Forex forecast on March 10 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.05404
Opening: 1.05757
Chg. % Last day: +0.34
Day range: 1.05721 – 1.06029
52-week range: 1.0366 – 1.1616

Yesterday, the ECB kept its monetary policy at the same level. The regulator raised the forecast for the growth of the EU economy and inflation for 2017 and 2018. Trading ended with the growth of the EUR/USD quotes by 0.34%. Today, the attention is focused on the report on the labor market in the US. Most experts expect positive statistics. At the moment, the key trading range on the EUR/USD is 1.05600-1.06150.

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

Stochastic Oscillator is located in the neutral zone, the %K line is below the %D line, which indicating the drop in the EUR/USD quotes.

News background on the US economy:
– average hourly wage (15:30 GMT+2:00);
– change in the number of employed people in the non-farm sector of the country (15:30 GMT + 2:00);
– the proportion of the economically active population (15:30 GMT+2:00);
– unemployment level (15:30 GMT+2:00).

Trading recommendations:

Support levels: 1.05600, 1.05200
Resistance levels: 1.06150

If statistics from the US is optimistic, a downward trend on EUR/USD may develop to the level of 1.05600-1.05400.

An alternative would be an increase of the EUR/USD quotes to the level of 1.06500.

The forecast for GBP/USD

Technical indicators of the currency pair:

Prev. Opening: 1.21679
Opening: 1.21638
Chg. % Last day: -0.02
Day range: 1.21488 – 1.21693
52-week range: 1.1986 – 1.5020

Yesterday, the GBP/USD currency pair was in a sideways movement with a range of 1.21500-1.22000. A significant change of the rate did not happen. At the moment, the pound is testing the lower limit of the trading range.

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

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

The news line from Britain:
– the volume of production in the manufacturing industry (11:30 GMT+2:00);
– the trade balance (11:30 GMT+2:00);
– an estimate of GDP growth from NIESR (17:00 GMT+2:00).

Trading recommendations:

Support levels: 1.21500
Resistance levels: 1.22000, 1.22500

If economic reports from Britain are positive, the correction may develop on the GBP/USD currency pair. The potential movement is to 1.22000-1.22250.

An alternative would be the further drop of the GBP/USD quotes to around 1.21000.

It is also necessary to pay attention to the report on the labor market in the United States.

The Forecast for USD/CAD

Technical showings of the currency pair:

Pre-opening: 1.34910
Opening: 1.35094
Chg. % for the last day: +0.13
Day range: 1.34942 – 1.35155
52-week range: 1.2458 – 1.4692

Trading in the Asian session was quiet. The USD/CAD currency pair was in the range of 1.35000-1.35350. Investors are waiting for the reports on the labor market in the US and Canada.

The MACD histogram has started to decline and fixed below the signal line, indicating the correction of the USD/CAD currency pair.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which signals to sell USD/CAD.

News feed on the Canadian economy:
– change in employment (15:30 GMT+2:00);
– unemployment level (15:30 GMT+2:00).

Trading recommendations:

Support levels: 1.35000, 1.34250
Resistance levels: 1.35350

If data on the labor market in Canada is positive, the correction in USD/CAD is possible to the support level of 1.34250.

An alternative would be the further growth of the USD/CAD currency pair to around 1.35500-1.35750.

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 114.319
Opening: 114.948
Chg. % Last day: +0.52
Day Range: 114.872 – 115.495
52-week range: 99.08 – 123.69

Yesterday, growth of the USD/JPY quotes exceeded 60 points. Today, the yen continued to lose ground against the US dollar. At the moment, the currency is testing the resistance level of 115.500. We expect statistics from the US.

The MACD histogram has fixed in the positive zone and above the signal line, indicating the “bullish” moods on the USD/JPY currency pair.

Stochastic Oscillator is in the overbought zone, the %K line crossed the %D line. There are no signals yet.

We recommend to pay attention to the economic data from the US.

Trading recommendations:

Support levels: 114.750
Resistance levels: 115.500

The previous forecast was confirmed. If statistics from the US is weak, the correction may develop on the USD/JPY to the already “mirror” support level of 114.750.

An alternative would be further growth of USD/JPY to the round level of 116.000.