Forex forecast on March 13 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.05757
Opening: 1.06779
Chg. % Last day: +0.90
Day range: 1.06743 – 1.07147
52-week range: 1.0366 – 1.1616

On Friday, March 10, a report on the labor market in the United States was published. In general, the statistics was optimistic. At the same time, the euro rose against the US dollar by more than 100 points. This is due to profit-taking on dollar long positions. This week the attention is focused on the meeting of the US Federal Reserve System. Demand for the US currency is at a fairly high level.

forex-forecast-eurusd-13-03-2017

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

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicating the correction of the EUR/USD currency pair.

The release of important economic data is not planned today. It is necessary to pay attention to speeches of the ECB representatives:
– the ECB member Lautenschlager`s speech (14:45 GMT+2:00);
– the ECB president Draghi`s speech (15:30 GMT+2:00);
– the ECB member Constancio`s speech (16:00 GMT+2:00);
– the ECB member Praet`s speech (18:30 GMT+2:00).

Trading recommendations:

Support levels: 1.06750, 1.06150
Resistance levels: 1.07150

We expect “bearish” moods on the EUR/USD currency pair. If the price consolidates below the support level of 1.06750, we recommend to consider selling. The potential movement is to 1.06350-1.06150.

The forecast for GBP/USD

Technical indicators of the currency pair:

Prev. Opening: 1.21638
Opening: 1.21575
Chg. % Last day: +0.03
Day range: 1.21556 – 1.22407
52-week range: 1.1986 – 1.5020

At the moment, there is a technical correction on the GBP/USD currency pair. Growth of the GBP/USD quotes exceeded 75 points. The pound is being traded close to the already “mirror” support level of 1.22000.

forex-forecast-gpbusd-13-03-2017

The MACD histogram has moved into the positive zone and is above the signal line, indicating “bullish” moods on the GBP/USD currency pair.

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

The news background for the UK economy is calm today.

Trading recommendations:
Support levels: 1.22000, 1.21500
Resistance levels: 1.22500

We expect growth of the GBP/USD quotes. The nearest goal for profit-taking is 1.22500.

The Forecast for USD/CAD

Technical showings of the currency pair:

Pre-opening: 1.35094
Opening: 1.34496
Chg. % for the last day: -0.29
Day range: 1.34379 – 1.34762
52-week range: 1.2458 – 1.4692

On Friday, March 10, sales prevailed on the USD/CAD currency pair. The Canadian dollar rose against the US dollar by more than 50 points. This is due to the release of positive data on the Canadian labor market. The nearest support is 1.34250.

forex-forecast-usdcad-13-03-2017

Indicators signals are different. The MACD histogram is in the negative zone and continues to decline, indicating the “bearish” moods on the USD/CAD currency pair.

Stochastic Oscillator has come out of the oversold zone, the %K line is above the %D line, which gives a signal to buy USD/CAD.

There is no important economic data from Canada today.

Trading recommendations:

Support levels: 1.34250, 1.33600
Resistance levels: 1.35000

We believe that the correction on the USD/CAD currency pair may continue. The target of movement – 1.33850-1.33600.

The forecast for USD/JPY

Technical indicators of the currency pair:

Prev. Opening: 114.948
Opening: 114.723
Chg. % Last day: -0.17
Day Range: 114.496 – 114.925
52-week range: 99.08 – 123.69

Past trading on the USD/JPY currency pair was very active. The currency kept the key resistance level of 115.500, which caused a corrective movement. Today, the yen continued to strengthen against the US dollar. At the moment, USD/JPY is testing the already “mirror” resistance level of 114.750.

forex-forecast-usdjpy-13-03-2017

Indicators signals are ambiguous. The MACD histogram is in the negative zone and continues to decline, indicating a drop in the USD/JPY quotes.

Stochastic Oscillator has come out of the oversold zone, the %K line is above the %D line, which indicates growth of the USD/JPY currency pair.

There is no important statistics on the economy of Japan today.

Trading recommendations:

Support levels: 114.100
Resistance levels: 114.750, 115.500

We expect further correction on the USD/JPY currency pair. One should to seek entry points for opening short positions. The potential movement is to local support of 114.100.