Forex forecast on March 07 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.06096
Discovery: 1.05821
Amend. For the last day: -0.38
Daily range: 1.05728 – 1.06029
52-week range: 1.0366 – 1.1616

Yesterday, the EUR/USD held the resistance level of 1.06250, prompting a corrective movement. The single currency weakened against the US dollar by 0.38%. At the moment, the EUR/USD is testing the support level of 1.05900. This week the investors’ attention will be focused on the ECB meeting and the report on the labor market in the United States.

forex-forecast-eurusd-07-03-2017

The MACD histogram does not provide accurate signals. The indicator is located near the 0 mark.

Stochastic Oscillator is near the overbought zone, the %K line is above the %D line, which gives a weak signal to buy EUR/USD.

Economic calendar on 03/07/2017:
– GDP data for Eurozone (12:00 GMT+2:00);
– trade balance in the US (15:30 GMT+2:00).

In January, the volume of production orders in Germany declined and amounted to -7.4%. The past value was at the level of 5.2%.

Trading recommendations:

Support levels: 1.05900, 1.05600
Resistance levels: 1.06250

If the Eurozone GDP statistics is positive, the EUR/USD quotes may grow to around 1.06250-1.06350.

An alternative could be the downward trend of the EUR/USD currency pair to the support level of 1.05600.

The forecast for GBP/USD

Technical indicators of the currency pair:

Prev. Opening: 1.22869
Opening: 1.22365
Chg. % Last day: -0.52
Day range: 1.22066 – 1.22516
52-week range: 1.1986 – 1.5020

Yesterday, sales prevailed on the GBP/USD currency pair. Trading ended with a decrease in the GBP/USD quotes by more than 0.5%. At the moment, the currency broke the support level of 1.22250. Pressure on the pound is caused by a weak data on the index of housing prices from Halifax.

forex-forecast-gpbusd-07-03-2017

The MACD histogram has fixed in the negative zone and is below the signal line, indicating the “bearish” moods on the GBP/USD currency pair.

Stochastic Oscillator has reached oversold zone, the %K line is below the %D line, that delivers a weak signal to sell GBP/USD.

In February, the Halifax house price index was 0.1% compared with market expectations at 0.3%.

Trading recommendations:

Support levels: 1.22000
Resistance levels: 1.22250, 1.23000, 1.23750

Our yesterday`s expectations were confirmed. We believe that the GBP/USD currency pair will continue to decline. The potential for movement – 1.22000-1.21750.

The Forecast for USD/CAD

Technical showings of the currency pair:

Pre-opening: 1.33790
Opening: 1.34059
Chg. % for the last day: +0.22
Day range: 1.33826 – 1.34148
52-week range: 1.2458 – 1.4692

The Canadian dollar is in a sideways movement. There is no significant change of the USD/CAD rate. The key trading range is 1.33500-1.34150. The market is waiting for additional drivers.

forex-forecast-usdcad-07-03-2017

Indicators signals are ambiguous. The MACD histogram has started to decline and moved to the negative zone, indicating sales of USD/CAD.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the growth of the USD/CAD quotes.

News background on the economy of Canada:
– the trade balance (15:30 GMT+2:00);
– index of business activity Ivey (17:00 GMT+2:00).

Trading recommendations:

Support levels: 1.33500, 1.32850
Resistance levels: 1.34150

If the statistics from Canada is positive, a correction may develop in the USD/CAD currency pair. The potential for movement is 1.33500-1.33250.

An alternative may be the further growth of the USD/CAD currency pair to the level of 1.34500.

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 113.914
Opening: 113.884
Chg. % Last day: +0.06
Day Range: 113.725 – 114.074
52-week range: 99.08 – 123.69

Yesterday, there was a high trading activity on the USD/JPY currency pair. At the same time, a significant change of the yen’s rate did not happen. The currency was in the key trading range of 113.500-114.100.

forex-forecast-usdjpy-07-03-2017

Indicators do not send accurate signals. The MACD histogram is located near the 0 mark.

Stochastic Oscillator has fixed in the neutral zone, the %K line crossed the %D line. There are no signals yet.

The news background on the Japanese economy is calm today.

Trading recommendations:

Support levels: 113.500
Resistance levels: 114.100, 114.500

We expect “bullish” moods on the USD/JPY currency pair. We recommend to consider buying. Target level of movements is 114.250-114.500.