Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 24 June, 2016

The forecast for the EURUSD currency pair

Today, the markets responded very violently to the results of the referendum in the UK and the decision to withdraw from the European Union. The market opened and the price was around the level of 1.14240, then the EURUSD price fell for more than 500 pips.

forex forecast eurusd-24-06-2016

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

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

Important news in the USA will be released today at 15:30 (GMT +2: 00).

With such a crazy market volatility it is so hard to predict anything today, but we assume that the price of EURUSD could again fall to the level of 1.10000.

An alternative is a breakdown of the level of 1.12500.

Forecast for the GBPUSD currency pair

The volatility on the GBPUSD currency pair is huge. The price of GBPUSD fell from the level of 1.50000 for 1800 pips to the level of 1.32000 today. Now we are seeing the price roll up, GBPUSD has reached 1.39300.

forex forecast gpbusd-24-06-2016

The MACD histogram is in the negative 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.

The market situation is very ambiguous and it’s extremely difficult to predict further movement of GBPUSD.

We expect that the price of GBPUSD could fall back to the level of 1.35000.

The second option is the GBPUSD price growth to the level of 1.45000.

Forecast for the USDJPY currency pair

The USDJPY price fall was more than 760 pips, which is influenced by a referendum in the UK. The USDJPY price fell below the level of 99.000.

forex forecast usdjpy 24-06-2016

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.

We assume that the USDJPY price may decline to 104.000.

The second scenario is the USDJPY growth to the level of 105.000.

Forecast for the USDCAD currency pair

Today, the USDCAD currency pair showed growth for more than 370 pips.

forex forecast usdcad-23-06-2016

The MACD histogram is in the positive 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 expect today the USDCAD price drop to the level of 1.29000.

An alternative is the growth to 1.31000.