Forex forecast on March 09 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev. opening: 1.05651
Opening: 1.05404
Changes % of the last day: -0.24
Daily range: 1.05249 – 1.05474
52-week range: 1.0366 – 1.1616

Today, the ECB will hold a meeting at which the regulator will decide on further monetary policy. Also, the forecast for the growth of the EU economy will be published. Most experts believe that the Central Bank will leave interest rates unchanged. At the moment, the EUR/USD currency pair is being traded in the range of 1.05200-1.05600.

forex-forecast-eurusd-09-03-2017

The signals of the indicators vary. The MACD histogram hass fixed in the negative zone, but above the signal line, which gives a weak signal to sell EUR/USD.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which signals to buy EUR/USD.

The news line from the EU on March 9, 2017:
– the rate on deposit funds (14:45 GMT+2:00);
– the decision on the interest rate (15:30 GMT+2:00);
– the ECB press conference (15:30 GMT+2:00).

It is also necessary to pay attention to statistics on the US economy:
– export and import price indices (15:30 GMT+2:00);
– the number of initial applications for unemployment benefits (15:30 GMT+2:00).

Trading recommendations:

Support levels: 1.05200
Levels of resistance: 1.05600, 1.06150

Today, it is necessary to reduce risks when opening a position on EUR/USD. We recommend waiting for the decision of the ECB. If the price is fixed above the level of 1.05600, EUR/USD may rise to the level of 1.06150.

An alternative may be a downward trend on the EUR/USD currency pair. The potential for movement is 1.05000-1.04750.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev Opening:
Opening: 1.21679
Change % of the last day: -0.25
Daily range: 1.21518 – 1.21773
52-week range: 1.1986 – 1.5020

Since the beginning of this month, the pound has weakened against the US dollar by more than 200 points. At the moment, the GBP/USD currency pair found support at 1.21500. Demand for the dollar is supported by the positive statistics on the labor market in the US and the growth of yield on government bonds.

forex-forecast-gpbusd-09-03-2017

The MACD histogram is in the negative area, but above the signal line, which gives a weak signal to sell GBP/USD.

Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, which indicates bullish sentiments on the GBP/USD currency pair.

There are no important news from Britain today.

Trading recommendations:

Support levels: 1.21500
Resistance levels: 1.22150, 1.23000

If GBP/USD overcomes the support level of 1.21500, the downward trend may continue. The target of movement – 1.21250-1.21000.

Forecast for USD/CAD

Technical indicators of the currency pair:

Prev Opening:
Opening: 1.34910
Changes % of the last day: +0.59
The daily range: 1.34813 – 1.35060
52-week range: 1.2458 – 1.4692

Yesterday the USD/CAD currency pair increased by more than 90 points. The Canadian dollar belongs to the group of commodity currencies. The pressure is caused by a sharp drop in oil quotations. At the moment, the Canadian dollar is testing a round level of 1.35000.

forex-forecast-usdcad-09-03-2017

The MACD histogram is located in the positive area, but below the signal line, which gives a weak signal to buy USD/CAD.

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

At 15:30 (GMT+2:00) the price index for new housing in Canada will be released.

Trading recommendations:

Support levels: 1.34250
Resistance levels: 1.35000

The previous forecast was confirmed. We expect further growth of the USD/CAD currency pair to 1.35400-1.35500.

Forecast for the USD/JPY currency pair

Technical indicators of the currency pair:

Prev Opening:
Opening: 114.319
Changes % for the last day: +0.32
Daily range: 114.286 – 114.940
52-week range: 99.08 – 123.69

Today, the yen continued to lose ground against the US dollar. At the moment, bullish sentiments prevail on USD/JPY. The currency overcame the key resistance level of 114.750.

forex-forecast-usdjpy-09-03-2017

The MACD histogram is in the positive zone and above the signal line, which indicates a further growth of the USD/JPY currency pair.

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

We recommend to pay attention to the news line from the USA.

Trading recommendations:

Support levels: 114.750, 114.100
Levels of resistance: 115.000, 115.500

Our expectations were confirmed yesterday. We expect further growth of USD/JPY. The nearest goal for profit-taking is 115.250-115.500.