to the level of 1.10500.

Forecast for the GBPUSD currency pair

The Nonfarm Payrolls strong news reflected on this currency pair, the price of GBPUSD fell by more than 150 pips to 1.30200 and our Friday’s forecast was confirmed.

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The MACD histogram is in the negative zone, slightly 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.

We expect today tradings in a price range of 1.30100-1.31000.

Forecast for the USDJPY currency pair

The USDJPY currency pair showed an increase of more than 120 pips on Friday, and almost reached the level of 102.000.

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

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

Today, we expect USDJPY to rise to the level of 102.900.

Forecast for the USDCAD currency pair

A lot of news from the USA and Canada was released on Friday, and as a result, the price of USDCAD shot up by 180 pips to the level of 1.32000.

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

forex-forecast-usdcad-08-08-2016

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

We expect today a slight decrease of the USDCAD price to 1.31000.

An alternative is an increase to 1.32150.