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

The forex forecast for the EURUSD currency pair

Yesterday’s trading this currency pair were quiet enough, considering the main fluctuations of the EURUSD price within 50 pips. The maximum price was 1.12427, and then the “bearish” moods occured on the market.

Today there is a strengthening of the US currency.

forex forecast eurusd 05-24-2016

The MACD histogram is in the negative zone, slightly below its signal line, what can be regarded as a weak signal to sell EURUSD. The stochastics oscillator is in the neutral zone, the %K line is below the %D line and sends the signal to sell EURUSD.

Important news from Germany will be released today at 12:00 (GMT +2: 00). We wait for the results of the report on new home sales in the United States at 17:00.

We believe that today’s trading this currency pair will be in favor of the US dollar. Positive news across the USA can promote this sequence of events, therefore the price of EURUSD can fall to the level of 1.11000.

An alternative is renewal of the EURUSD weak growth to the level of 1.12350.

Forecast for the GBPUSD currency pair

The great volatility was observed during this currency pair trading yesterday, the GBPUSD price fluctuations were within 110 pips.

Today we see a very sharp and rapid growth of the GPBUSD price to the level of 1.45470.

forex forecast gpbusd 05-24-2016

The MACD histogram has just crossed the zero line and is already in the positive zone, 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 above the %D line and sends the signal to buy GBPUSD.

At 12:00 Mark Carney’s speech, the head of Bank of England, as well as the release of the inflation report are expected.

We expect that the news data result will be in favor of the British pound and it may add GBPUSD forces for growth, which in recent years has shown the falling of the price. The resistance level can be 1.46000.

In the case of a further weakening of the pound the GBPUSD price may reach a value of 1.44400.

Forecast for the USDJPY currency pair

The Japanese yen has again started its strengthening and yesterday the price of USDJPY fell from 110,151 to 109,120. The Central Bank of Japan policy doesn’t bring the desired result with respect to the yen weakening.

forex forecast usdjpy 05-24-2016

The MACD histogram is in the negative 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 is above the% D line and sends a weak signal to buy USDJPY.

We assume that the price of USDJPY will seek to the level of 110.250 today.

Forecast for the USDCAD currency pair

The USDCAD price continues to rise, the resistance level was at the mark of 1.31700 yesterday, today the USDCAD price has already gone up.

forex forecast usdcad 05-24-2016

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 overbought zone, the %K line and the %D line joined together, therefore there are no signals yet.

We expect the USDCAD growth to the level of 1.32200 today.