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

Forecast for the EURUSD currency pair

The EURUSD currency pair showed rapid growth yesterday, and the price rose by more than 140 pips to 1.13225, thus fully confirming our basic forecast.

forex-forecast-eurusd-17-08-2016

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 oversold zone, the %K line is slightly above the %D line and sends a weak signal to buy EURUSD.

At 17:30 (GMT +2: 00) the news on crude oil reserves in the USA is expected, while at 21:00 the FOMC protocols will be released.

If the news result is positive, the price of EURUSD may decline to the level of 1.12000.

Otherwise, the price of EURUSD can rise above the level of 1.13200.

Forecast for the GBPUSD currency pair

Weak yesterday’s news in the US and the positive one in the UK contributed to the growth of GBPUSD by more than 170 pips. The GBPUSD price has risen above the level of 1.30500.

forex-forecast-gpbusd-17-08-2016

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

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

At 11:30 the news on the UK labor market will be released.

We expect today a slight decline of the GBPUSD price to the level of 1.29650.

An alternative is an increase to the level of 1.30700.

Forecast for the USDJPY currency pair

The trading session was more active for this currency pair than on Tuesday, and the price of USDJPY fell by more than 170 pips, below the level of 100.000. and reached 99.540.

forex-forecast-usdjpy-17-08-2016

The MACD histogram is in the positive zone, above its signal line, which can be regarded as a signal to buy USDJPY.

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

Today, we expect a slight increase of USDJPY to the level of 101.300, although it can be preceded by the USDJPY price decline to 100.500.

Forecast for the USDCAD currency pair

The USDCAD currency pair continued to fall yesterday and its price reached the level of 1.28000.

forex-forecast-usdcad-17-08-2016

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

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

We assume that the price of USDCAD today may show the growth to the level of 1.29300.