Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 31 August, 2016

Forecast for the EURUSD currency pair

The “bearish” moods prevailed on the market for this currency pair yesterday and the price of EURUSD declined to the level of 1.11320.

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The MACD histogram is in the negative zone, slightly above its signal line, and but it cannot be regarded as a signal to buy EURUSD yet.

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

A lot of important news affecting this currency pair will be released today.

At 10:55 (GMT +2: 00) the information on the change of the unemployed number in Germany is expected, at 12:00 pm the data on the inflation level in the euro area will be released. The news from the USA will be released at 15:15, 17:00 and 17:30.

We believe that the price of EURUSD may slightly increase to the level of 1.11900 in the case of positive news for the euro.

An alternative can be a breakdown of the support level of 1.11300 and the EURUSD price reduction to the level of 1.10900.

Forecast for the GBPUSD currency pair

Our yesterday’s forecast for retesting of the resistance level of 1.31200 was confirmed and the price of GBPUSD was not able to break through this level.

forex-forecast-gpbusd-31-08-2016

The MACD histogram is in the positive 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 an opposite signal to sell GBPUSD.

We believe that the GBPUSD price today will try again to break through 1.31200 and reach the level of 1.31400.

Another scenario can be the price reduction to the level of 1.30600.

Forecast for the USDJPY currency pair

During the whole yesterday’s trading session the price of USDJPY was showing rapid growth and the price of USDJPY rose by 135 pips and reached the level of 103.100, thus confirming our expectations.

forex-forecast-usdjpy-31-08-2016

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

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

We assume that the USDJPY price may still grow today to the level of 103.500, while there can be the USDJPY price correction down to 102.700.

Forecast for the USDCAD currency pair

The USDCAD pair price rose yesterday by more than 100 pips and reached the level of 1.31000.

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

The stochastic oscillator is in the neutral zone, the %K is above the %D line and sends a signal to buy USDCAD.
Data on Canadian GDP will be released at 15:30.

We expect today the USDCAD price fluctuations within 1.30600-1.31300.