Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 17 June, 2016

The forecast for the EURUSD currency pair

Sharp price jumps of this currency pair were observed yesterday. First the EURUSD price fell for more than 160 pips to the level of 1.11310, then the growth was renewed and the EURUSD price returned lost 110 pips.

Today, EURUSD tries to grow, the price has reached the level of 1.12700.

forex forecast eurusd 17-06-2016

The MACD histogram is in the positive zone, slightly above its signal line, and sends a weak signal to buy EURUSD.

The stochastics oscillator is in the neutral zone, the %K line is above the %D line, which can be regarded as a signal to buy EURUSD.

News about number of building permits in the USA will be released at 15:30 (GMT +2:00).

At 18:00 Mario Draghi`s speech, the ECB head, is expected.

We expect today that the EURUSD price may reach the level of 1.13000 in case of a negative news release.

An alternative is the dollar strengthening to the level of 1.12000.

The forecast for the GBPUSD currency pair

The Bank of England announced a decision to keep interest rate at current level 0,50%.

The GBPUSD price grew for more than 240 pips to the level of 1.42530 after weakening of the British pound since market opening and reaching the level of 1.40122.

forex forecast gpbusd 17-06-2016

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 above the %D line, which can be reagarded as a signal to buy GBPUSD.

We believe that the US negative news may increase «bullish» forces at the market and the GBPUSD price may reach the level of 1.43400.

An alternative is the reduction of the GBPUSD price to the level of 1.41500.

The forecast for the USDJPY currency pair

The Bank of Japan has influenced strongly the yesterday`s trading, the decision of benchmark interest rate has reduced the USDJPY price for more than 240 pips, tradings closed at 104.253 mark.

forex forecast usdjpy 17-06-2016

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

The stochastics oscillator is in the neutral zone, the %K line is above the %D line, which can be regarded as a signal to buy USDJPY.

We expect that the USDJPY price may reduce to the level of 103.600.

The forecast for the USDCAD currency pair

The USDCAD currency pair showed the rapid growth for more than 185 pips yesterday and reached the level of 1.30850, but the USDCAD price came back quickly to the 1.29600 mark.

forex forecast usdcad 17-06-2016

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

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

We believe that today the USDCAD price will be in the range 1.28750-1.29800.