Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 29 August, 2016

Forecast for the EURUSD currency pair

Last week the price of the EURUSD currency pair ranged from 100 pips within 1.12500-1.13500. The Friday’s trading session distinguished after the speech of FRS head Yellen at 17:00, which was in favor of the US currency. The EURUSD price shot up by 50 pips and then fell by 160 to the level of 1.11800.

forex-forecast-eurusd-29-08-2016

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.

The regular speech of FRS head Yellen is expected today at 16:30 (GMT +2: 00).

We believe that the price of EURUSD can continue its decline today to the level of 1.11300, the breakdown of which opens the way to the support level of 1.10800.

Alternatively, EURUSD can rise to 1.12500 if the news is unfavorable for the dollar.

Forecast for the GBPUSD currency pair

The trading session was, in general, in favor of the British pound last week and the price of GBPUSD was rising repeatedly to the level of 1.32700. Only positive news from the Federal Reserve System on Friday has weakened a little week-long growth of GBPUSD. Today there is a fall of the GBPUSD price.

forex-forecast-gpbusd-29-08-2016

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 below the %D line and sends a signal to sell GBPUSD.

Possibly, GBPUSD may decline today to the level of 1.30400.

An alternative can be a return to the level of 1.31300.

Forecast for the USDJPY currency pair

During the previous week, there was a sideway trend for the USDJPY price, only on Friday as a result of the news from the FRS the USDJPY price shot up by 180 pips to 102.000.

forex-forecast-usdjpy-29-08-2016

The MACD histogram is in the positive zone, slightly above its signal line, which can be regarded as a weak signal to buy USDJPY, but there is a huge possibility, that soon it will become a signal to sell USDJPY.

The stochastic oscillator is in the overbought zone, the %K line is below the %D line, but there are no certain signals yet.

We believe that in the case of the positive news release from the Federal Reserve System today, the price of USDJPY may continue to rise to 102.500.

An alternative can be the price decline to 101.700.

Forecast for the USDCAD currency pair

Friday’s news from Yellen stirred up this currency pair as well, the USDCAD price has risen above the level of 1.30100.

forex-forecast-usdcad-29-08-2016

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 above the %D line and sends a signal to buy USDCAD.
We assume that the price of USDCAD today can continue to grow to the level of 1.30700.